Investor Relations Captor Therapeutics ®
Information on the status of the CT-04 project
Current report no. 38/2022
Date of drafting: 31 October 2022.
Subject: Information on the status of the CT-04 project
Legal basis: Article 17(1) of the MAR Regulation - confidential information
The Management Board of Captor Therapeutics S.A., based in Wrocław (the "Company"), announces that on 31 October 2022 submitted to the National Centre for Research and Development ("NCBiR") a letter concerning project CT-04 (design and development of a first-in-class drug candidate, a small-molecule degrader, for the treatment of colorectal cancer) in which the Company submitted a request to terminate the implementation of the CT-04 project funding agreement and about its intention to submit an application for final payment. In connection with the intended termination of the agreement and the application for final payment that is being prepared, the Company, to the best of its knowledge, estimates that it will not be required to return any funds received and used to date.
The Company's decision and submission of the above letter is due to delays in the CT-04 project, which, in the Company's opinion, at this point in time, make it impossible for the Company to achieve further milestones agreed with NCBiR within the deadline provided for in the funding agreement, i.e., by the end of 2023. The above delays are due to problems with the complexity of the original lead series and the need to seek additional chemical series (as reported by the Company in its annual report for 2021 published on 29 April 2022). Furthermore, after a comprehensive analysis of the progress of the CT-04 project, in particular the last 24 months, the Company has concluded that while the target remains a very attractive, high potential opportunity, the project faces some research challenges , and achieving the required inhibition of the selected molecular target will take longer than originally anticipated. The above conclusion indicates the Company's inability to achieve the originally assumed milestones within the aforementioned fixed timeframe, which justifies the submission of the letter to NCBiR.
Notwithstanding the above, in the opinion of the Company and the biotechnology community, the molecular target in the CT-04 project as well as the therapeutic indication, i.e. colorectal cancer, represent a very attractive area for pharmacological intervention and, above all, there is a high unmet market need in this area. Consequently, the Company, despite having submitted this letter to the NCBiR, intends to continue the R&D of CT-04 using its own resources and the Company assumes that expenses related to further development of CT-04 will not be substantial. With that said, at this point in time, the Company, in order to optimize its resources, intends to focus on development of the Company's other projects that are further advanced than CT-04, in particular the development of projects CT-01, CT-02 and CT-03.
The company will report further progress on the CT-04 project as required by law.