Expenses-hit biotech firm moving to Bermuda
A UK-based biotechnology company that plans to redomicile to Bermuda has reported a loss of £12.59 million for the six-month period ending June 30.
Tiziana Life Sciences plc said that compares with a loss of £3.9 million for the same period a year ago.
The company said that it ended the first half of the year with £38.6 million in cash. That compares with £48.2 million at December 31.
Tiziana said that research and development expenses increased to £12.6 million compared with £3.9 million in the first half of last year.
The company said that it has formally begun its strategic plan to change its corporate structure by establishing Tiziana Life Sciences Ltd, a Bermuda-incorporated company, as the ultimate parent company of the Tiziana Group.
A company by that name was registered in Bermuda on March 20 last year as an exempted company limited by shares.
Tiziana said that the reorganisation will be achieved by a scheme of arrangement under Part 26 of the Companies Act 2006.
The company said that the scheme remains subject to sanction by the court and the fulfilment of other conditions.
A court hearing is to be held on October 19.
Need to
Know
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
