Arana reports strong cash position

Arana Therapeutics (ASX: AAH) has reported a very healthy cash position for the first quarter of the financial year, with $181.6 million in hand as at September 30.

The antibody specialist reported a $4.1m net loss this year, as opposed to a large profit of $133.4m last year. The company said this was due to last year’s sale of shares in UK-based GSK subsidiary Domantis.

Arana has also announced the appointment of Dr Steffen Nock as acting CEO, following the resignation of Dr John Chiplin on November 5.

Nock is currently president of Arana’s US base in San Francisco. He will relocate to Australia for six months to run the company while it looks for a permanent CEO.

Arana’s candidate for inflammatory diseases, ART621, has passed review by the FDA and is currently being prepared for a Phase II study in rheumatoid arthritis. Results from its Phase II trial in psoriasis are expected in the first quarter of 2009.