Captor Therapeutics has released its 2021 report. Recent quarterly results have seen significant R&D progress; The Company has sufficient funds for further research and is meeting expenditures on schedule
Wroclaw, Poland, April 29, 2022. - Captor Therapeutics S.A. (WSE:CTX), a biopharmaceutical company focused on the development of targeted protein degradation (TPD) drugs for cancer and autoimmune diseases, has released its 2021 annual report. It was a year of promising progress in ongoing preclinical phase studies in the company's two key projects CT-01 and CT-03. On the financial side, the Company's balance sheet it should be noted that the level of assets increased from PLN 25.8 million to PLN 143.3 million, and the main assets, apart from fixed assets related to laboratory equipment, were cash, which at the end of 2021 amounted to PLN 118 million, thus ensuring a stable financial position. The funds raised in the IPO process also contributed to the elimination of negative equity, which increased to PLN 124 million at the end of 2021.
Industry discourse predicts that the next few years will be pivotal in the development of TPD technology, growing it from an exciting concept into a true all-encompassing technology platform that expands the pool of the advantages of targeted therapies. At Captor, we are delighted to be a part of this process - last year has seen very promising results from our R&D work, as evidenced by, among other things, the disclosure of in vivo pharmacology results from Project CT-03, which may find future applications in the treatment of haematological cancers, and lung and breast cancers, through targeted degradation of MCL-1 (Induced Myeloid Leukaemia Cell Differentiation Protein) - remarks Dr Tom Shepherd, CEO of Captor Therapeutics.
The CT-01 project goal is to develop, based on targeted protein degradation technology, a new drug that will halt the progression of hepatocellular carcinoma (HCC) and has the potential to significantly benefit patients. Project CT-03, on the other hand, is dedicated to the development of targeted drugs for the treatment of several types of cancer through the degradation of the MCL-1 protein. The Company plans to initiate IND (Investigational New Drug Application) studies on one of the CT-01 compounds and begin clinical trials as early as 2023.
Subsequent data obtained from preclinical studies confirm the validity of our assumptions underlying our flagship projects. These results demonstrate the breadth and diversity of our Captor OptigradeTM technology platform. We are one of the few companies fully dedicated to TPD technology that in its portfolio encompasses both molecular glues (CT-01, CT-2) and a bifunctional degraders (CT-03, CT-04, CT-05), which gives us great flexibility in matching therapeutic target with most promising degrader modality- emphasizes Dr. Michal Walczak, Board Member and Chief Scientific Officer of Captor Therapeutics.
Furthermore, the Company maintains its expenditure structure in accordance with the adopted assumptions, allocating 79,18% of funds to R&D tasks. Our own financing available for further R&D work amounts to 214 million PLN as of 31.12.2022.
We have sufficient funding to conduct further research and fully maintain our adopted spending discipline. Simultaneously, we have been consistently investing in the development of scientific and technological potential of the Company, as evidenced by, among others, the investment in our own proteomics laboratory as well as the expansion of our scientific team, which only in the last year increased by another 22 percent and now employs 98 people - says Radosław Krawczyk, Member of the Board and Chief Financial Officer of Captor Therapeutics.
In the past year Captor Therapeutics invested over PLN 4 million in the creation of its own advanced proteomics laboratory in Wroclaw, which was equipped with, among other things, modern, high-end equipment for mass spectrometry-based analyses.
The Company continues to build and strengthen its team of experts, which is based on experienced scientists with extensive international experience in the fields of medicinal and organic chemistry, cell biology, structural biology, molecular biology, biophysics, bioinformatics, as well as in the area of preclinical and clinical development. More than 50 percent of the Company's science personnel hold doctoral degrees.
We are confident that with such a high-calibre team, we will achieve further milestones in ongoing projects in the coming months, moving towards the start of clinical trials in selected projects in 2023 - says Dr Tom Shepherd.
About Captor Therapeutics
Captor Therapeutics is a biopharmaceutical company focused on leveraging Targeted Protein Degradation (TPD) technology to discover and develop breakthrough drug candidates in diseases with high unmet medical needs. TPD is a revolutionary approach to developing new drugs that can address novel molecular targets which are deemed “undruggable” with classical drug development approaches, as well as providing additional treatment options for diseases where existing drugs fail to provide optimal medical benefit. Captor is currently developing therapeutics for undertreated severe conditions, including malignancies and autoimmune diseases.
More information on Captor Therapeutics is available at: http://www.captortherapeutics.com
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