The biological products developer also unveiled a new partnership with Nutrien Ag Solutions to launch its novel Saori soybean seed treatment in Brazil, the world’s largest producer of this pea.
Asian soybean rust, caused by the fungus Phakopsora pachyrhizi, is a disease that can lead to a crop yield loss of up to 90%. Brazilian soybean farmers spent US$2.85bn on disease control in the 2019/20 season.
The AIM-listed group is also preparing for the first launches of PHC279, tapping a market estimated to reach US$5bn.
It said it will reach breakeven using its own cash resources, taking “whatever steps are necessary”, including cutting cash expenses.
In the six months ended 30 June, revenue jumped 13% to US$3.5mln while adjusted loss widened to US$2.3mln from US$1.8mln last year. Cash and cash equivalents including investments were US$11mln at period-end.
Shares rose 6% to 12.88p on Wednesday morning.