Captor Therapeutics Publishes Q1 2023 Financial Results
- Lead asset CT-01 on track for clinical trial application authorization in Q3 2023
- Collaboration with Ono Pharmaceuticals in neurological diseases progressing according to plan
- Solid cash position allows cash visibility until at least late 2024 aided by non-dilutive funding and a cost-efficient R&D structure
WROCŁAW, Poland, May 30, 2023 (GLOBE NEWSWIRE) -- Captor Therapeutics S.A. (“Captor”) (WSE: CTX), a biopharmaceutical company, specialized in the development of drugs based on Targeted Protein Degradation (TPD), today published its consolidated report for Q1 2023.
- In Q1 2023 Captor Therapeutics announced the next steps in the implementation of the Company’s 2023-25 strategy, aimed at becoming one of the global leaders in the TPD field.
- The Company also announced the new molecular targets its compounds are targeting and announced the latest research results from its lead projects CT-01, CT-02 and CT-05.
- The project carried out in cooperation with Ono Pharmaceutical Co. Ltd. is progressing according to schedule and both companies are highly satisfied with the results so far.
"At the beginning of March 2023, thanks to the significant advances achieved in 2022 and early 2023 by our research teams, we announced our ambitious 2023-2025 plan that aims to transform Captor into a mid-clinical stage biotech company with proof of concept data in man for its lead asset CT-01 by the end of the period. We also took great strides forward with our OptigradeTM platform by generating several series of proprietary ligands to four different novel E3 Ligases that could form the basis of a new generation of degrader drugs. We look forward to leveraging this innovative discovery engine through additional partnerships that will develop additional skills within our team and provide additional non-dilutive funding," said Michał Walczak, CSO at Captor Therapeutics.
Ono Pharmaceutical and Captor announced in November 2022 a drug discovery collaboration to develop small molecule protein degraders for the treatment of neurodegenerative diseases. This discovery collaboration progressed well in the first quarter, with an excellent level of collaboration between the two company teams and has already started to deliver its first promising results.
"I am pleased to report that this collaboration is progressing extremely well and the initial data is confirming the validity of our approach. It is comforting to see that this important collaboration is demonstrating the high level of scientific quality and creativity of our team as we tackle the major issue of neurodegeneration in partnership with Ono Pharmaceutical," said Dr. Tom Shepherd, CEO at Captor Therapeutics.
In Q1 2023, the Company also continued the extended cooperation with Sosei Heptares, focused on the discovery and development of new small molecules aimed at the degradation of G protein-coupled receptors.
"From January to March 2023, we allocated nearly PLN 16 million to R&D activities, which is supported of non-dilutive funding of PLN 5,6 million which helped us maintain a stable capital position and reduce the need for financing. This non-dilutive funding has been a key benefit to Captor since its inception, in particular considering the challenging financing environment the global Biotech industry has faced over the last 18 months," indicated Radosław Krawczyk, CFO at Captor Therapeutics.
About Captor Therapeutics
Captor Therapeutics is a biopharmaceutical company specializing in the development of breakthrough drugs based on Targeted Protein Degradation (TPD) technology for the treatment of diseases with high unmet medical needs. TPD allows innovative approach to developing new drugs that can focus on the new molecular targets considered incurable using conventional methods of drug development and provide new treatment methods for diseases where existing drugs do not provide optimal therapeutic benefits. Captor is currently developing therapeutics for incurable, severe diseases, including malignancies and autoimmune diseases.
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