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ASX biotech company LCT eyes artificial intelligence-powered drug discovery and development

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By Colin Hay - 
Living Cell Technologies ASX LCT Algorae Pharmaceuticals artificial intelligence
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Biotechnology company Living Cell Technologies (ASX: LCT) is preparing to take the next step in a major makeover with a proposal to be put to shareholders to change its name to Algorae Pharmaceuticals.

The company, which has made several recent significant changes and appointments, also has a pending trademark lodged for the Algorae name.

According to company management, Algorae is a unique word that is derived from the term algorithm and relates to artificial intelligence (AI).

Algorae Pharmaceuticals 1AI

The company’s board believes this better reflects the company’s revised business model and its incorporation of AI technology to assist in its drug discovery and development programs. The company has reserved the ticker code “1AI” with ASX.

The premise for using AI in drug discovery and development is to employ computing power to trawl through immense bodies of scientific data to identify new candidates in a process that some people say will result in the development of new drugs, more quickly.

New board members and chief scientific officer

Late in 2022, the company appointed Mr Brad Dilkes and Mr David Hainsworth to the board of directors.

Both are corporate advisors with a strong interest in emerging biotechnologies and long-term supporters of Incannex Healthcare (ASX: IHL).

On 3 July, LCT named Mr Bradley Latham as a non-executive director.

Mr Latham comes to his new role with a lengthy business career, highlighted by his experience with Sydney markets where he has worked his way through the ranks until appointed chief executive officer of the group in 2006.

In June of 2023, LCT appointed Dr James McKenna into the position of company chief scientific officer.

Dr McKenna has been a full-time research scientist for 23 years, with experience in academic science, commercial drug development and intellectual property generation.

At the time of James’ appointment, LCT explained that his appointment coincides with LCT’s corporate strategy to expand and diversify the company’s development pipeline.