- 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.