- Pharmaceutical services group Open Orphan posted a deeper first-half loss owing to costs following its acquisition of hVIVO in January.

Pre-tax losses for the six months through June amounted to £6.8 million, compared to losses of £1.1 million year-on-year.

Revenue amounted to £7.1 million, but was offset by project and administrative costs of £12.1 million.

Open Orphan said it was on target to deliver annualised cost efficiencies of £10.1 million by end of 2020.

The company said it was on track to be operationally profitable by the fourth quarter of 2020.

'The group has a strong pipeline of contracted work and new projects at an advanced stage of negotiation and is targeting growth with strong operating cash flow in the second half of 2020,' it said.

At 9:00am: [LON:ORPH] share price was -0.13p at 18.25p

Story provided by