AIkido Pharma Provides Business Update
NEW YORK, April 5, 2021 /PRNewswire/ -- AIkido Pharma Inc. (Nasdaq: AIKI) ("AIkido" or the "Company") today provided a business update.
Anthony Hayes, CEO of AIkido Pharma, stated, "AIkido's primary focus is the commercialization of improved treatments for multiple types of cancer and viral infections through innovative research and development that leverages the power of artificial intelligence and machine learning. Our research partners continue to make progress towards this focus with positive results in ongoing preclinical studies. In addition, through a series of financing transactions over the course of 2020, and the last several months, we are sufficiently capitalized to support our current efforts and to pursue additional emerging opportunities to further broaden our portfolio."
Drug Research and Development
The Company continues its work to develop therapeutic drug compounds through strong partnerships with prominent educational institutions, including the University of Texas at Austin and the University of Maryland at Baltimore, and is constantly seeking to grow its pipeline of treatments in oncology through additional licensing opportunities. The Company's business portfolio, which is initially focused on the treatment of cancer and multiple types of viral infections with drug candidates in varying stages of research and development, includes a diverse mix of small-molecule anticancer and antiviral therapeutics.
Most recently, the Company committed to sponsoring psychedelic research at the Mount Sinai Center for Psychedelic Psychotherapy and Trauma Research to help veterans who are suffering from post-traumatic stress disorder (PTSD) and other trauma-related symptoms. The Center will conduct clinical trials to identify biomarkers that predict and correlate with positive treatment outcomes by analyzing blood samples and performing neuroimaging tests before and after therapy. Applications in the treatment of PTSD represent a tremendous opportunity with nearly nine million people in the U.S. struggling with the disorder annually.
The Company's broad spectrum anti-viral platform has shown progress in optimizing drugs for the treatment of influenza, COVID-19, Ebola and other viral infections. The initial two lead compounds have been optimized using computer assisted learning through two rounds of chemical modifications to achieve drug-like properties required to move the compounds into animal testing. In addition, a third lead compound has been identified and will be subjected to computer assisted optimization. These new compounds are being tested against influenza virus with testing on SARS-CoV-2 expected in the near future. Subsequently, the top analogs from each series of lead compounds will be selected for tests of their anti-viral effects in a SARS-CoV-2 mouse model.
In January of this year, the Company acquired an ownership interest in Convergent Therapeutics, Inc., which has exclusive rights to technology related to next-generation dual-action peptide receptor radionuclide therapy ("PRRT") for prostate cancer covered by multiple issued U.S. and foreign patents. Convergent is currently conducting advanced human trials relating to prostate cancer treatments utilizing PRRT that targets the prostate-specific membrane antigen ("PSMA") present on prostate cancer cells. The technology was developed under the direction of Dr. Neil Bander, Professor of Urologic Oncology at Weill Cornell Medicine. Phase 1 data is projected to be released in Q2 of 2021
Also, after year end, the Company executed an exclusive patent license agreement with Silo Pharma, Inc. ("Silo Pharma") for technology that covers the use of psilocybin for cancer patients. Importantly, this license provides the Company with the opportunity to explore an emerging and expanding treatment for neuroinflammation, which is frequently associated with cancer, and other cancer-related neurological side-effects. The technology is covered by four patent applications already on file with the United States Patent and Trademark Office.
Subsequent to year end, the Company raised nearly $90 million, before discounts, commissions and estimated expenses, to support its investigative and preclinical work as well as pursue strategic investment opportunities as they arise. As such, the Company is constantly seeking to grow its pipeline of treatments in oncology. With approximately $25 million in cash and cash equivalents at year end and the additional boost from recent offerings, the Company has extended its runway for further investment in drug development. The Company utilized cash from operations in 2020 of just over $4.0 million.
The Company reinforced its corporate governance with the appointment of two new independent directors, Mr. Paul LeMire and Mr. Robert Dudley, who each bring extensive executive experience as well as decades of financial expertise in overseeing the Company's execution of its strategy and financing of operations.
In addition, the Company strengthened its Scientific Advisory Board with the addition of two new advisors, Dr. Scott T. Tagawa, M.D. and Inventor Dr. Neil H. Bander, M.D., who are each widely respected leaders in their respective fields. They bring a wealth of experience and expertise to the Company's efforts to advance the research and development of commercially viable drug therapies.
About AIkido Pharma Inc.
AIkido Pharma Inc. was initially formed in 1967 and is a biotechnology Company with a diverse portfolio of small-molecule anti-cancer therapeutics. The Company's platform consists of patented technology from leading universities and researchers and we are currently in the process of developing an innovative therapeutic drug platform through strong partnerships with world renowned educational institutions, including The University of Texas at Austin and University of Maryland at Baltimore. Our diverse pipeline of therapeutics includes therapies for pancreatic cancer and prostate cancer. We are constantly seeking to grow our pipeline to treat unmet medical needs in oncology. The Company is also developing a broad-spectrum antiviral platform that may potentially inhibit replication of multiple viruses including Influenza virus, SARS-CoV (coronavirus), MERS-CoV, Ebolavirus and Marburg virus.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
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Company Codes: NASDAQ-NMS:AIKI