Ovoca Bio sees loss jump as ‘significant progress’ made on flagship treatment
Company is developing treatment for women with hypoactive sexual desire disorder
Ovoca Bio said it had ‘made substantial progress in setting up a phase II dose ranging study in Australia’. Photograph: iStock
Dublin-based biopharmaceutical company Ovoca Bio saw its pre-tax loss increase substantially to more than €2 million in the first half of this year.
The company, which is developing a novel treatment for women with hypoactive sexual desire disorder (HSDD)– a condition characterised by a distressing lack or loss of sexual desire – saw its loss rise from the €439,000 recorded in the first half of 2019.
The company had cash and cash equivalents at the end of the June of €6.7 million and equity investment valued at €6.9 million.
During the period, Ovoca reported “significant progress” in the development of BP-101, its treatment for HSDD. It now has full control over the treatment, having acquired the remaining minority stake from the original developer in March 2020.
In particular, the company said it had “made substantial progress in setting up a phase II dose ranging study in Australia”. It has also entered into a drug supply agreement with UK contract manufacturers for the finished product to be tested in the clinical trial.
“We are pleased to report that the company has been able to operate without interruption and has not thus far been materially impacted by the global crisis,” said chief executive Kirill Golovanov.