Expenses hit biotech firm moving to Bermuda – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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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.

Tiziana: the UK-based biotechnology company plans to redomicile to Bermuda

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Published September 30, 2021 at 4:49 pm (Updated September 30, 2021 at 5:10 pm)

Expenses-hit biotech firm moving to Bermuda

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