Dundee Corporation Portfolio Holding, TauRx Pharmaceuticals Ltd., Announces Results from Phase 3 Study, LUCIDITY, and Proceeds with Regulatory Submissions
TORONTO, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (the “Corporation” or “Dundee”) today announces that TauRx Pharmaceuticals Ltd. (“TauRx”), a leader in tau-based research in Alzheimer’s, unveiled Phase 3 results from its Alzheimer’s disease (“AD”) study, LUCIDITY. For a copy of TauRx’s official announcement, please visit:
TauRx Announcement Highlights:
- For people with early Alzheimer’s (MCI), HMTM treatment resulted in sustained improvement in cognition over pre-treatment baseline, and normalization of brain atrophy to a rate similar to healthy individuals;
- For people with mild to moderate Alzheimer’s, HMTM stabilized cognition and function and reduced rate of brain atrophy compared to historical matched individuals with AD;
- HMTM is an oral drug with a strong safety profile, having no risk of amyloid-related imaging abnormalities;
- TauRx will present the Phase 3 findings at the Clinical Trials in Alzheimer’s Disease (CTAD) conference on Wednesday, November 30th 2022, in San Francisco.
TauRx also announces the appointment of Dr. Richard Stefanacci as the company’s new Chief Medical Officer. Alongside appointed strategic regulatory advisors in the UK, US and Canada, Dr. Stefanacci will assist with regulatory submissions.
Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation, commented: “Alzheimer’s is a terrible disease that has impacted far too many people globally, including my own family. I am personally very encouraged by this news, as from our perspective, it gives great hope that we might be finally turning the tide in our fight against this disease. We understand that TauRx has some additional obstacles to overcome to obtain the regulatory approvals needed to bring their drug to market. It has the potential to have significant positive impact on both the value of TauRx and to Dundee Corporation. We are extremely pleased that LUCIDITY has demonstrated effectiveness for people afflicted with mild to moderate Alzheimer’s while retaining a strong safety profile. We are further encouraged by the fact that HMTM is administered orally without the need for expensive monitoring, providing advantages over more expensive and less safe and effective approved alternatives available to patients today. This is a very exciting time for both TauRx and for Dundee Corporation as we believe this is a milestone that will pave the way for eventual commercial success.”
Dundee holds 1,015,008 shares in TauRx, representing an undiluted interest of 3.5% in the company (3.2% fully diluted, with warrants exercisable over a four-week period following the release of topline results). Dundee Corporation determined that the fair value of its investment in TauRx, at June 30, 2022, was $36.2 million.
ABOUT DUNDEE CORPORATION:
Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.
FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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