Spago Nanomedical interim report January-September 2021
Tumorad® moves closer to clinical trials
JULY – SEPTEMBER IN BRIEF
- Net sales for the quarter amounted to KSEK 195 (KSEK 67).
- The loss for the quarter amounted to KSEK –10,103 (KSEK -4,485).
- Operating expenses for the quarter amounted to KSEK -11,756 (KSEK -6,011).
- Earnings per share, before and after dilution, for the quarter amounted to SEK -0.26 (SEK -0.14).
- Cash and cash equivalents at the end of the quarter amounted to KSEK 65,987 (KSEK 35,699).
JANUARY – SEPTEMBER IN BRIEF
- Net sales for the year amounted to KSEK 561 (KSEK 167).
- The loss for the year amounted to KSEK -27,778 (KSEK -14,304).
- Operating expenses for the year amounted to KSEK -32,645 (KSEK -19,050).
- Earnings per share, before and after dilution, for the year amounted to SEK -0.67 (SEK -0.56).
SIGNIFICANT EVENTS DURING THE QUARTER
- Paul Hargreaves was appointed Chief Development Officer (CDO). Paul will join the management team and have a key role in the clinical development of the company's project portfolio.
SIGNIFICANT EVENTS AFTER THE QUARTER
- Agreement was signed with the global CRO Cmed Group Limited for the development of the first clinical study with the company’s therapy projectTumoad.
We continue to make important progress in the projects and during the third quarter we were, not least, able to move Tumorad® closer to clinical studies. The development is proceeding according to plan, and the target is to start the first clinical trial with the candidate drug SN201 in patients with advanced cancer in 2022.
Recruitment for the clinical study SPAGOPIX-01 remains in focus. The target is to complete the current dose group as soon as possible and decide on the next step. The interim results communicated from the study so far show that SpagoPix (SN132D) clearly accumulates in cancerous tumors to provide images of tumors with high precision and positive contrast without disturbing background.
Our platform technology thus provides the opportunity to clinically and precisely accumulate functional nanoparticles in solid tumors. In a preclinical model for aggressive breast cancer, SN201 has shown a positive effect by delaying tumor growth. We thus believe that Tumorad can be an important and effective addition to the treatment arsenal and that SN201 has a great potential against aggressive and spread cancer, and have a place in the growing market for radionuclide-based cancer treatment.
There is currently a lack of effective drugs for advanced stages of several major cancers where mortality is largely due to the tumors continuing to grow or spread. Targeted radionuclide therapy as a treatment for spread cancer has attracted increasing interest in recent years with the development success of big pharma with Novartis in the lead. Already market-approved drugs, and not least completed partnering deals in the field, show that there is a significant value in the radionuclide therapy market. As an example, Coherent Market Insight estimates that the PRRT (Peptide Receptor Radionuclide Therapy) market will grow annually by 27 percent and be worth approximately $ 1.6 billion in 2027.
Paul Hargreaves recently joined Spago Nanomedical as Chief Development Officer, and the appointment of Paul, who has almost 30 years of experience in clinical development from Pfizer, among others, puts further focus on our important work. I am convinced that Paul will be a very valuable asset for our projects, especially in the work of preparing and implementing the clinical development with Tumorad.
We are well set to vigorously progress the projects.
Mats Hansen, CEO
Spago Nanomedical AB