The Share Price Of Factor Therapeutics Remains Unaffected By The Retirement Of The Chief Executive Officer

FTT

Biotechnology Company, Factor Therapeutics Limited (ASX: FTT) today made an announcement regarding a change in the Company’s management. In the announcement, the company has informed that Dr. Rosalind Wilson has completed her tenure as Chief Executive Officer (CEO) of the company. However, she will continue to work with the company as a part-time consultant to assist the Company’s future plans.

While thanking Dr. Rosalind Wilson for her contribution and commitment to the Company, the company’s Chairman Dr. Cherrell Hirst said, moving forward, the management of the company is pleased to be able to call on her experience and corporate knowledge as the company formulate plans for the future. 

Dr. Rosalind Wilson joined the company in mid-2017 and under her leadership, the company completed the Phase 2 clinical programme in venous leg ulcer healing and the limited expansion of the Company’s pipeline. The Phase 2 clinical trial was conducted to determine whether VF001 could improve healing for patients with venous leg ulcers and the results have demonstrated that VF001 does not improve the healing for patients with venous leg ulcers.

Dr. Wilson has been working with the team and the Board to ensure an orderly completion of the Company’s previous research and development activities. Earlier in December 2018, the company announced the retirement of Dr. Robert Ryan from the Company’s Board.

At the end of the September quarter, the Company had cash reserves of $4.047 million. Quarterly operating expenditure during the September quarter was $2.436 million which was in line with forecasts, with $1.705 million on direct R&D activities.

During the September quarter, the company announced that, in association with US researchers, it had defined the key parameters of a pilot clinical study of VF001 for diabetic foot ulcer (DFU), with the aim of generating data to form the foundation of Phase 2/3 clinical program. Subsequent to the end of the September quarter, the Company announced that it had appointed Taylor Collison Limited as Transaction Advisor for assisting in the ongoing partnering discussions and advise on transactional options following a successful readout from the Phase 2 VLU clinical trial.

For the six months ended 30 June 2018, the company’s Revenue from continuing operations decreased by -88.81 percent to $197,261 as compared to the previous corresponding year. The company reported a loss after income tax for the half-year of $4.756 million which was 13.21% lower than the previous corresponding year. During the half year, the company received the R&D tax incentive of $1,226,202.

Meanwhile, in the past six months, the share price of the company decreased by 95.45 percent as on 24 January 2019. FTT’s shares traded at $0.002 with a market capitalization of circa $1.67 million as on 25 January 2019.


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