SUDA Pharmaceuticals Ltd (ASX:SUD) will continue to focus on projects most likely to create value for the company and its shareholders after a strategic review identified areas to increase efficiency while balancing the resources required for ongoing product development.
This is in line with the company’s goal of managing expenditure and maximising available resources.
As a result of the strategic review, the role of chief technical officer will be assumed by SUDA’s general manager Tony Macintyre and CEO & MD Dr Michael Baker.
Dr Baker said: “We are committed to ensuring that SUDA has the most efficient team in place to deliver on the projects we believe are likely to return value to shareholders.
“In addition, we are continuing to evaluate a number of technologies for potential acquisition that align with our focus areas, oncology and the central nervous system.”
The company recently raised $2.7 million by way of a placement of shares to existing and new professional and sophisticated investors at 3.6 cents per share.
This oversubscribed placement to strong supporters of the company will provide SUDA with funding to maintain its current developments for 12 months.
Additional funding will also assist management to continue evaluating new assets that have been identified and are being considered for acquisition.
The company’s areas of focus are oncology and the central nervous system and SUDA is looking to secure technologies in the pre-clinical or clinical stages of drug development.