Investor Relations Captor Therapeutics ®
Conclusion of an agreement with the Medical Research Agency for the implementation and funding of a project to develop an oral molecular adhesive drug candidate for the treatment of colorectal cancer
Current report: 28/2023
Date of preparation: 17 July 2023.
Subject: Conclusion of an agreement with the Medical Research Agency for the implementation and funding of a project to develop an oral molecular adhesive drug candidate for the treatment of colorectal cancer
Legal basis: Article 17(1) MAR - inside information
The Management Board of Captor Therapeutics S.A. headquartered in Wrocław, Poland (the "Company") with reference to current report no. 22/2023 of 14 June 2023, in which the Company announced the qualification of the Company's project for funding by the Agency for Medical Research ("ABM"), announces that on 17 July 2023, an agreement was signed between the Company and ABM for the implementation and funding of the project entitled "Development and clinical development of a first-in-class small-molecule drug candidate for the treatment of colorectal cancer based on the stimulation of cells of the immune system to increased anti-cancer activity through induced protein degradation"("Project", "Agreement").
The total cost of the Project is PLN 74,285,992.10. Under the conditions stipulated in the Agreement, ABM granted the Company co-financing for conducting industrial research and development works in the amount not exceeding PLN 52,206,266.76, which constitutes 70.28% of the total eligible costs of the Project. The co-financing will be provided in the form of an advance or refund, paid in tranches.
The planned duration of the entire Project is scheduled to end December 2028. Pursuant to the Agreement, the Company, under pain of repayment of the grant, will be obliged in particular to commercialise the Project according to the principles specified in the Agreement within 3 years from the end of the Project. By commercialisation, the parties to the Agreement understand, among others, the continuation of clinical trials as part of the Company's business activity, but also granting licences or selling rights to the Project. The time limit for commercialisation is suspended in the cases specified in the Agreement. In addition, ABM has the right to purchase a licence to the Project, non-exclusive limited to the territory of the Republic of Poland at market prices. This right may be exercised within 6 months of the completion of the Project.
ABM also has the right to withhold the grant and to terminate the Agreement, in particular if the Company spends the funds contrary to the provisions of the Agreement or fails to achieve the results planned at a given stage of the Project. The Agreement also contains other standard provisions customary in public subsidy agreements.
The aim of this project is the discovery and clinical validation of a novel drug for treatment of patients diagnosed with colorectal cancer (CRC), as well as other tumour types. The proposed small molecule drug will induce degradation of the protein target which negatively regulates the activity of the T cells of the immune system. This would induce the activation of the T cells and their increased infiltration of the tumour site, resulting in the desired therapeutic effect.