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Cyxone can announce today that it has established a long-term strategic co-operation agreement with Sourcia, a clinical contract research organization (CRO) with offices in Belgium, Germany, and the Netherlands.
Cyxone's business model is to establish co-operation with different partners, and limited numbers of its own staff, to conduct studies flexibly and cost effectively. We have previously reported on our studies with T20K carried out by companies in Australia, Austria, Denmark, Germany, Sweden, Switzerland, and the US.
To efficiently take T20K through the pre-clinical studies and studies in humans, Cyxone needs long-term strategic co-operation with a CRO that offers the various competences and services that the company needs over time, without having to establish costly infrastructure.
In Q4 2016, Cyxone evaluated a number of CRO's in Europe and North America, and in Q1 2017 actively worked with Sourcia's team of experts to formulate T20K's development plan for Multiple Sclerosis.
Following this test period, the company now feels confident about long-term co-operation with Sourcia to conduct its pre-clinical and clinical development programme.
Through its co-operation with Sourcia, Cyxone considerably increases its strategic capacity to successfully move T20K forward through pre-clinical and clinical development.
May 18, 2017
This information is information which Cyxone AB (publ) is obliged to publish under the EU Market Abuse Regulation. The information was provided by the auspices of the above contact person, for publication on May 18, 2017.
Cyxone AB (publ.) is a biopharmaceutical company that develops drugs based on cyclotides, a class of natural plant protein. Cyclotide technology has the potential to provide new drugs with beneficial pharmacological effects on diseases that currently lack safe and effective treatments. The company is focusing on the development of T20K, a substance that inhibits key processes in cells that are typically associated with various immune disorders, such as multiple sclerosis and rheumatoid arthritis. Cyxone's Certified Adviser on the Nasdaq First North is Erik Penser Bank.
As previously announced, Cyxone acquired Rabeximod from OxyPharma in June 2017. Rabeximod has undergone Phase 2 trials in patients with moderate to severe rheumatoid arthritis in which significant improvements in the condition's symptoms were discovered four weeks after the completion of the formal (12 week) trial period.
Cyxone has analysed the Rabeximod that was previously manufactured by OxyPharma for clinical trials at Syntagon AB. Results show that the existing substance, despite having been stored for several years, can be used in Cyxone's upcoming Phase 2b study in patients with rheumatoid arthritis.
Period (July 1 to September 30, 2017)
- Operating revenue KSEK 0 (0)
- Income after financial items KSEK -1,518 (-1,235)
- Earnings per share SEK -0,10 (-0,10) Cash and cash equivalents as of September 30 KSEK 25,662 (23,468)
- Equity ratio as of September 30 95.2% (97.7%)
Period (January 1 to September 30)
- Operating revenue KSEK 0 (0)
- Income after financial items KSEK -5,593 (-2,860)
- Earnings per share SEK -0,36 (-0,22)
In collaboration with the Medical University of Vienna, Cyxone is set to conduct a study into inflammatory bowel disease involving a cyclotide in established animal models. The study will begin early in 2018.
Cyxone has licensed patent applications at various stages of approval in Europe, North America and Australia. In the US, our patent is approved and in other markets patent applications are well on the way to being approved. In Australia, our patent application was accepted in July, since when the company has submitted a final version and paid the required approval fee.
Due to the interview conducted with Cyxone's CEO by BioStock/Monocl on Thursday, September 28, the company wishes to clarify references made about the extent to which two Phase 2 trials may be equated with a Phase 3 trial.
The subscription period to purchase warrants in TO 2 ended on September 29, 2017, and during the period, 2,467,119 warrant options were exercised for the equivalent number of shares, corresponding to a subscription ratio of around 98.7%. Cyxone thereby receives some SEK 12.3 million before issue costs.