Cellmid Limited Announces Regarding Significant New Findings Which Are Published On Midkine

Cellmid Limited (ASX:CDY) researches and develops therapeutic, prognostic, and diagnostic products using midkine. Midkine is a heparin-binding growth factor used by the company in products involving inflammatory and autoimmune conditions and cancer.

On 7 February 2019, the company advised that the highly acclaimed Journal of Experimental Medicine has come out with a significant study regarding midkine. According to the study, midkine promotes cardiac muscle inflammation associated with the occasionally fatal autoimmune disease, myocarditis.

Chief Editor of Nature Reviews Cardiology, Dr Gregory Lim has shown confidence upon the capability & the aptness of Cellmid’s midkine antibodies. In his Editorial Dr Lim has emphasised upon the importance of identifying neutrophil extracellular traps (NET) in the surgical procedures related with the cardiac biopsies from patients with myocarditis, as well as from mice with experimental autoimmune myocarditis. He has also outlined the molecular detail by which midkine promotes neutrophil recruitment and NETosis involving the low-density lipoprotein receptor-related protein 1, pointing to a precise mechanism of action by which Cellmid’s reagents provide therapeutic benefit in myocarditis.

The role played by the neutrophils in NETosis is now getting widely acknowledged as a critical initiating step in many chronic inflammatory disorders. By providing the experimental evidence for midkine’s contribution to the early development of myocarditis, the current publication extends previous clinical studies that found elevated cardiac midkine in myocarditis patients.

Dr Weckbach, who had earlier exhibited that midkine is very critical for the recruitment of neutrophils into the inflamed tissue, has now finally supported the part of midkine in inflammatory processes.

This study extends these findings with detailed analysis of the molecular and cellular interactions through which midkine promotes neutrophil accumulation in heart tissue.

Dr Ludwig Weckbach said that as on this date, there is no therapy which has been developed which seems to treat the patients suffering from the chronic inflammatory cardiomyopathy other than non-specific immunosuppression with limited benefit and having severe side effects.

Study and results:

From the series of tests which were conducted on the Fourteen patients who had myocarditis confirmed through the biopsy (EMB) procedures and also had the problem of reduced cardiac function, which was evaluated by echocardiographic left ventricular ejection fraction. Through these tests, Neutrophil extracellular traps were detected in the biopsy of 2 patients. The observation as mentioned above & findings corroborate the therapeutic application of Cellmid’s midkine antibodies in the treatment of myocarditis.

Now let us quickly have a look at the company’s stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $0.23 and is trading down by 4.167% during the day’s trade, with a market capitalisation of ~$20.19 Million. The counter opened the day at $0.24, reached the day’s high of $0.255 & touched a day’s low of $0.225. The stock has provided a YTD return of -14.29% & also posted returns of -40.74%, -26.15% & -20% over the past six months, three- & one-months period respectively. It had a 52-week high price of $0.57 and touched 52 weeks low of $0.225, with an average volume of 56,527 approximately.

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