Adaptimmune Therapeutics plc (NASDAQ:ADAP) announced on Tuesday its chairmanship succession plan that will take effect by the end of the year.
According to the biopharmaceutical company, Dr. Jonathan Knowles, Adaptimmune Chairman, will step down from his position on December 31. David Mott, Adaptimmune Non-Executive Director since 2014, will replace Dr. Knowles effective on January 1. For the transition period, Mott serves as the Vice Chairman.
Dr. Knowles is recognized for overseeing numerous milestones for the company. With his leadership, Adaptimmune Therapeutics is now a leading player in the immune-oncology industry.
SPEAR T-cells Brand
Last month, Adaptimmune Therapeutics also revealed that it has assumed the Specific Peptide Enhanced Affinity Receptor T-cells (SPEAR T-cells) brand for its proprietary solution. The new patent symbolizes the significant role of the company and its offerings in treating cancer.
Moreover, this new milestone reiterates the company’s dedication to advancing T-cell engineering and its proprietary T-cell engineering platform. James Noble, Adaptimmune Therapeutics CEO, noted that the SPEAR T-cell technology is an efficient element in the company’s fight against cancer.
First Quarter Results
In other relevant news, Adaptimmune Therapeutics has also released its first quarter report earlier this month. For the said period, the company had a total revenue of $2.90 million, which is slightly above the $2.70 million reported during the same period last year.
For the quarter, Adaptimmune Therapeutics research and development (R&D) expenses amounted to a whopping $13.90 million, which is more than twice the $6 million incurred during the same quarter last year. The massive increase in R&D expenses is highly attributed to the ongoing clinical trials of the NY-ESO and MAGE-A10 SPEAT T-cell technologies, the SPEAR T-cell therapy study targeting AFP, and other personnel expenses due to the increased number of employees.
Adaptimmune Therapeutics general and administrative (G&A) expenses, on the other hand, amounted to $5.90 million, which is also more than double the $2.40 million incurred during the same period last year. The growth in G&A expenses is mainly due to the increased property costs, share-based payment costs, personnel costs, and other related expenses.