REG - Ovoca Bio PLC - Interim Results

Ovoca BioAnnouncement

28/09/2023 07:00

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RNS Number : 8959N  Ovoca Bio PLC  28 September 2023

Ovoca Bio plc

 

("Ovoca" or the "Company")

 

Interim Results for the six months ended 30 June 2023

 

Dublin, Ireland, 28 September 2023 - Ovoca Bio, a biopharmaceutical company
with a focus on women's health, is pleased to announce its interim financial
statements and report covering the six-months ending 30 June 2023.

Please click on the following link to view the full Half Year Report:

http://www.rns-pdf.londonstockexchange.com/rns/8959N_1-2023-9-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8959N_1-2023-9-27.pdf)

 

CEO Statement

While we are pleased today to publish our financial statements covering the
six-month period to the end of June 2023, the most significant recent
development for Ovoca occurred subsequent to the financial period end, namely
the disappointing top-line results from the Phase II dose ranging study
assessing Orenetide conducted in Australia and New Zealand (the "Study"),
which the Company announced on 31 August 2023.

The Company's primary focus in recent years has been the development of
Orenetide and, to that end, in addition to its own internal resources the
Company's management has also actively worked with the Australian Contract
Research Organisation engaged for the purposes of the Study, as well as with
the European manufacturing partner and a number of other partners and
providers. Similarly, the Company's financial strategy has been framed with
the goal of providing a sufficient margin of liquidity to allow for the
progression of further development activities after the receipt of clinical
results.

However, post receipt of the Study results the Company will need to adapt its
approach. In the near future, our efforts will be directed to a thorough
review of the current situation, including a detailed investigation of the
Study datasets, and an assessment of the opportunities that the Company
currently has, including the other potential applications of the internal
expertise the Company has developed through progressing its clinical
development plans in recent years.

Based on the findings from the investigations of the Study datasets, the
Company will determine the appropriate future strategy regarding the
development of Orenetide, including whether the Company should continue with
its development of the product and any implications this may have for the
wider strategy of the Company and we will keep shareholders informed on any
developments as and when appropriate.

Separately, management will continue to take steps to optimise the corporate
structure and to position the Company for the future; in the financial period
this included the disposal of certain Russian assets which the Company
announced in March, while we also continue to seek a satisfactory resolution
of a long-standing legal dispute in the case of Taymura.

As at 30 June 2023, the Company had cash and cash equivalents amounting to
€2.80 million ($3.05 million) and we will continue to carefully manage our
financial resources in the current environment, particularly in relation to
the appropriate management of expenses.

In concluding my statement, I would like to again take the opportunity and to
thank the management of the Company and the Board of Directors for their
persistence and hard work in a challenging period for the Company, and I
welcome their invaluable contribution to the continuation of our Company's
activities.

 

End

 

 

 

For further information:

 

Ovoca Bio plc

Kirill Golovanov (Chief Executive)

Tel +353 1 661 9819

info@ovocabio.com

 

Davy (Nominated Adviser, Euronext Growth Listing Sponsor and Broker)

Ivan Murphy / Daragh O'Reilly

Tel: +353 1 679 6363

 

About Ovoca Bio

Ovoca Bio is a European-based biopharmaceutical company with a focus on
women's health. The Company is currently developing Orenetide (BP-101), a
novel synthetic peptide administered through a nasal spray as a novel
treatment for women with hypoactive sexual desire disorder (HSDD), a condition
characterized by a distressing lack or loss of sexual desire affecting an
estimated ~4 million premenopausal women in the US alone.

 

 

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