Levicept Signals Market Ambitions with Public Markets Veteran as CFO

SANDWICH, UK – July 07, 2026 – In a move that signals significant financial ambitions, biotechnology firm Levicept Ltd has appointed Darlene Deptula-Hicks, a seasoned US-based public markets executive, as its new Chief Financial Officer. The appointment comes as the company advances its first-in-class osteoarthritis (OA) treatment, LEVI-04, through late-stage clinical development, positioning itself for a critical phase of growth and potential market entry.

The Nasdaq Architect: A Strategic Financial Hire

The recruitment of Deptula-Hicks is far more than a routine executive shuffle; it is a clear strategic maneuver. Her resume reads like a playbook for taking a private biotech public or navigating a high-value acquisition. From 2019 to 2023, she served as CFO of F-star Therapeutics, where she was instrumental in orchestrating a successful PIPE financing, a Nasdaq listing, and an $85 million follow-on public offering. Her tenure culminated in the all-cash sale of the company in 2023.

This track record is not lost on Levicept's leadership. CEO Eliot Forster, who previously worked alongside Deptula-Hicks at F-star, highlighted the strategic value of her experience.

“Having worked with Darlene closely at F-star, I know first-hand what an accomplished and strategic financial professional she is,” Forster said. “Levicept has delivered exceptional Phase II clinical trial results for LEVI-04 and the Company is strongly positioned to drive its further late stage development. Darlene’s experience and strategic financial leadership further strengthens our senior team as we finalise and execute on our strategy to deliver on LEVI-04’s potential.”

Her appointment, which sees the departure of acting CFO Nicholas Stern, is a textbook example of a late-stage biotech bringing in a financial heavyweight. With a promising asset nearing the final hurdles of clinical validation, the capital required for Phase III trials and commercialization becomes immense. Deptula-Hicks's expertise in navigating the complex demands of public equity markets and M&A transactions provides Levicept with the leadership necessary to secure that future, whether through an IPO, a major financing round, or a strategic partnership.

Beyond Painkillers: The Promise of a Disease-Modifying OA Drug

The catalyst for this strategic hire is the immense potential of LEVI-04. The drug is not just another pain management therapy in a crowded market; it represents a potential paradigm shift in how osteoarthritis is treated. Affecting over 500 million people globally, OA is a degenerative disease where current treatments—primarily NSAIDs and opioids—offer only symptomatic relief and come with significant side effects and addiction risks.

LEVI-04 operates through a novel mechanism. As a p75 neurotrophin receptor fusion protein (p75NTR-Fc), it inhibits the neurotrophin NT-3, which is implicated in chronic pain. This approach sets it apart from previous attempts to target the neurotrophin pathway, such as anti-nerve growth factor (NGF) antibodies, which demonstrated strong pain relief but were hampered by safety concerns, specifically rapidly progressive osteoarthritis (RPOA).

A robust Phase II clinical trial, involving over 500 patients and with results published in The Lancet, underscored LEVI-04's promise. The study met all its primary and secondary endpoints, with patients across all dose groups experiencing a mean pain reduction of over 50%. Critically, the drug was well-tolerated and showed no evidence of the joint-related safety issues that plagued the anti-NGF class.

Most compelling is the evidence suggesting LEVI-04 may be a disease-modifying agent—the holy grail of OA research. Further data analysis has shown that the drug has a positive, dose-dependent effect on reducing the size of bone marrow lesions (BMLs), which are linked to OA progression and pain. This potential to both alleviate pain and slow the underlying disease process is what makes LEVI-04 a uniquely positioned asset.

“I am very excited to join the Company and believe that Levicept’s LEVI-04 program is a uniquely positioned potential novel non-opioid therapeutic for OA,” said Deptula-Hicks. “Not only has it demonstrated in a Phase II trial of over 500 patients significant pain relief… but LEVI-04 has also shown the potential for disease modification: it is believed to be the only molecule to have demonstrated both in a clinical study. It is an enormously exciting program.”

Tapping a $10B Market Hungry for Innovation

The commercial opportunity for a successful OA drug is staggering. The global market is estimated to be worth over $10 billion and is projected to grow substantially, driven by an aging population and rising obesity rates. Yet, it remains a market defined by a profound unmet need. Patients and physicians are desperate for new, non-opioid options that not only manage debilitating pain but also offer hope of halting the relentless joint degradation.

This is the landscape Levicept aims to disrupt. Backed by a syndicate of top-tier life science investors including Medicxi, Advent Life Sciences, Gilde Healthcare, and Pfizer Ventures, the company has methodically advanced LEVI-04 to a pivotal inflection point. The US FDA's acceptance of the company's Investigational New Drug (IND) application paves the way for further development in the world's largest pharmaceutical market.

The appointment of a CFO with Deptula-Hicks's caliber is a clear sign that Levicept and its investors are preparing to capitalize on this opportunity. Her role will be crucial in crafting the financial strategy to fund the final, most expensive stages of development and to prepare the company for the scrutiny of public investors or a corporate acquirer. This move transforms Levicept from a promising R&D organization into a company seriously planning for commercial reality, a transition that requires not only scientific excellence but also sophisticated financial engineering.