UPDATE 1-Phorm sees adequate resources to continue ops

Thu Jun 18, 2009 3:08am EDT

* Posted a wider FY loss

* Expects to operate within existing cash resources (Adds details)

June 18 (Reuters) - Targeted online advertising company Phorm Inc PHOR.L posted a wider full-year loss as expenses rose, but said it expected to have adequate resources to continue operations for the foreseeable future.

Pretax loss was $48 million for the year ended December 31, compared with $32.1 million in the year ago period.

At Dec. 31, the company had cash resources of $23.2 million, up from $16.6 million in the year ago period and virtually no debt, it said.

The company expects to be able to operate within its existing cash resources, including the proceeds of 15 million pounds ($24.58 million) from the additional equity placement in June 2009, it said in a statement.

Shares of the company closed at 522.5 pence on Wednesday on the London Stock Exchange. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Aradhana Aravindan)

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