Biotechnology company, Actinogen Medical Limited (ASX: ACW) on 24 April 2019, released its quarterly update report for the three months period ending on 31 March 2019.
On the operational front, the company had notified the market in February 2019 about the initial dosing of the first participant in XanaHES, which is a first stage dose escalation safety study of Xanamem among healthy aged people who have volunteered to take part in the study. The early outcomes from the maiden cohort of the XanaHES study are anticipated in Q2 2019 period.
The study is planned to develop the safety data-set for Xanamem and explores the possibilities for higher doses of the drug to be utilised in upcoming trials to take place for Alzheimer’s disease and other indications, should they be necessary.
Also, in March, the company had announced that the XanADu Data Safety Monitoring Board (DSMB) had concluded its third and final review work of XanADu study data. It has reaffirmed its earlier recommendations that the trial would go on without any change.
ACW has also confirmed that XanADu trial has been on schedule to provide results in Q2 2019 period.This third meeting included DSMB reviewing unblinded safety data among one hundred and sixty-two patients who had concluded the trial period.
On Corporate front, the company had hired Mr Malcolm McComas for the position of a Non-Executive Director of ACW, in the early April period. His appointment is extremely complementary to the Board’s current mix of skilled and experienced people. The appointment has happened during the time when ACW is entering the upcoming stage of growth, wherein outcomes from XanADu is forthcoming and the progress of the Xanamem clinical development plan into fresh indications.
The outlook of the company consists of new clinical development opportunities for Xanamem, which is a drug candidate of ACW. The medicine has especially been created to block the production of cortisol in the brain organ. The medicines with a tendency to decrease cortisol in the brain provide a hopeful fresh approach to slow down or avert, the cognitive decay related to Alzheimer’s disease among people.
Dr Bill Ketelbey, Chief Executive Officer, ACW expressed his views on the quarterly results and stated that the March quarter period had proved to be a productive period. During the period the last patient concluded the XanADu study, and the company again confirmed the validity of Xanamem in the XanADu trial as a secure drug. Also, the company has started fresh studies to improve the data-set for Xanamen medicine.
Presently, the company is undergoing the significant work of XanADu data entry, checking and quality control earlier to the data analysis. Dr Bill Ketelbey further said that in the early period of April, the company had announced that it had done the expansion work on the clinical development program for Xanamem, after recognising cognitive impairment in mood disorders and schizophrenia, as the next indications for the development of the drug.
Further, from the cash flow perspective, the company noted net cash used in operating activities for the period standing at A$4.25 million. The Net cash inflow from financing activities stood at A$40,000. The cash and cash equivalents at the end of the quarter was noted at A$11.3 million. The total estimated cash outflows for the next quarter is around A$3.55 million with A$3.23 million to be used for R&D activities..
The stock of the company is currently trading at a price of A$0.054 (as on 24 April 2019, 2:10 PM AEST) up by 1.887%.
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