Revenues leap at Oxford Pharmascience

Oxford Pharmascience saw revenues jump in the first half after it signed a sales deal with one of Brazil's largest pharmaceutical companies.

Revenues came in at £341,000, up from £20,000 the year before, with sales to Brazil's Ach making up the lions share.

The pharmaceutical technology company cut its pre-tax loss to £399,000, from £501,000 in the first half of 2011, with loss per share coming in at 0.07p.

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Chairman David Norwood said 2011 was a breakthrough year for the company having changed its focus to the higher value pharmaceutical market.

"The commencement of sales to Ach, one of Brazil's largest pharmaceutical companies and the launch of its OXP zero taste masking technology left [the company] well placed going into this year," he said.