BenevolentAI (OTC:BAIVF), the AI-driven biopharma drug discovery working with the likes of AstraZeneca and Merck, today announced its interim results for the six months ended 30 June 2024.
It covers a period in which the company’s programmes have advanced, and at the company management changes have bolstered the proposition.
The company reported positive topline Phase I data for its lead clinical asset, BEN-8744, which is being developed as a potential first-in-class treatment for ulcerative colitis.
Full results will be presented at an upcoming major medical conference.
Peter Allen, who described himself delighted to have become chair in May, in the statement commented: “BenevolentAI (OTC:BAIVF) has consistently been a pioneer and leader in AI drug discovery and development, and we are committed to capitalising on the significant potential its leading platform is delivering.
“Going forward, we are fully focused on positioning the business for growth, ensuring we are executing, both in terms of our pipeline and business development ambitions.”
Kenneth Mulvany, founder and duty-chair, added: “The company’s technology platform was designed to fundamentally change our understanding of how diseases can be treated.
“I look forward to working with the Board and the leadership, with a renewed focus on business development and innovation in response to the rapid and promising evolution of the sector that BenevolentAI has helped shape.”
In terms of financial performance, the company’s operating loss narrowed by 30% to £32.3 million, albeit revenue had reduced to £2.8 million.
Primarily, the company’s revenue came from its partnership with AstraZeneca, which saw a reduction of target identification in the period.
Meanwhile, a separate partnership with Merck is progressing and is expected to contribute to revenue growth in the second half of the year.
Chief executive Dr Joerg Moeller commented: “I joined BenevolentAI as a strong advocate of AI as a driver of drug discovery and development, innovation and effectiveness.
“After a career in large pharma, coming into a company with a clear passion to help deliver treatments to patients in need and with a technology platform and capabilities allowing us to address the most challenging problems in pharma R&D, I am ever more convinced of the impact BenevolentAI can continue to make as a leader in AI enabled drug discovery and development.
“Our technology, one of the most established and validated AI drug discovery platforms, has the potential to generate considerable value, not only for BenevolentAI directly through our proprietary pipeline, but also for our partners.”
Moeller, meanwhile, added: ““With the renewed focus and the changes to the business development function, I am encouraged by the increase in the number and quality of discussions ongoing and that this change in approach will be beneficial for the company in the near and longer term.”