CytoMed Therapeutics Updates on Clinical Progress and Finances
CytoMed Therapeutics Announces Financial Results and Clinical Updates
CytoMed Therapeutics Limited (NASDAQ: GDTC), a renowned biopharmaceutical firm, has recently shared its financial performance for the six months ended June 30, 2024, alongside exciting updates about its clinical trials and corporate developments. The company is committed to pioneering cell-based immunotherapies aimed at treating various cancers, including both blood and solid tumors.
Recent Developments in Clinical Trials
The company achieved a significant milestone in January 2023, obtaining formal approval from the Health Sciences Authority in Singapore to begin their first-in-human Phase I clinical trial named the ANGELICA Trial. This trial is crucial for evaluating their innovative allogeneic CAR-?? T cells, which are derived from healthy donor blood, and the recruitment for prospects commenced in July 2023. Collaborating with the National University Hospital in Singapore has been vital for this initiative.
Details of the ANGELICA Trial
The ANGELICA Trial consists of two phases. The initial part, focusing on the donor protocol, is currently in progress, gathering blood donations from healthy individuals at NUH. Encouragingly, the collaboration between CytoMed and the hospital opens doors for the second phase of the trial, where patients with advanced cancer types resistant to traditional therapies will be recruited.
Financial Insights and Net Loss Analysis
As of June 30, 2024, CytoMed reported a net loss of approximately S$1.09 million, translating to around US$803,235. Notably, excluding the S$153,920 associated with maintaining public company status since its NASDAQ listing in April 2023, the adjusted loss would come down to S$934,623 (approximately US$689,657). These figures reflect the company's dedication to rigorous research amid financial prudence.
Cash Flow and Research Expenses
CytoMed boasts robust financial health with its cash and bank balances amounting to S$6.47 million (around US$4.78 million) as of mid-2024. Research and development expenses hit S$974,402 (roughly US$719,010), marking an increase compared to previous years. The main drivers of this uptick were rising pre-clinical expenditures and enhanced employee benefits, although this was somewhat offset by reductions in laboratory consumables and professional fees.
General and Administrative Expenses
In terms of operational sustainability, the company has successfully reduced its general and administrative outlay from S$1.50 million in 2023 to S$902,910 (around US$666,256) for the first six months of 2024. This decline can be attributed to one-time IPO costs and other related expenditures linked to its public listing.
Upcoming Conference Call
A notable conference call is scheduled for October 8, 2024, at 9 a.m. ET, where the management team will discuss the company's progress and future outlook. Investors and stakeholders are encouraged to join this informative session to gain insights directly from the leadership.
About CytoMed Therapeutics
Founded in 2018 and leveraging technologies from A*STAR, Singapore's prominent research agency, CytoMed is on a mission to revolutionize cancer treatment through its unique cell-based immunotherapies. The thorough focus on advancing CAR-?? T cell technology is a testament to its dedication to improving patient outcomes and addressing the current limitations faced in solid tumor therapies.
Frequently Asked Questions
What financial results did CytoMed report for the six months ended June 30, 2024?
CytoMed reported a net loss of S$1.09 million, with an adjusted loss of S$934,623 when excluding certain public company costs.
What is the ANGELICA Trial?
The ANGELICA Trial is CytoMed's first-in-human Phase I clinical trial focusing on allogeneic CAR-?? T cells, currently recruiting healthy blood donors.
When is the upcoming conference call for CytoMed?
The conference call is scheduled for October 8, 2024, at 9 a.m. ET for discussions on the company's progress and insights.
How much cash and bank balance does CytoMed have?
As of June 30, 2024, CytoMed has reported cash and bank balances totaling S$6.47 million.
What technologies is CytoMed currently developing?
CytoMed is developing donor blood cell-based CAR-?? T cells and induced pluripotent stem cell-based ?? NKT cell technology, focusing on innovative approaches for cancer treatment.
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