- Vaccine and cancer treatment delivery system developer N4 Pharma booked a full-year loss amid higher R&D spending.

Pre-tax losses for the year through December amounted to £1.4m, compared to losses of £1.9m on-year.

Chief executive Nigel Theobald said a recent placing left the company with sufficient funds to prove up its flagship Nuvec delivery system.

'We announced in April that we had seen some inconsistent in vivo results compared to the initial in vivo studies and continued in vitro success and have put in place a plan of action to rectify this, so we can then continue with the efficacy work which we raised the funds for,' he said.

'The additional work we are doing at the University of Queensland will not have a material financial cost to the company and is not expected to impact on our ability to undertake this required efficacy work with the funds recently raised.'

'Whilst this has caused a delay to the efficacy work starting, we believe that the extra data from the University of Queensland will maximise the chances of successful future or repeat studies.'

'These delays often occur in life sciences and there is no substitute for taking the time to ensure we are in the best position with the data available to us before progressing to the next phase.'

"We also recognise that Nuvec is now our core asset and, whilst this remains an exciting opportunity, the board recognises it is prudent to investigate other potential assets.'

'To this end the board will be proactively exploring opportunities in parallel to the work being undertaken on Nuvec.'

At 9:56am: (LON:N4P) N4 Pharma Plc Ord 0.4p share price was -0.25p at 3.7p

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