Biomedix bullish as losses rise

12 April 2012

DRUGS group KS Biomedix, whose shares have fallen by about 80% this year, remained bullish today as it revealed a £12.7m annualised cash burn, in line with expectations.

Commenting on the group's losses of £14.2m, which compare with losses of £2.2m last year, chief executive Dr Steven Powell said: 'We are still in the research and development phase of the company. The losses this year include a few one-offs, such as the costs of integrating our Canadian firm Avicenna, which we acquired in July 2001. Cash flow is almost exactly as predicted at our interim results.'

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