Shares in technology-based pharmaceutical company Verseon moved modestly up on Monday, after the company published a positive forward-looking statement alongside its full year results.
Total assets on the balance sheet fell to $69.6 million, from $85.7 million at the end of the previous year. The company’s net loss nearly doubled, hitting $19.5 million or $0.13 per basic share, compared to a net loss of $7.7 million or $0.06 in 2015.
However Adityo Prakash, CEO of Verseon Corporation, said the company had made strong progress in 2016:
“Verseon is in the process of fulfilling the regulatory safety and manufacturing requirements to start clinical trials for our candidate. Our diabetic macular edema candidates have demonstrated good potency and permeability into the eye.
“In order to support our growing pipeline, we continue to hire highly qualified individuals and have grown our team considerably. In 2016, we have advanced all our current drug programs and laid the foundation for accelerating future growth. We are excited as we enter 2017 with significant momentum.”
Verseon significantly expanded its lab capabilities over the past year, adding both chemical and bioanalytical equipment and continuing to design and implement highly sophisticated assays and preclinical models for each of its programs.
It also updated shareholders that the build of Verseon’s new facility, which will combine administrative and research functions in a single location, is nearing completion.
Shares in Verseon (LON:VSN) are currently trading up 1.29 percent at 157.00 (0846GMT).