The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Shares in Exopharm (EX1) have slumped after the company said it would cut back on spending in order to continue investing into its technologies and data generation
  • The reduction in spending comes in light of the poor sentiment surrounding the biotechnology sector and financial markets
  • A number of key executives have voluntarily cut back their salaries by 20 per cent, while all salary increases are currently on hold
  • In addition, the Board is currently exploring opportunities for new funding, including loan advances on its expected R&D Tax Incentive rebate
  • Exopharm is down 16.67 per cent to $0.15 per share as of 11:21 am AEST

Shares in Exopharm (EX1) have slumped after the company said it would cut back on spending in order to continue investing into its technologies and data generation.

The reduction in spending comes in light of the poor sentiment surrounding the biotechnology sector and financial markets.

A number of key executives have voluntarily cut back their salaries by 20 per cent, while all salary increases are currently on hold.

The company is reducing its international travel costs through a change in its travel policy and introducing more controls for financing non-core areas.

In addition, the Board is currently exploring opportunities for new funding, including loan advances on its expected R&D Tax Incentive rebate.

“The Board is working to extend the cash runway whilst maintaining core operations,” CEO Dr Ian Dixon said.

Exopharm is down 16.67 per cent to $0.15 per share as of 11:21 am AEST.

EX1 by the numbers
More From The Market Online
The Market Online Video

Market Close: Autumn’s ASX200 record breaking start

The ASX200 has closed the first day of Autumn at a new record 7745.6 points -…
The Market Online Video

Ark Mines (ASX:AHK) improves REE grades at Sandy Mitchell

North Queensland-based REE explorer Ark Mines (ASX:AHK) has proven higher-grade mineralisation is present on-site.

Week 9 Wrap-up: ASX hits 2 new ATHs on US inflation + the headlines that mattered

What a week. As US markets continue to go crazy after the American earnings season (read: NVIDIA), the ASX has done the same. 
OBM

Ora Banda Mining secures $30 M placement, marks progress toward second underground mine

Ora Banda Mining (ASX:OBM) has completed a single tranche placement, securing commitments at an issue price…