Ovoca Bio plc
("Ovoca" or the "Company")
Interim Results for the six months ended 30 June 2024
Dublin, Ireland, 25 September 2024 - 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 2024.
Please click on the following link to view the full Half Year Report:
http://www.rns-pdf.londonstockexchange.com/rns/4888F_1-2024-9-24.pdf
CEO Statement
Today we have published Ovoca's financial statements covering the six-month period to the end of June 2024, which I encourage all stakeholders to read. During the period, our Company has maintained the financial resources to assist in a smooth transition to a new phase in corporate development after last year's disappointing top-line results from the Phase II dose ranging study assessing Orenetide conducted in Australia and New Zealand, which the Company announced on 31 August 2023. During the first half of the year we continued to take steps to optimize our corporate structure and patent portfolio and, post period end, we announced the entry into arrangements to further assist in the resolution of legacy issues following the disposal of certain Russian assets by the Company in 2023. As of June 30, 2024 the Company was awaiting to receive certain cash refunds (of approximately A$0.65m) from the Australian authorities regarding expenditure made for the Orenetide Phase II trials. These refunds, and last payments to Australian service providers, are expected to be completed in Q4 2024.
As at 30 June 2024, the Company had cash and cash equivalents amounting to €2.9 million ($3.1 million) and we will continue to carefully manage our financial resources.
The Company's focus presently is reviewing new opportunities and we will keep shareholders updated with relevant updates as appropriate. In the meantime, I would like to thank the management team of the Company and the Board of Directors for their support.
End
For further information:
Ovoca Bio plc
Tim McCutcheon (Chief Executive Officer)
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
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