Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Living Cell Technologies to hold board strategy meeting

Living Cell Technologies to hold board strategy meeting in December

By Rebecca Howard

Nov. 15 (BusinessDesk) - Living Cell Technologies will continue to evaluate data from its recent clinical trial before holding a board strategy meeting in December, chief executive Ken Taylor told shareholders at the annual general meeting.

Earlier this week, the ASX-listed Kiwi biotech firm saw its market capitalisation tumbled to A$20 million from about A$160 million when it said its latest trial didn't show a "statistically significant difference" between people who received its treatment for Parkinson's disease and a control group, something one shareholder said was a "colossal amount." It had been hoping the trial would allow it to apply for provisional consent and launch its NTCELL treatment for Parkinson's in 2018.

Taylor said one-year data will be available by December from previous trial groups and the research team will also be comparing individual patient data from the latest trial, in particular as the study did show significant variation between individual patients.

"Now you pause, and you dive back into the data," Dr. Barry Snow, the principal investigator told shareholders. Both Snow and Taylor underscored they were very disappointed with the result from the trial.

Living Cell developed the NTCELL treatment for Parkinson’s disease using choroid plexus brain cells from neonatal pigs, which are implanted into a damaged site in the brain and then function as a “neurochemical factory” producing factors that promote new central nervous system growth and repair disease-induced nerve degeneration.

Taylor said the company would also be looking at new projects, including cell-based products for things like retinal degeneration and chronic hearing loss. Taylor said progress has been made with potential partners on that work. Finally, work will continue on products aimed at reversing neurodegenerative processes, after the company filed a provisional patent after research with the Centre for Brain Research at Auckland University last week.

Taylor said the company will focus on all three in order to determine the best strategy to reach a "fundable milestone." He underscored, however, it would not be returning to shareholders for additional funds but would use its available cash to get to that point.

According to Taylor, it has around A$6 million, including its 20 percent rebate on research spend from Callaghan Innovation.

The shares last traded at 3.5 Australian cents, up 13 percent on the day.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

FMA: Cigna Admits Making False And Misleading Representations
Cigna Life Insurance New Zealand Limited has admitted to making false and/or misleading representations to customers in proceedings brought by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko... More>>


Statistics: Retail Card Spending Down 0.2 Percent In July
Retail card spending fell $11 million (0.2 percent) between June 2022 and July 2022, when adjusted for seasonal effects, Stats NZ said today... More>>




Barfoot & Thompson: Auckland Rental Prices Inch Up Again, But Upward Trend Could Ease In Coming Months

Data from nearly 16,000 rental properties managed by real estate agency Barfoot & Thompson shows Auckland’s average weekly rent rose by $6.12 (or 1 percent) during the second quarter... More>>




ASB: Full Year Results: Building Resilience Today And For Our Future

In its 175th year, ASB has reported a cash net profit after tax of $1,418 million for the 12 months to 30 June 2022, an increase of $122 million or 9% on the prior year... More>>


Commerce Commission: Draft Determination On News Publishers’ Association’s Collective Bargaining Application
The Commerce Commission (Commission) has reached a preliminary view that it should allow the News Publishers’ Association of New Zealand (NPA) to collectively negotiate with Meta and Google... More>>


Heartland: Retirees Facing Pressure From Higher Cost Of Living And Increasing Debt In Retirement

Heartland has seen a significant increase in Reverse Mortgages being used to repay debt. Among the most affected by the increasing living costs are retirees, many of whom are trying to get by on NZ Super alone... More>>