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Highlights
- AlgoraeOS identifies 24 new drug targets in major oncology areas
- AI-116 shows potential dementia treatment superiority
- Strong cash position supports expanding R&D efforts
Algorae Pharmaceuticals (ASX:1AI) is making strong strides in drug discovery innovation, underpinned by the ongoing advancement of its proprietary Algorae Operating System (AlgoraeOS). Since its launch in September, AlgoraeOS has already identified 24 novel drug targets, with a focus on critical oncology areas including breast cancer, leukaemia, and glioblastoma.
In a major development, Algorae Pharmaceuticals is now formalising an agreement with a prominent Australian research institution to initiate preclinical validation studies. This partnership is expected to be a key milestone, helping to demonstrate the predictive power and translational capabilities of the AlgoraeOS platform. The success of this initiative could further enhance Algorae Pharmaceuticals' positioning among ASX healthcare stocks, potentially attracting greater attention from investors focused on innovative biotech opportunities.
The company’s work on AlgoraeOS Version 2.0 is progressing rapidly. In the three months ending March, upgrades included expanded data integration and advanced machine learning enhancements. Collaborating with experts from the University of New South Wales’ AI Institute and receiving support from the CSIRO's Data61 division, the platform’s new version aims to boost predictive precision and broaden its reach across multiple disease classes. Notably, the enhanced system is also targeting the generation of novel, patentable fixed-dose combination therapies.
Algorae Pharmaceuticals continues to advance its therapeutic pipeline. Recent in vitro studies of the combination drug candidate AI-116 for dementia showed promising results, with performance surpassing first-line treatment Donepezil and improving neuronal cell viability. A global Patent Cooperation Treaty (PCT) application has been filed, with preparations for clinical trials underway.
Progress was also made with the AI-168 drug candidate aimed at treating cardiovascular disease. Studies demonstrated statistically significant cardioprotective effects, outperforming traditional beta blockers in multiple models. Plans are in place to refine the compound’s formulation alongside Monash University, with another PCT application being prepared.
Strategic leadership changes have further bolstered the company’s commercial readiness. Vishal Shah, an industry veteran with two decades of experience in pharmaceuticals, biotechnology, and healthcare distribution, has joined as Chief Commercial Officer. Shah's previous leadership experience includes roles at HPS Pharmacies and Baxter Healthcare under EBOS Group (ASX:EBO).
Financially, Algorae Pharmaceuticals reported a healthy cash balance of $2.59 million at the end of March. This includes the benefit of a $428,454 government research and development tax rebate. The company recorded a net operating cash inflow of $179,815, with research and development expenditure accounting for $147,703.
With a robust financial position and expanding research activities, Algorae Pharmaceuticals is well-positioned to continue advancing its innovative drug discovery and development initiatives.
