Business
Annual Financial Report
Annual Financial Report.
About this update from Talisman Metals Plc
[{"type":"text","content":"\n\nOvoca Bio plc\n \n(\"Ovoca\" or the \"Company\")\n \n \nPublication of 2023 Annual Report\n \nDublin, Ireland, June 28, 2024 - Ovoca Bio, a biopharmaceutical company with a focus on women's health, announces the publication of its Annual Report and Financial Statements for the year ended 31 December 2023. The Annual Report and Financial Statements can be viewed online at the following link:\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/2362U_1-2024-6-27.pdf\n \n2023 Highlights:\nDuring 2023, the Ovoca management team focused on the following key areas:\n· Analysis of the data and results from the Phase II dose ranging study assessing Orenetide in Australia and New Zealand. Unfortunately, the study delivered negative results in mid-2023, demonstrating no treatment benefit over the control group. Following further analysis conducted post the receipt of the results, Ovoca has now determined that further R&D activities with Orenetide are not likely to result in potential benefits for the Company, and the Company is therefore taking steps to minimize further costs by pausing development activities on the asset.\n· Disposal of Russian assets and optimization of corporate structure - the ongoing sanctions pressure around the Russian economy and financial system required significant work to be completed during the year, including the disposal of certain Russian assets which the Company announced in March 2023, and the Company continues to take steps to optimize its structure. The Company also plans to maintain the patents, while investigating opportunities to further commercialize the intellectual property, related to Orenetide (e.g. through a sale or other options to monetise these assets).\n· Ensuring the Company has sufficient funding to cover its expenditure as required. \nLetter from the CEO\nWe are pleased to today publish the 2023 Full Year Annual report for Ovoca.\nAt the beginning of the reporting period - 2023 - the main efforts of the Company were focused on the active development of Orenetide. It is not surprising that the events which occurred at the beginning of the 3rd quarter 2023 - the results of a Clinical Trial conducted i...