TME Pharma announced on Friday evening a reduction in its net loss for the first half of the year, while declaring that it had financial visibility until February 2024.

The biotech company reports that its net operating loss for the first six months of the year came to 2.8 million euros, down 64% on the same period last year.

Research and development (R&D) expenses fell by 77% in the first half, a significant reduction due mainly to the near-completion of its brain cancer trial.

General and administrative expenses fell by 27% in the first half, mainly as a result of lower personnel costs and lower legal, consulting and auditing fees.

TME Pharma, which says it is currently concentrating its financial resources on achieving its main short-term objective of generating data on overall survival in brain cancer, says it has cash and cash equivalents of three million euros, giving it financial visibility until February 2024.

The company has initiated discussions with a view to extending its financial visibility beyond the value inflection points linked to discussions with regulatory authorities scheduled for 2024.

Following all these announcements, TME Pharma's share price climbed 27% on Monday morning, although it still fell 63% since the start of the year.

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