Q BioMed Inc. Provides Update to Shareholders
Jul 29th, 2022 13:43 EST
Company Reports Revenue Improvement and Positive Data on Pipeline Assets
NEW YORK, July 29, 2022 /PRNewswire/ -- Q BioMed Inc. (OTCQB: QBIO) a biotech acceleration and commercial stage company focused on licensing and acquiring undervalued biomedical assets in the healthcare sector, has seen an uptick in Strontium89 sales revenue in its recently reported quarter. Revenue in Q2 was up 100% vs Q1 representing the best sales number to date. The company's pipeline also had some very positive news on its liver cancer drug adding significant value to the promise of that potential chemotherapeutic drug.
The focus for 2022 is to monetize the current pipeline and build a platform for future growth. There are three areas of focus: commercial product revenue growth, partnerships or collaborations value and future development platform.
The Company is pleased to report that its second quarter revenues in 2022 are up over 100% from its first quarter revenues and up over 300% from the second quarter of 2021, representing the best quarter result for sales despite market conditions that the Company believes are making additional investment into the sales effort challenging. The Company also believes that it is making progress with the required data package to complete additional regulatory filings that may facilitate entry into other international jurisdictions.
We believe that Strontium89 has great potential in the cancer palliation space. As a result of a world in which opioids were a treatment of choice for those patients unlucky enough to be diagnosed with painful metastatic cancers in the bone, we felt that Strontium89 had become a neglected and forgotten drug. We have stayed committed to our belief that Strontium89 was a valuable treatment and have focused on advancing that asset from concept, a neglected drug, to a fully approved, reimbursed commercial product.
We continue to assess opportunities to further monetize this asset.
Partnership or Collaboration Opportunities
UTTROSIDE B – Liver Cancer Chemotherapeutic
Along with our developmental partners, we are advancing an innovative treatment for liver cancer, a disease indication that currently has a high unmet need. This molecule was identified in India, traditionally used to treat liver ailments. Subsequent research on that isolated molecule showed promising data, indicating that the molecule was more cytotoxic, killing cancer cells more effectively, in liver cancer cells lines than the current first line liver cancer chemotherapeutic. We have advanced this from a naturally occurring unsustainable plant product to a commercially viable and scalable synthetic drug candidate. This provides an opportunity to partner this asset with a larger oncology focused institution. Currently, there are only two approved first-line liver cancer therapies. We have received Orphan Drug Designation, and we are now preparing to advance this toward clinical partnership. In the light of the recently announced data that showed potential superior efficacy and safety over the current first line therapy and billion-dollar drug, the company has been approached and is assessing partnership opportunities for this drug candidate for liver cancer. There are very few options for these patients and the company believes this is a very promising drug and looks forward to working with potential partners to bring it to the clinic.
Drug Platform Development
Our Mannin drug platform development program is making good progress and aims to have a clinical trial in ARDS (acute respiratory disease syndrome), one of three initial indications, completed in the next 8 months. Data from this trial will support the filings for further indications, including kidney disease and glaucoma. Combined, the addressable market for these therapies is over $150 billion. It is the company's intent to convert its current royalty agreement with Mannin into an equity position that will add real asset value to the balance sheet. The Company expects this value to grow as the asset progresses through the near and mid-term milestones that it expects over the next 6 to 18 months requiring little capital from QBioMed. The Mannin programs are substantially supported now by non-dilutive funding from the governments of Canada and Germany underpinning the value and importance of this platform to provide much needed drugs.
Corporate Strategic Goals
Our mission is to solve problems by accelerating the development of important therapies and the availability of those therapies to patients. We have been busy building a portfolio that we believe has significant value ranging from blockbuster potential drugs to revenue-producing opportunities Since Q BioMed's inception 5 years ago, the Company has brought a product to market, started generating revenue, supported the development of a drug platform that addresses major therapeutic markets and developed a new liver cancer chemotherapeutic previously believed to be impossible to synthesize. We believe that each of the opportunities being advancing has significant potential in multi-billion-dollar markets.
About Q BioMed Inc.
Q BioMed Inc is a biotech acceleration and commercial stage company. Q BioMed is focused on licensing and acquiring undervalued biomedical assets in the healthcare sector. Q BioMed is dedicated to providing these target assets the strategic resources, developmental support, and expansion capital needed to ensure they meet their developmental potential, enabling them to provide products to patients in need.
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This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Q BioMed Media Contact:Denis CorinCEOInvestor Relations:Keith Pinder+1(404) 995-6671[email protected]
SOURCE Q BioMed Inc.