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.