AdAlta says Phase 1 extension trial of AD-214 in IPF on track for final readout in Q1 2024
\nBiotech has active partner pipeline to enable progression of AD-214 into Phase 2 trial
\n$1.65m capital raising backed by supportive institutional and large shareholder base fully approved at EGM<\/p>\n
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Special Report:<\/em><\/strong> 1AD\u2019s Phase 1 extension trial of its lead asset AD-214 in\u00a0Idiopathic Pulmonary Fibrosis (IPF)\u00a0remains on track for final readout in Q1 2024 with half of participants receiving their final dose. <\/strong><\/p>\n And in a case of no new is good news for clinical-stage biopharmaceutical development company\u00a0<\/strong>AdAlta (ASX:1AD)<\/strong><\/a>, there has been no new findings in the Phase 1 extension study of multiple 10mg\/kg doses of AD-214, which continues to meet its milestones.<\/p>\n Speaking at 1AD\u2019s extraordinary general meeting (EGM) following a recent capital raise, chairman Paul MacLeman says in 2023 heading into 2024 1AD has been focused on realising the value of AD-214 in fibrotic disease.<\/p>\n MacLeman says the company is working to secure partners to provide the necessary non-dilutive capital to advance AD-214 to Phase 2 clinical studies in patients with IPF, a debilitating and fatal respiratory disease with currently no good treatment options.<\/p>\n He says success on this front enables 1AD to progress its i-CAR and i-PET immuno-oncology programs and investing in its trademarked i-body platform and pipeline.<\/p>\n \u00a0<\/p>\n 1AD\u2019s proprietary i-body\u00ae platform is being used to discover and develop next generation protein therapeutics.<\/p>\n An i-body is a unique human protein combining advantages of tiny antibody-like molecules to go places that traditional antibodies can\u2019t and solve therapeutic challenges which have so far defeated antibody therapies.<\/p>\n \u201cAdAlta\u2019s purpose is to go where traditional antibody and small molecule drugs cannot, using our i-body technology to target next generation protein and cell therapeutic products,\u201d MacLeman says.<\/p>\n 1AD\u2019s internal pipeline has a particular focus on a very important class of drug targets known as G protein-coupled receptors (GPCRs) that are targeted by around one-third of all approved drugs.<\/p>\n With only two approved antibody drugs in this class, GPCR mediated diseases are clearly hard for antibodies to address a sweet spot for the 1AD i-bodies.<\/p>\n Today, 1AD\u2019s GPCR targeted pipeline focusses on fibrotic and inflammatory disease and cancer.<\/p>\n AD-214 was the first drug 1AD developed using the i-body platform, starting back in 2015 and since then it has invested around $45 million in developing that product to the end of Phase 1.<\/p>\n \u00a0<\/p>\n MacLeman says 1AD is actively working with potential partners, strategic or financial, to support and fund a capital-efficient Phase 2 clinical program assessing the efficacy and safety of AD-214 in patients with IPF.<\/p>\n \u201cWe continue to maintain and curate a robust pipeline of potential licensing partners who are eagerly anticipating the results of the Phase I extension study,\u201d he says.<\/p>\n \u201cWe will provide in person updates to these partners in San Francisco in early January at the Biotech Showcase attached to the JP Morgan Healthcare Conference.<\/p>\n \u201cWe are also actively marketing an opportunity to invest in the AD-214 asset to a select group of qualified North Asia and North American strategic and financial investors.<\/p>\n \u201cIn support of this initiative, a global clinical research organization or CRO has indicated a willingness to invest a material portion of their fees in the clinical study should they be selected as the study CRO.\u201d<\/p>\n \u00a0<\/p>\n In November 1AD announced it had accepted commitments from sophisticated and professional investors to raise $1.65 million in an oversubscribed placement offer.<\/p>\n The final $450,000 of subscriptions, together with half the options associated with the first $1.2 million of subscriptions remained subject to shareholder approval, which was received at an EGM today where all resolutions passed with more than 93% support.<\/p>\n MacLeman says proceeds from the capital raise will be used to:<\/p>\n Complete final analysis of the healthy volunteer cohort of the ongoing Phase 1 extension study of AD 214; \u201cWe are blessed with a strong and supportive institutional and large shareholder base who support our long-term goals,\u201d MacLeman says.<\/p>\n \u201cI want to make it clear that every dollar of shareholder funds is precious.<\/p>\n \u201cRealising the value of AD-214 is our number one priority, and it is the focus and purpose of the placement offer being finalised.\u201d<\/p>\n CEO and managing director Tim Oldman recently told Stockhead<\/em><\/a> multiple opportunities are opening for the company as it finishes 2023 in the \u201cbest place we\u2019ve ever been\u201d.<\/p>\n \u201cFor us 2024 will most definitely be transformational,\u201d Oldham says.<\/p>\n \u00a0<\/p>\n\n \ufeff<\/span>\u00a0<\/p>\n This article was developed in collaboration with AdAlta, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n \u00a0<\/em><\/p>\n This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n <\/span><\/p>\n The post AdAlta on track for trial readout in Q1 2024 after $1.65m cap raise<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"\u2018Go where traditional antibody and small molecule drugs cannot\u2019<\/strong><\/h2>\n
Partners to progress to Phase 2 trials <\/strong>\u00a0<\/strong><\/h2>\n
Oversubscribed placement raises $1.65m<\/strong><\/h2>\n
\nProgress partnering and\/or licensing discussions for the AD-214 product to help move AD-214 into Phase 2 studies and beyond;
\nEvaluating synergistic external technology and product collaboration and transaction opportunities to expand and accelerate 1AD\u2019s product pipeline;
\nGeneral working capital with any remaining funds.<\/p>\n