Port Erin Biopharma shares up thanks to strong investment income

30th Dec 2014 09:10

Port Erin Biopharma Investments, a biotechnology and biopharmaceutical investor, doubled its income for the full year driven by strong growth in biotechnology in 2014.The company reported an increase in its investment income to £2.1m from £0.59m in the year before.Profit before tax also increased significantly to £1.38m when compared to last year's £0.42m, which drove earnings per share to 0.0408p from 0.0125p.However, cash and equivalents decreased from £0.71m to £0.53m.Chairman Jim Mellon said he remains "extremely positive about the biotechnology sector as a whole which continues to show exceptional potential for growth".The group expects to complete the new drug application filing for its new Fortacin product and its potential approval during the last quarter of next year, which could generate sales of $1bn in the US and in the EU combined.Shares rose 6.12% to 13p on Monday at 09:36.