- SUDA Pharmaceuticals Limited (ASX:SUD) has recently released its quarterly report for the June 2021 quarter.
- The Company expanded its development pipeline while adding a new set of experience to its Scientific Advisory Board during the quarter.
- The Company closed the last quarter with a bank balance of AU$6.717 million as of 30 June 2021.
After delivering a spectacular performance in the March 2021 quarter, SUDA Pharmaceuticals Limited (ASX:SUD) has observed a terrific June quarter. The biotechnology firm’s recently released Appendix 4C for the fourth quarter of FY21 affirms the same.
During the quarter, SUDA continued to expand its development pipeline while adding a new set of experience to its Scientific Advisory Board and management team. Meanwhile, the Company raised significant capital to develop its newly acquired cell therapy platform in the last quarter.
Let us take a quick look at the flurry of developments reported by SUDA during the June quarter 2021:
Acquisition of iNKT cell therapy platform
SUDA’s management has been actively looking to add new technologies to bolster its pipeline in its two focus areas, oncology and conditions that affect the central nervous system. During the quarter, the Company licensed a “supercharged” invariant Natural Killer T (iNKT) cell therapy platform from Imperial College London.
Licensing the iNKT cell therapy platform has placed the Company at the forefront of immuno-oncology drug development while strengthening its development pipeline and potential. The iNKT cell platform can be used in along with multiple chimeric antigen receptors to target blood cancers. SUDA’s iNKT cell therapy platform is currently in the pre-clinical stages.
iNKT cells are anticipated to be appropriate for off-the-shelf dosing, with a single healthy donor able to supply cells for the treatment of several patients. The natural characteristics of iNKT cells are likely to limit the complexity of delivering the cell therapy to patients suffering from cancer, and support in reducing the costs of treatment.
Over the quarter, SUDA also welcomed a new member to its Scientific Advisory Board (SAB) for the anagrelide program - Professor Gunnar Birgegård. Professor Birgegård joined Dr Richard Franklin, Professor Steve Watson, and Professor Anil Sood as members of the SAB.
SUDA also welcomed Malar Armugam to the team as Program Manager during the quarter, who has over 20 years of experience in the pharmaceutical sector. Malar has previously worked at Mayne Pharma, Pfizer, Hospira and GSK.
Significant capital raising
During the quarter, SUDA also raised capital worth AU$3.65 million (before costs) via the Placement to develop the iNKT cell therapy platform. The Placement was oversubscribed and strongly supported by institutional as well as sophisticated investors.
The Company conducted the Placement in combination with the Definitive Licence Agreement for SUDA’s iNKT cell therapy platform. The proceeds from the capital raising will be used to support the primary development of the iNKT cell therapy platform, including initiating the manufacturing of critical components to produce the product and hiring key personnel.
Meanwhile, SUDA closed the last quarter with a bank balance of AU$6.717 million as of 30 June 2021, including cash receipts of AU$68,000. The Company’s net outflow from operating activities was AU$0.909 million for the quarter.
The Company’s shares are trading at AU$0.047 as of 1:43 PM AEST.