HAMILTON, BERMUDA, Nov. 30, 2022 (GLOBE NEWSWIRE) —
- BentrioTM nasal spray launched in Hong Kong by companion Nuance Pharma to assist defend in opposition to viruses and allergens
- COVAMID trial with Bentrio in acute COVID-19 progressing in direction of read-out in December
- Strategic Bentrio partnering or divestiture course of approaching decisive part
- Beforehand introduced divestiture of inside ear belongings for as much as $27 million amended for first stage, nonetheless anticipated to shut in December
- Progressing with strategic plan to grow to be ‘pure-play’ RNA supply firm
Altamira Therapeutics Ltd. (NASDAQ:CYTO), an organization devoted to growing therapeutics that deal with essential unmet medical wants, at the moment supplied a enterprise replace and reported its first half 2022 monetary outcomes.
“We proceed to make good progress with the transformation of Altamira into an RNA supply know-how firm,” said Thomas Meyer, Altamira Therapeutics’ founder, Chairman and CEO. “We’re optimistic of reaching an settlement to divest or companion our Bentrio nasal spray for key markets in North America and Europe by yr finish. Final month, we agreed to divest half or all of our inside ear therapeutics packages to a European household workplace. Following some delay and beneath barely amended phrases, we count on that transaction to shut in December.
“Heading in direction of 2023, we stay up for focusing completely on the numerous rising alternatives within the fast-growing RNA therapeutics market. We’re more and more nicely positioned to advance our RNA supply know-how all through 2023.”
As Altamira goes via the ultimate phases of a significant company transformation, administration intends to carry its subsequent investor name upon finalization of its partnering / divestiture initiatives. On that decision, the Firm can even present its outlook for 2023.
RNA supply platform replace
Altamira continued to make stable progress with the event of its patented, peptide-based platform for RNA supply to extrahepatic tissues (OligoPhore™/SemaPhore™). In latest months, the RNA crew led by Chief Improvement Officer Covadonga Pañeda, Ph.D., and Chief Scientific Officer Samuel Wickline, MD, have superior varied initiatives, together with choice and optimization of siRNA sequences, formulation, course of improvement and manufacturing. Beginning with challenge AM-401 for the remedy of KRAS-driven tumors, the Firm added a second challenge, AM-411 for the remedy of rheumatoid arthritis (RA). AM-411 nanoparticles comprise siRNA concentrating on NF-kB (p65), a key checkpoint in RA irritation.
The Firm is growing each AM-401 and AM-411 with the target of out-licensing the drug merchandise at a later stage. They function a “showcase” for the applying of Altamira’s RNA supply know-how; the Firm’s technique can be to out-license the know-how to pharma and biotech firms to be used with their very own RNA molecules. On this context, Altamira has been intensifying its efforts to boost consciousness about OligoPhore/SemaPhore inside science and business.
In latest months, members of Altamira’s management crew gave oral shows at a number of worldwide conferences, highlighting the power to ship RNA molecules to extrahepatic tissues and obtain environment friendly and speedy endosomal launch inside goal cells. Concurrently, additional information on RNA delivered with Altamira’s supply know-how has been revealed by unbiased analysis teams in peer-reviewed scientific journals. Altamira anticipates coming into into its first partnering agreements in 2023.
Bentrio Replace
Earlier at the moment, Altamira reported that its licensee and distribution companion Nuance Pharma has launched Bentrio nasal spray in Hong Kong to assist present safety in opposition to airborne viruses in addition to allergens. This would be the first step to distributing Bentrio within the different Nuance-licensed territories which is comprised of mainland China, Macau and South Korea.
As a part of its technique to focus completely on RNA supply, Altamira has been in discussions with a number of well-established OTC client well being firms for the partnering of Bentrio. These discussions intensified following the 510(ok) clearance of the product by the FDA and have superior nicely, together with due diligence by events. The Firm anticipates coming into right into a partnering transaction earlier than yr finish. Within the context of these partnering discussions, Altamira suspended preparations for launching the product within the US by itself in addition to pausing main advertising and marketing initiatives in Europe. This restraint supplies the possible strategic companion for Bentrio with most flexibility to suit the product into its marketing strategy.
Starting in early October, the Bentrio nasal spray was relaunched in Europe for allergic rhinitis. Beforehand, the Firm had ceased advertising and marketing the product for the indication of viral an infection within the EU and Switzerland though Bentrio’s mode of motion is similar no matter whether or not it supplies a barrier in opposition to airborne virus or allergen particles. This had been demonstrated in varied related in vitro assays. Nevertheless, sure international locations and areas require particularly medical efficiency information to clear Bentrio for this indication, specifically associated to COVID-19. Such information are anticipated to grow to be out there via the COVAMID trial.
In September, Altamira introduced that it had reached its prolonged enrollment goal of 160 confirmed topics in its COVAMID medical investigation to guage the protection, tolerability, and efficacy of its Bentrio nasal spray in sufferers with acute COVID-19. The read-out of top-line information stays on monitor for the present quarter. The Firm plans to hunt an enlargement of its product label to additionally embrace viral infections in these international locations requiring supportive medical information.
In September, the Firm additionally introduced that its “NASAR” medical trial in seasonal allergic rhinitis (SAR) resumed enrollment as the brand new pollen season began in Australia. The NASAR trial is predicted to enroll a complete of 100 sufferers affected by SAR and is designed to check the protection and efficacy of Bentrio in opposition to a (management) saline nasal spray. The first endpoint would be the comparability of the reflective Complete Nasal Symptom Rating (rTNSS) beneath remedy with Bentrio in opposition to management.
The NASAR trial was initiated within the fall of 2021. It was suspended in spring 2022 because the pollen season got here to an finish earlier than the enrollment goal could possibly be met. Interim information from the trial have been utilized in help of the 510(ok) clearance of Bentrio by the US FDA. Except an interim evaluation carried out upon reaching 50% of the enrollment goal to examine the validity of the statistical powering assumptions requires a change to the goal measurement of 100 sufferers, the Firm expects to finish enrollment into the NASAR trial by year-end or in early 2023 with a read-out of top-line information in late 1Q-23.
Interior ear therapeutics replace
In June the Firm introduced constructive top-line information from its exploratory Section 2 TRAVERS trial with AM-125 (intranasal betahistine) in acute vertigo. The randomized, double-blind, placebo-controlled TRAVERS trial enrolled a complete of 124 sufferers who suffered from acute vertigo (acute vestibular syndrome) following surgical procedure. TRAVERS demonstrated good security and tolerability of AM-125 at doses as much as 20 mg administered thrice each day for 4 weeks. Additional, administration of AM-125 resulted in a dose- and time-dependent enchancment in stability and indicators and signs of vestibular dysfunction. On the finish of the remedy interval, sufferers handled with AM-125 20 mg on common managed to keep up stability for 12.5 seconds vs. 7.5 seconds for placebo handled sufferers, which is a statistically important enchancment (p=0.0242; least sq. means in repeated-measure ANCOVA mannequin, per protocol inhabitants). The detailed outcomes from the TRAVERS trial shall be revealed in a scientific journal.
Based mostly on the constructive outcomes from TRAVERS, Altamira moved ahead with the preparations for submitting an Investigational New Drug (IND) software with the FDA. The IND will embrace collected medical information and the protocol for the subsequent medical trial with AM-125 in addition to information generated via intensive preclinical toxicology, pharmacology and pharmacokinetic research. Within the context of its technique to give attention to RNA supply, Altamira engaged in discussions with potential companions for future improvement steps with AM-125.
Final month, the Firm introduced that it had entered into an settlement to promote 90% of the share capital of its wholly owned inside ear subsidiary Zilentin AG and an choice to buy all of its further subsidiaries concerned in inside ear initiatives (“the “Extra Subsidiaries”) to a European household workplace (the “Purchaser”) for a money consideration of $1 million every. Underneath the phrases of the choice settlement (the “Possibility”) Zilentin can be entitled to buy the Extra Subsidiaries for an upfront cost of $25 million — plus as much as $55 million upon reaching sure medical and regulatory milestones in addition to royalties on revenues generated with merchandise based mostly on Altamira’s RNA supply know-how for sure inside ear targets at a mid-single digit proportion. The Possibility was set to be exercisable for 30 days from October 19, 2022 (the “Closing Date”); past that interval, Zilentin would have a proper of first refusal to amass these firms till yr finish with the upfront cost growing by $1 million per 30 days.
Because of a delay in closing the preliminary Zilentin buy transaction, on November 23, 2022 the Firm and the Purchaser agreed to amend their settlement:
- Extending the Closing Date to as much as December 15, 2022
- Rising the Zilentin share capital to be bought from 90% to 100%
- Elevating the mixed quantity of the cost for the acquisition of Zilentin, and for the choice to buy the Extra Subsidiaries, proportionately from $2 million to $2.2 million.
First Half 2022 Monetary Outcomes and Monetary Steering
- Within the first half of 2022 ended June 30, the Firm recorded revenues of CHF 1.2 million associated to gross sales of Bentrio and the upfront cost acquired from Nuance Pharma in contrast with no income a yr earlier.
- Complete working bills for the primary half of 2022 have been CHF 7.5 million in contrast with CHF 6.5 million for the primary half of 2021.
- R&D bills for the primary half of 2022 have been CHF 3.6 million in contrast with CHF 3.4 million for the primary half of 2021.
- Common and administrative bills for the primary half of 2022 have been CHF 2.1 million in contrast with CHF 3.1 million for the primary half of 2021.
- Internet loss for the primary half of 2022 was CHF 7.3 million, or CHF 9.43 per share, in contrast with CHF 6.8 million, or CHF 10.85 per share for the primary half of 2021.
On October 25, 2022 the Firm effected a one-for-twenty reverse inventory break up. All per share information are proven on a post-split foundation which has been mirrored retrospectively.
Altamira expects its complete money want for funding operations in 2022 to be within the vary of CHF 12.0 to 13.0 million. Funding necessities for operations and monetary obligations till the top of 2023 are anticipated to quantity to CHF 22.0 to 25.0 million, or to CHF 17.0 to twenty million if the convertible mortgage supplied by FiveT can be transformed into Frequent Shares. This steerage doesn’t embrace any proceeds from the partnering of the Firm’s legacy belongings or partnering of the RNA supply know-how.
FINANCIAL TABLES
Condensed Consolidated Interim Assertion of Revenue or Loss and Different Complete Earnings or Loss (unaudited)
For the Six Months Ended June 30, 2022 and 2021 (in CHF)
| SIX MONTHS ENDED | ||||||||||
| JUNE 30 | ||||||||||
| Income | 1,222,998 | – | ||||||||
| Price of Gross sales | (1,192,232 | ) | – | |||||||
| Gross revenue | 30,766 | – | ||||||||
| Different working revenue | 255,820 | – | ||||||||
| Analysis and improvement | (3,563,883 | ) | (3,393,710 | ) | ||||||
| Gross sales and advertising and marketing | (2,129,881 | ) | – | |||||||
| Common and administrative | (2,076,383 | ) | (3,062,199 | ) | ||||||
| Working loss | (7,483,561 | ) | (6,455,909 | ) | ||||||
| Curiosity expense | (376,848 | ) | (172,462 | ) | ||||||
| Overseas foreign money trade acquire (loss), internet | 58,296 | 291,892 | ||||||||
| Revaluation (loss) acquire from spinoff monetary devices | 450,847 | (428,742 | ) | |||||||
| Transaction prices | (1,137 | ) | – | |||||||
| Loss earlier than tax | (7,352,403 | ) | (6,765,221 | ) | ||||||
| Earnings tax acquire | 46,085 | 10,642 | ||||||||
| Internet loss attributable to homeowners of the Firm | (7,306,318 | ) | (6,754,579 | ) | ||||||
| Different complete revenue: | ||||||||||
| Objects that can by no means be reclassified to revenue or loss | ||||||||||
| Remeasurement of outlined profit legal responsibility, internet of taxes of CHF 0.00 | 209,526 | 448,946 | ||||||||
| Objects which can be or could also be reclassified to | ||||||||||
| Revenue or loss | ||||||||||
| Overseas foreign money translation variations, internet of taxes of CHF 0.00 | (63,477 | ) | (41,922 | ) | ||||||
| Different complete revenue, internet of taxes of CHF 0 | 146,049 | 407,024 | ||||||||
| Complete complete loss attributable to homeowners of the Firm | (7,160,269 | ) | (6,347,555 | ) | ||||||
| Fundamental and diluted loss per share | (9.43 | ) | (10.85 | ) | ||||||
Condensed Consolidated Interim Assertion of Monetary Place (unaudited)
As of June 30, 2022 and December 31, 2021 (in CHF)
| JUNE 30, | DECEMBER 31, | ||||||||
| 2022 | 2021 | ||||||||
| ASSETS | |||||||||
| Non-current belongings | |||||||||
| Property and tools | 1 | 1 | |||||||
| Proper-of-use belongings | 505,270 | 564,714 | |||||||
| Intangible belongings | 15,851,501 | 14,314,877 | |||||||
| Different non-current monetary belongings | 195,421 | 199,105 | |||||||
| Complete non-current belongings | 16,552,193 | 15,078,697 | |||||||
| Present belongings | |||||||||
| Inventories | 146,366 | 839,221 | |||||||
| Commerce receivables | 182,167 | 21,746 | |||||||
| Different receivables | 444,034 | 671,340 | |||||||
| Prepayments | 782,469 | 1,575,126 | |||||||
| Money and money equivalents | 372,647 | 984,191 | |||||||
| Complete present belongings | 1,927,683 | 4,091,624 | |||||||
| Complete belongings | 18,479,876 | 19,170,321 | |||||||
| EQUITY AND LIABILITIES | |||||||||
| Fairness | |||||||||
| Share capital | 170,643 | 149,643 | |||||||
| Share premium | 190,108,850 | 188,511,476 | |||||||
| Overseas foreign money translation reserve | (1,408 | ) | 62,069 | ||||||
| Collected deficit | (182,602,921 | ) | (175,686,937 | ) | |||||
| Complete shareholders’ fairness attributable to homeowners of the Firm | 7,675,164 | 13,036,251 | |||||||
| Non-current liabilities | |||||||||
| Spinoff monetary devices | – | 1,233 | |||||||
| Non-current lease liabilities | 403,015 | 461,485 | |||||||
| Worker advantages | 515,174 | 668,319 | |||||||
| Deferred tax liabilities | 95,999 | 142,484 | |||||||
| Complete non-current liabilities | 1,014,188 | 1,273,521 | |||||||
| Present liabilities | |||||||||
| Mortgage | 4,701,906 | – | |||||||
| Spinoff monetary devices | 284 | – | |||||||
| Present lease liabilities | 116,040 | 114,251 | |||||||
| Commerce and different payables | 3,164,754 | 3,697,723 | |||||||
| Accrued bills | 1,807,540 | 1,048,575 | |||||||
| Complete present liabilities | 9,790,524 | 4,860,549 | |||||||
| Complete liabilities | 10,804,712 | 6,134,070 | |||||||
| Complete fairness and liabilities | 18,479,876 | 19,170,321 | |||||||
About Altamira Therapeutics
Altamira Therapeutics (NASDAQ:CYTO) is devoted to growing therapeutics that deal with essential unmet medical wants. The Firm is at present energetic in three areas: the event of RNA therapeutics for extrahepatic therapeutic targets (OligoPhore™ / SemaPhore™ platforms; preclinical), nasal sprays for defense in opposition to airborne allergens and, the place authorized, viruses (Bentrio™; business) or for the remedy of vertigo (AM-125; publish Section 2), and the event of therapeutics for intratympanic remedy of tinnitus or listening to loss (Keyzilen® and Sonsuvi®; Section 3). Based in 2003, it’s headquartered in Hamilton, Bermuda, with its fundamental operations in Basel, Switzerland. For extra info, go to: https://altamiratherapeutics.com/
Ahead-Trying Statements
This press launch could comprise statements that represent “forward-looking statements” inside the which means of Part 27A of the Securities Act of 1933 and Part 21E of the Securities Change Act of 1934. Ahead-looking statements are statements aside from historic information and should embrace statements that deal with future working, monetary or enterprise efficiency or Altamira Therapeutics’ methods or expectations. In some instances, you possibly can determine these statements by forward-looking phrases similar to “could”, “would possibly”, “will”, “ought to”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “initiatives”, “potential”, “outlook” or “proceed”, or the destructive of those phrases or different comparable terminology. Ahead-looking statements are based mostly on administration’s present expectations and beliefs and contain important dangers and uncertainties that would trigger precise outcomes, developments and enterprise choices to vary materially from these contemplated by these statements. These dangers and uncertainties embrace, however should not restricted to, the impact of the reverse break up on Altamira’s inventory value and compliance with Nasdaq itemizing necessities, the closing of the preliminary sale of Zilentin, the train by Zilentin of its choice to buy further legacy belongings, the achievement by Altamira of the milestones set forth within the choice settlement, Altamira’s means to finish a divestiture transaction of Bentrio, Altamira Therapeutics’ want for and skill to boost substantial further funding to proceed the event of its product candidates, the timing and conduct of medical trials of Altamira Therapeutics’ product candidates, the medical utility of Altamira Therapeutics’ product candidates, the timing or chance of regulatory filings and approvals, Altamira Therapeutics’ mental property place and Altamira Therapeutics’ monetary place, together with the affect of any future acquisitions, inclinations, partnerships, license transactions or modifications to Altamira Therapeutics’ capital construction, together with future securities choices. These dangers and uncertainties additionally embrace, however should not restricted to, these described beneath the caption “Threat Elements” in Altamira Therapeutics’ Report on Kind 6-Ok for the six months ended June 30, 2022, and in Altamira Therapeutics’ different filings with the SEC, which can be found freed from cost on the Securities Change Fee’s web site at: www.sec.gov Ought to a number of of those dangers or uncertainties materialize, or ought to underlying assumptions show incorrect, precise outcomes could range materially from these indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Altamira Therapeutics or to individuals performing on behalf of Altamira Therapeutics are expressly certified of their entirety by reference to those dangers and uncertainties. You shouldn’t place undue reliance on forward-looking statements. Ahead-looking statements converse solely as of the date they’re made, and Altamira Therapeutics doesn’t undertake any obligation to replace them in gentle of latest info, future developments or in any other case, besides as could also be required beneath relevant regulation.
