Graft Polymer (UK) Plc's (LSE:GPL) interim results charted a significant period of change for the business - one in which it exited polymers to focus on drug delivery technologies.
A major catalyst was the appointment of Anthony Tennyson as CEO, who helped put Graft on a firmer financial footing by finding £1.8 million of investment.
Graft Polymer's new direction was reinforced by a partnership with Awakn Life Sciences Corp. to co-develop therapeutics targeting trauma-related mental health disorders, such as PTSD.
Last month the two companies selected a co-lead series for the development of new therapeutics. The company also added leading British neuroscientist Professor David Nutt as a senior scientific advisor.
At the same time, Graft strengthened its intellectual property portfolio with four new patent applications.
CEO Tennyson told investors: "I am confident that the strategic steps taken since my appointment position Graft Polymer as an innovative biotechnology company focused on developing IP relating to the treatment of mental health and substance use disorders, and the co-development of therapeutics for mental health disorders.
"We are committed to delivering value to our shareholders as we continue this journey and I look forward to providing further updates on our progress."
As is common with companies at the R&D phase of their life cycle, Graft was loss-making; however, the shortfall was much reduced at £405,000 for the six months ended June 30 from over £1 million a year earlier.