AB Science Loss Widens In H1

(RTTNews) - AB Science SA (ABSCF), which specializes in the development of protein kinase inhibitors, on Monday reported a wider loss for the first half of 2015, hurt by increased research and development expenses.

The company reported net loss of 12.98 million euros or 0.39 euros per share for the first half, compared with a loss of 7.21 million euros or 0.22 euros per share a year ago.

Results mainly reflect an increase in research expenses to 11.5 million euros from 5.8 million euros last year, the company said. This was due to to expansion of the preclinical and clinical development program that has necessitated an increase in staff numbers and an increase in the number of patients enrolled in the studies.

First-half revenues increased to 1.26 million euros from 1.02 million euros a year ago.

Since closing of the first half, AB Science announced the conclusion of an Equity Line with Crédit Agricole Corporate and Investment Bank.

Under the terms of the agreement, Crédit Agricole CIB has committed to purchase new shares during a 36-month commitment period, within the global limit of 3,340,000 shares, representing 9.85% of the shares currently outstanding.

In Paris, the company's stock closed at 14.05 euros, up 0.20 euros or 1.44%.