OvaSciences announced 2012 financial results

OvaSciences enjoyed a strong year with most of its R&D spend coming on CROs for a major new trial.

OvaSciences, a life sciences company focused on the discovery, development and commercialisation of new treatments for infertility, has announced its fiscal results for the 2012 year.

The company made several key discoveries during the period and also optimised and patented a process for identifying egg precursor cells (EggPCs), as well as procedures for isolating mitochondria from the cells.

These accomplishments allowed the firm to initiate pre-clinical research of its OvaTure programme, which is a potential new approach to treating infertility involving maturing a woman's EggPCs into new fertilisable eggs, ready for implantation.

Research and development expenses for the year came to $6.3 million, up significantly from the $1.2 million reported in 2011.

The increase was driven primarily by an increase in contract research organisation expenses to support the development and clinical preparations for its AUGMENT study.

Dr Michelle Dipp, chief executive of the company, said: "This was a significant year for OvaScience on many fronts, including our transition to a public company.

"We validated our patented egg precursor cell process and began our AUGMENT study, with results anticipated in the second half of 2014.