Biota Holdings Ltd says its current financial position is reasonable given the investment stage of its major programs, after its loss widened by over 30 per cent.
For the 12 months to June 30, Biota's net loss increased by 33 per cent to $18.814 million
The drug company's revenue leapt 53 per cent to $22.324 million.
The company will not pay a dividend.
Biota chief executive officer Peter Cook said Biota’s clinical programs had delivered particularly well this year.
"Vapendavir demonstrated its ability to reduce the severity of cold symptoms in naturally acquired rhinovirus infection in asthmatics as well as see a reduction in their use of bronchodilators and corticosteroids during and post infection," he said.
"Laninamivir’s successful Phase III prophylaxis study in Japan should allow Daiichi Sankyo to complete the range of marketing indications for this innovative product."
He said the company's move to a listing in the USA, through its merger with Nabi, has progressed with the distribution of the scheme booklet and the shareholders’ meeting scheduled for 25 September.
"The need for this move is integrally associated with the value of laninamivir to the US market and the BARDA contract and has the directors’ unanimous support."
"We are pleased with Biota’s progress in the six months ended 30 June. "
