Patrys Limited - Quarterly Activities and Cash Flow Report - 23 July 2024
PAB (PAB) Share Update July 2024 Monday 22nd
Patrys Limited Reports Progress on PAT-DX1 and Positive Preclinical Data
Patrys Limited (ASX: PAB), a therapeutic antibody development company, has released its Quarterly Activities Report and Appendix 4C Quarterly Cash Flow report for the quarter ended 30 June 2024. The company has achieved significant milestones in the production of its lead candidate, PAT-DX1, and has presented promising preclinical data for its deoxymabs in treating autoimmune diseases.
Instant Summary:
- Completion of GMP production run of PAT-DX1.
- Specification testing of PAT-DX1 to be completed by end of July 2024.
- Positive preclinical data for deoxymabs in treating vasculitis and other autoimmune diseases.
- Cash and short-term investment balance of $2.2 million as of 30 June 2024.
Production and Testing of PAT-DX1
During the April-June 2024 quarter, Patrys successfully completed the GMP manufacturing run of its lead candidate, PAT-DX1. The large-scale fermentation process was followed by harvesting and purification of the antibody product using an optimized process. The next step involves specification testing, which is scheduled to be completed by the end of July 2024. This testing is crucial to ensure the product meets GMP standards before it can be used in clinical trials.
The delay in specification testing has shifted the timeline for planned development activities. However, the company remains optimistic about the potential of PAT-DX1 in clinical settings.
Positive Preclinical Data
On 9 April 2024, Patrys announced new preclinical data for its deoxymabs, PAT-DX1 and PAT-DX3, in animal models of ANCA vasculitis. These findings were presented by Dr. Kim O’Sullivan from Monash University at the 21st International Vasculitis Workshop in Barcelona and the annual meeting of the American Association of Immunologists in Chicago. The key highlights include:
- PAT-DX1 inhibits the formation of neutrophil extracellular traps (NETs) from human blood neutrophils in vitro.
- Both PAT-DX1 and PAT-DX3 decreased NET formation and inflammation in an animal model of ANCA vasculitis.
- Both deoxymabs reduced kidney injury and protein in the urine in the same model.
These results suggest that deoxymabs could provide a therapeutic option for vasculitis by reducing inflammation without suppressing the immune system. This opens up additional indications for Patrys to develop or partner its deoxymab technology.
Corporate and Financial Update
During the quarter, Patrys had net cash outflows of A$764,000 and held A$2.24 million in cash and cash equivalents as of 30 June 2024. The company invested A$527,000 in R&D activities. Payments to related parties and their associates totaled A$147,000, which included non-executive director fees, consulting services, and salary for the CEO and Managing Director.
Patrys continues to manage a business development program and collaborations with global biotech and pharma companies, exploring opportunities for its deoxymab technology in cancer therapies and treatments for inflammatory conditions.
The completion of the GMP production run and the positive preclinical data are significant milestones for Patrys. These developments could positively impact the company's stock as they demonstrate progress in both production and potential therapeutic applications. However, the delay in specification testing might cause short-term uncertainty among investors.
Investor Reaction:
Analysts and investors are likely to view the completion of the GMP production run and the promising preclinical data positively. However, the delay in specification testing may cause some concern regarding the timelines for clinical trials.
Conclusion:
Investors should keep an eye on the completion of specification testing for PAT-DX1 by the end of July 2024 and the potential implications for clinical trials. Patrys' ongoing progress in developing its deoxymab technology for various indications could offer significant long-term value.