Captor Therapeutics, a biopharmaceutical company focused on the development of drugs based on Targeted Protein Degradation (TPD), has published its financial report for Q1-Q3 2023. During the period under review, the company showed significant progress in achieving its strategic intentions, achieving the following targets:
- Signing of an agreement with the Agency for Medical Research (ABM) for a PLN 52.2m project to develop a selective and effective degrader of a novel molecular target as a new form of immunotherapy for colorectal cancer (CRC). The total cost of the project is PLN 74.3 million.
- Expansion of cooperation with US-based Wedbush Securities Inc. which has become the company's exclusive strategic financial advisor with the exception of licensing transactions covering China. In possible licensing transactions
with entities in the so-called "Greater China" area, the company will be advised by MSQ Ventures.
- Raising PLN 40 million of capital from the share issue to achieve the objectives outlined in the
in the strategy for 2023-25. The demand submitted by investors significantly exceeded the number of shares offered.
In addition, the reporting period was followed by:
- Initiation of a collaboration with ICON, a world leader in the delivery of novel solutions in the healthcare system and CRO (Clinical Research Organisation), to prepare and conduct the first phase of clinical trials of a new innovative anti-cancer drug within the CT-01 project.
- Submission to the National Centre for Research and Development (NCBiR) of applications for the so-called phasing for projects CT-01 and CT-03, which, in the event of a positive decision, provide the possibility of financing the uncompleted research phase in the next funding cycle with the prospect of the company receiving a total of PLN 11.7 million in additional support and extending the implementation of the projects until 2026.
- The last few months demonstrate our effectiveness in meeting our business objectives, as well as our ability to adapt to challenging market conditions. Despite the difficult environment, we raised PLN 40 million from a share issue, stabilising our cash position in the medium term. At the same time, with the extension of the Wedbush agreement and the launch of activities with MSQ Ventures, as well as the expansion of the business development team, we gained new opportunities both in terms of strategic and project-oriented goals. In addition, a further project has been added to our pipeline in connection with the PLN 52.2 million grant received from ABM. A milestone in the CT-01 project was the signing of an agreement with CRO partner ICON, which brought us significantly closer to the start of clinical trials, comments Dr Tom Shepherd, CEO of Captor Therapeutics.
CT-01: getting closer to the clinical phase
Captor Therapeuitics has selected ICON as a global partner for the management of the CT-01 clinical trial, which will accelerate collaboration with clinical sites. ICON is one of the world's leading clinical research organisations (CROs). It has more than 30 years of experience in the implementation of clinical trials in various phases, including oncology.
- Currently, in cooperation with our renowned partner ICON, we are focusing on the preparation of the first phase of clinical trials within the CT-01 project. This is a very important stage of the entire process, so we are approaching patient selection with the greatest care and in accordance with all procedures. Despite the high level of complexity of the project, we aim to start clinical trials as soon as possible and assume that entry into the clinic will take place in the first quarter of 2024. The clinical phase is a very complex process and it is difficult to determine exactly how it will unfold, but we expect to obtain the first patient readings in Q1 2025. - Dr Michal Walczak, board member and chief scientific officer of Captor Therapeutics, adds.
Obtaining grant funding for project development
In November 2023, the company submitted applications to NCBiR for the phasing of projects CT-01 and CT-03, which, according to the current funding agreements, should be completed by the end of 2023.
- We have carried out an in-depth analysis of ongoing projects in the context of the possibility of obtaining grant support from NCBiR in subsequent periods. As a result, we submitted applications to the NCBiR for the so-called phasing for projects CT-01 and CT-03 and the possibility of financing the uncompleted research phase in the next cycle. The total amount of possible funding for both projects is PLN 11.7 million. At the same time, we would gain the possibility to extend the projects until 2026. We are looking forward to this settlement, which would allow us to further strengthen our cash flow in the next two years," concludes Radosław Krawczyk, Captor Therapeutics board member for finance.
To date, the company has signed funding agreements with NCBiR and ABM for a total of approximately PLN 227 million, enabling it to consistently achieve further milestones in key projects and develop new drugs.
At the end of September 2023, the company had cash and placed in short-term bonds totalling PLN 54.7 million. Despite the increased development expenditure and in connection with the acquisition of an additional PLN 40 million, Captor Therapeutics' financial position is very stable. In the period from January to September this year, the company spent PLN 61.4 million on R&D activities, including advances for studies that are in progress and are required to submit an application for approval to conduct clinical trials.
About Captor Therapeutics:
Captor Therapeutics is a biopharmaceutical company specialising in the development of breakthrough drugs based on Targeted Protein Degradation (TPD) technology for the treatment of diseases with high unmet medical needs. TPD enables an innovative approach to drug development that can focus on novel molecular targets thought to be untreatable using conventional drug development methods and provide new treatments for diseases where existing drugs do not provide optimal therapeutic benefit. Currently, Captor is developing drugs for incurable, severe diseases, including malignancies and autoimmune diseases.
More information on Captor Therapeutics can be found:
On the website: http://www.captortherapeutics.com
LinkedIn: @CaptorTherapeutics
Twitter: @CaptorTherapeu1
