The Purifloh Ltd (ASX: PO3) share price is following yesterday's 21% gain with another 12% added on today. This means the filtration and purification company's shares are up an astonishing 43% since this time last week.
At Thursday's market close, Purifloh shares finished the day up 12.86% to $1.58.
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What's driving Purifloh shares higher?
Investors are buoyant on the Purifloh share price after the company reported its full-year results late Tuesday night.
According to its release, Purifloh advised it continued to develop Free Radical Generator (FRG) technology through Somnio Group.
In addition, Purifloh noted that it commenced bringing back commercialisation activities to Australia, with the launch of two new products. Namely, the Air Conditioning Environmental Remediation Treatment (ACERT) and the Whole of Room Air Purifier (WRAP).
Purifloh also developed relationships with healthcare solutions, Aspen Medical and water treatment company, Osmoflo. Purifloh stated that it sees both of these partners as of significant importance in order to advance its product commercialisation.
Looking at the financial statement, Purifloh achieved a net loss after tax of $3 million, down 31.8% on FY20 ($4.5 million loss).
The $1.4 million improvement came predominantly from a reduction of research and development costs. Global OEM is currently undertaking research and development on behalf of Purifloh.
Furthermore, the company is receiving financial support from its key shareholder, Dilato. During the year, its financier provided a funding facility of $1 million, which $200,000 has recently been drawn down.
Pleasingly, the company is seeking to adjust its relationship with Somnio to reduce expenditure.
Purifloh share price snapshot
Despite this week's euphoric gain, Purifloh shares have lost around 20% in value over the past 12 months. Year to date, the company's shares have moved the other way, hovering around 10% higher.
On valuation grounds, Purifloh commands a market capitalisation of roughly $49 million, with approximately 31 million shares on its registry.
