Highlights
• Successful fibrosis investor briefing in Melbourne
• Extension of our collaboration agreement with The Alfred Hospital
• Positive broker reports published on AdAlta by Patersons Securities, NDF Research and independent newsletter BioShares
• Constructive institutional investor and pharmaceutical partner engagement during the JP Morgan healthcare week in January, including a Company presentation at Biotech Showcase
Summary of key developments
Our progress for the March quarter included providing the market with a detailed update by members of our Board, Scientific Advisory Board and clinical collaborators of our promising drug discovery pipeline at an investor briefing focused on fibrosis in Melbourne.
The event was well attended by a number of leading investors and analysts, with coverage of the event detailed in the respected independent industry publication BioShares (Issue #688). A copy of the report is available on our website along with a highlight video and the full-length videos of the presentations.
The Company continued to meet its commercial and development milestones and made excellent progress towards its stated goal of initiating Phase I human clinical trials for its lead candidate AD-114 as a therapy for the unmet medical need of idiopathic pulmonary fibrosis (IPF).
Financial update
AdAlta remains in a solid cash position with AU$7.47 million cash in the bank at 31 March 2017. These funds are sufficient to continue to progress development of AdAlta’s lead candidate AD-114 to first human trials.
As expected, R&D expenditure for the quarter was AU$1,050,000, representing an increase of 17 per cent on AU$867,000 in the previous prior quarter. The Company expects this figure to increase in the next quarter as a direct reflection of AdAlta’s manufacturing and pre-clinical activities and engagement with multiple suppliers who are helping build the foundations for AdAlta’s human clinical programs.
Aside from the rise in R&D expenditure, all other operating expenses remain the same as in previous quarters.
Manufacturing and Operations? ?
During the quarter, AdAlta’s extended its agreement with The Alfred Hospital to further validate our lead candidate’s role in the treatment of Idiopathic Pulmonary Fibrosis by an additional six months. The work will be part funded by an Innovation Connection Grant from the Australian Federal Government as well as AdAlta’s research and development, and clinical budget. Lead researcher at The Alfred, Dr Glen Westall is a recognised world expert in lung fibrosis and a summary of his presentation to our investor briefing is available on AdAlta’s website.
The formulation and manufacture of the Company’s lead i-body molecule by our partner FujiFilm Diosynth Biotechnologies in the United Kingdom is progressing to schedule to provide materials for our preclinical animal toxicology studies. During the quarter, management continued to expand our growing global network of relationships with investors, collaborators and potential pharmaceutical partner companies. At Biotech Showcase, a core investor meeting held in San Francisco each year as part of the leading JP Morgan healthcare conference, AdAlta drew interest from a number of investors and potential partners, with whom discussion is ongoing.
Meeting our milestones
AdAlta continues to deliver on its projected development and commercial milestones.
A summary of these achievements is highlighted in the new analyst reports by leading stockbroker Patersons Securities Limited, NDF Research and independent industry newsletter BioShares. Copies of these positive independent reports acknowledging our significant potential future value are on our website and were released during the quarter. International market interest in our valuable i-body technology platform continues to grow and we continue to discuss commercially beneficial partnerships that validate our technology platform and its potential to address multiple medical needs caused by fibrosis.
The team is focused on delivery of clinical data that validates the safety and efficacy of the Company’s platform for Idiopathic Pulmonary Fibrosis (IPF) while simultaneously investigating its potential application in other major markets, including non-alcoholic steatohepatitis (NASH) and wet-AMD.
With the support of the Company’s shareholders, employees and partners, AdAlta is creating a commercially successful and growing enterprise.
The business is well positioned to continue to make clinical and commercial progress and AdAlta is grateful for the ongoing support of our shareholders.
Sam Cobb?
CEO?
April 2017
The full appendix can be seen here: http://1ad.live.irmau.com/irm/PDF/1131_0/Appendix4Cquarterly
Further information can be found at: www.adalta.com.au
Notes To Editors
About AdAlta
AdAlta Limited is an Australian based drug development company headquartered in Melbourne. The Company is focused on using its proprietary technology platform to generate i-bodies, a new class of protein therapeutics, with applications as therapeutic drugs to treat disease.
The i-body is a human analogue of the antigen binding domain of the shark antibody, which combines the advantages of monoclonal antibodies (high target specificity and affinity) with the beneficial stability features of small molecules. In addition to stability, the i-body has a long binding loop that is a feature of shark antibodies not present in either human or next generation antibodies. This feature enables the i-body to recognise and bind to a diverse range of different therapeutically-relevant drug targets, including those that are difficult/intractable to access by current antibody therapies. These include clinically important targets such as G-protein coupled receptors (GPCRs) and ion channels.
AdAlta is developing its lead i-body candidate, AD-114, for the treatment of idiopathic pulmonary fibrosis (IPF) and other human fibrotic diseases, for which current therapies are sub-optimal and there is a high-unmet medical need.
The Company also plans to continue further drug discovery and development directed towards other drug targets and diseases with its i-body technology platform.
Further information can be found at: www.adalta.com.au. Issued for and on behalf of AdAlta by Instinctif Partners. For more information please contact:
At AdAlta
Sam Cobb
Chief Executive Officer
AdAlta Limited
Tel: +61 (0) 3 9479 5159
E: s.cobb@adalta.com.au
Media (Australia)
Andrew Geddes
Tel: +61 (0) 408 677 734
E: adalta@instinctif.com
Media (International)
Sue Charles / Daniel Gooch
Tel: +44 (0) 20 7866 7905
E: adalta@instinctif.com
