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hVIVO (HVO.L) 27.25p £23.64m hVIVO, an industry leading clinical development services business pioneering human disease models based upon viral challenge, announced its preliminary results for the year ended 31 Dec 2018. Revenue & Other Income up 10.5% to £13.6m (2017: £12.3m) Adjusted Loss Before Tax down 27.6% to £9.6m (2017: £13.2m) Loss Before Tax - £18.9m (2017: £14.8m) Cash and cash equivalents of £13.4m (2017: £20.3m) Research and development expense down 21% to £4.8m (2017: £6.1m) Current cost reduction programmes are forecasted to deliver improvements which will reduce operating expense by a total of £3.9m, across 2018, 2019 and 2020 Re-focussed services business model with strong pipeline of contract opportunities Good progress on business turnaround, R&D expense significantly reduced and focussed specifically on opportunities to support the enhancement of our development services Cost base and expenditure reductions implemented to support future growth and provide a pathway to cash generation Positive Phase IIb FLU-v results
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