CytoMed Therapeutics Reports Financial Results
CytoMed Therapeutics Limited (NASDAQ: GDTC) is excited to share its financial results for the six months ended June 30, 2024, along with important clinical and corporate developments. The company remains dedicated to pioneering allogeneic cell-based immunotherapies designed to fight various cancers, including both blood and solid tumors.
Commitment to Cancer Care
"Our commitment revolves around developing accessible, off-the-shelf therapies aimed at addressing the needs of cancer patients who have limited options," stated Peter Choo, the Chairman of CytoMed. He emphasized that their growth strategy leverages Southeast Asia's cost-effective infrastructure, which, in conjunction with collaborations, will enhance international operations.
Clinical Updates: The ANGELICA Trial
The company obtained approval from the Health Sciences Authority in Singapore to conduct the ANGELICA Trial, a first-in-human Phase I clinical trial. This initiative aims to utilize healthy donor blood to produce CAR-?? T cells, also known as CTM-N2D. The trial, which is being conducted in collaboration with the National University Hospital, involves recruiting healthy blood donors and advanced cancer patients for further studies.
Innovative Technologies and Research Progress
As of September 2024, CytoMed is advancing two licensed technologies: donor blood cell-based CAR-?? T cell technology and induced pluripotent stem cell-derived ?? NKT cell technology, with patents already issued in multiple countries. These technologies showcase the company's commitment to advancing the frontiers of cancer treatment.
Financial Overview
For the six months ended June 30, 2024, CytoMed's unaudited net loss stood at S$1.09 million (approximately US$803,235). Excluding public listing costs, this figure adjusts to S$934,623 (around US$689,657). As of mid-2024, the company reported cash and bank balances totaling S$6.47 million (about US$4.78 million), enabling them to pursue research and operational goals.
Research and Development Spending
Research and development costs reached S$974,402 (US$719,010) during the same period, marking a rise from S$811,319 in the previous year due to increased pre-clinical activities and employee benefits. However, efficiencies were achieved with lower costs in some operational areas.
General and Administrative Expenses
General and administrative expenses fell to S$902,910 (approximately US$666,256) from S$1.50 million the previous year, mainly due to non-recurring expenses following the IPO. This strategic change allows for better financial management while maintaining growth momentum.
Upcoming Conference and Investor Meetings
Exciting news for the investment community! CytoMed has scheduled a conference call on October 8, 2024, at 9 a.m. ET (9 p.m. SGT), where management will provide further insights into the company's direction and updates. Investors interested in one-on-one meetings may do so from October 28 to November 1, 2024, in New York City. For scheduling, please reach out to the company.
About CytoMed Therapeutics Limited
Founded in 2018 after a spin-off from the Agency for Science, Technology and Research (A*STAR) in Singapore, CytoMed is at the forefront of developing novel immunotherapies aimed at treating various cancers. Their innovative approach strives to overcome the limitations of existing therapies while taking inspiration from successful CAR-T treatments in hematological malignancies.
Frequently Asked Questions
What are the main focuses of CytoMed Therapeutics?
CytoMed Therapeutics specializes in developing unique cell-based immunotherapies designed to treat a wide range of cancers.
How has CytoMed performed financially over the last six months?
The company reported a net loss of S$1.09 million, but they have significant cash reserves to fund ongoing research and development efforts.
What is the ANGELICA Trial?
The ANGELICA Trial is CytoMed's first-in-human Phase I clinical trial using healthy donor blood to manufacture CAR-?? T cells for cancer treatment.
When is the upcoming conference call scheduled?
The conference call is set for October 8, 2024, at 9 a.m. ET.
How can I contact CytoMed for investor meetings?
Investors can reach out via email at enquiry@cytomed.sg to schedule meetings during their New York City visit.
