Health Care company Biotron Limited (ASX: BIT) today announced the quarterly cash flow report for the period ended 31 December 2018. Cash flows from operating activities accounted for an inflow of $380,000 during 2Q FY19. But for the entire year to date, there has been $226,000 net cash used in the operating activities including an outflow of $511,000 towards research and development expenses.
During the December quarter, Cash flow from investing activities was negative $17,000 that took the year to date cash outflow from investing activities to $36,000. Whereas, cash flow from financing activities was $5,737,000 mainly driven by the proceeds raised from the issue of shares. As at 31 December 2018, cash and cash equivalents of the company stood at $6,996,000, up from the opening balance of $896,000 at the start of the quarter.
For the year ended 30 June 2018, company’s operating loss after income tax was $1,593,645 compared to FY17’s loss of $3,093,405. Biotron has incurred $1,692,656 expenses towards Research and Development undertaken during the Fiscal Year 2018.
Biotron Limited focuses on the development of new drugs for the treatment or prevention of serious viral diseases with unmet medical needs and substantial worldwide market. It specializes in the development and design of first-in-class drugs that have the potential to treat a range of viruses including HIV-1, Hepatitis C virus (HCV) and Hepatitis B virus (HBV).
During the Fiscal Year ended 30 June 2018, Biotron demonstrated several of its compound performing anti-viral activity against Hepatitis B virus (HBV). As per GBI Research, it has been estimated that market for HBV drugs will reach to US$3.5 billion by 2021.
While the Company’s principal focus and significant business development activities are on achieving a commercial outcome for its HIV-1 program in worldwide markets, including the USA and Europe, it stays committed to identifying suitable partners for other programs including HCV and executing a China commercialization strategy.
The company’s outlook for treatment of HCV is particularly strong in emerging markets such as China, where an estimated 30 million people or more are infected with the virus. It overall remains focused on achieving a commercial outcome for all its antiviral programs in worldwide markets, including the USA, Europe, and China.
In today’s trading session, Biotron shares traded at a higher level. The stock price jumped 4.167% to last trade at $0.125 on 18 January 2019. Over the past 12 months, BIT has witnessed more than three-fold increase in its stock price. It translates a massive increase of 372.46% over the past 12 months with a positive price change of 471.43% over the past six months. Its market capitalization stands at $71.4 million as at 18 January 2019.
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