Incanthera PLC (AQSE:INC) has reflected on a pivotal year as it released its first financial results following the group's stock market float.
The junior oncology firm’s shares joined the Aquis Stock Exchange Growth Market in February, raising £1.2mln from institutional investors, existing shareholders, and management via a placing and share subscription.
"We are delighted to present Incanthera's first set of results,” said Simon Ward, Incanthera chief executive in the results statement. “This has been a pivotal year for our company, following our successful flotation in February, and we are now fortunate to be in a strong position operationally and with added financial security, as we commence our first full year as a PLC."
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The CEO added: "We will use this platform to further develop our skin cancer asset, Sol, which received very positive support from investors during our fundraising, and we are already making great progress towards its commercialisation."
“Whilst the world is currently facing the effects of (coronavirus) COVID-19 on political and industrial landscapes, we believe, given the structure of our business, that we are relatively protected from risk, and that we can confidently continue our promise to shareholders to seek an optimal position for potential commercialisation opportunities," he concluded.
Financial results for the twelve months ended March 31, 2020, showed an operating loss of £1.12mln and the group ended the period with £392,000 of cash.
The company is focused on transforming cancer treatment by creating environments in which cancer cannot survive, with its teams aiming to identify and develop innovative solutions to current clinical, commercially relevant unmet needs.