- Management to host conference call today,
April 10 , at8.30 a.m. EDT - RNA delivery business progressing with new collaborations, potential new applications
- Partnering of legacy assets underway as Company transitions to focused RNA delivery technology provider
- Achieved 85% reduction in net loss to
CHF 3.9 million and eliminated financial debt - Finished year with shareholders’ equity of
CHF 6.5 million , improved byCHF 14.8 million
HAMILTON,
"Altamira emerged from the 2023 business year as a stronger and more focused company," commented
RNA Delivery Technology
In its future core business of RNA delivery, Altamira is progressing with the preclinical development of its peptide based OligoPhore™ and SemaPhore™ nanoparticle platforms. The technology allows for extrahepatic RNA delivery, in particular to sites of inflammation, a hallmark of cancer, inflammatory and autoimmune diseases. Once inside target cells, the nanoparticles disassemble and release their RNA payload at substantially higher rates than lipid nanoparticles (LNPs), the current industry standard. The platforms have been validated across more than 15 distinct animal disease models, utilizing both siRNA and mRNA, by various research groups world-wide.
The evidence for the versatility of Altamira’s RNA delivery platform keeps growing. In 2023, two in vivo studies performed by independent research groups using the SemaPhore platform showed promising results for mRNA treatment in cancer and osteoarthritis, respectively:
- Upregulating ZBTB46 expression resulted in an immunostimulatory tumor microenvironment and restricted tumor growth; the effect was significantly potentiated when combined with anti-PD1 immune checkpoint inhibition.
- Increasing DNMT3B protein expression resulted in reduced bone sclerosis, cartilage degeneration, synovitis and pain sensitivity following meniscal injury.
Another independent research group showed that insertion of the OligoPhore / SemaPhore peptide into adeno-associated virus (AAV) vectors significantly enhanced cell transduction. Recombinant AAVs are commonly used as carriers to introduce nucleic acids in cells for gene therapy.
Altamira is pursuing with the RNA delivery business a ‘picks and shovels’ strategy based on the licensing of its platform technology to partners in the biotech and pharma industry for use in their own RNA drug product development programs. The first such collaborations have been set up:
- Heqet Therapeutics s.r.l., a spin-out from
King’s College London , will test nanoparticles based on Altamira’s OligoPhore platform and comprising certain non-coding RNAs (ncRNAs) in the regeneration of damaged heart tissue following myocardial infarction in animal models. Univercells Group will evaluate the use of the SemaPhore platform for the delivery of mRNA vaccines. Thanks to lower mRNA loss during cell entrance, Altamira’s technology may allow for using lower doses and thus result in potentially more effective and efficient vaccines.
Meanwhile, Altamira advanced work on its two flagship development programs AM-401, for the treatment of KRAS-driven tumors, and AM-411, for the treatment of rheumatoid arthritis. The Company aims to advance both programs to an Investigational New Drug (IND) filing with the FDA in 2025 and to out-license them either following the IND or after a Phase 1 clinical trial at the latest. For the AM-401 program, Altamira filed a patent application with the United States Patent and Trade Office (USPTO) to provide broad coverage of different KRAS mutations in cancer treatment with nanoparticles comprising the OligoPhore platform and a single siRNA sequence, polyKRASmut. In vitro data confirmed the ability of polyKRASmut siRNA to knock down G12C, G12V, G12D, G12R, G12A, and A146T, which account for the majority of KRAS mutations in pancreatic, colorectal and non-small cell lung cancer.
Bentrio® Nasal Spray
In the context of its strategic pivot towards RNA delivery, Altamira divested in
Bentrio is a drug free, preservative free nasal spray for the treatment of allergic rhinitis and is the key asset of Medica. In a pivotal trial with 100 seasonal allergic rhinitis patients in
Bentrio is marketed primarily through distributors. Medica expects sales to grow significantly, primarily driven by the launch of Bentrio in additional countries. In 2024, Medica’s partner Nuance Pharma will aim for market approval in Mainland China and
Inner Ear Therapeutics
Altamira expects to make further progress in 2024 with the strategic repositioning by partnering its inner ear therapeutics assets. Discussions are most advanced regarding AM-125, a patented nasal spray for the treatment of acute vestibular syndrome (AVS), a very frequent type of dizziness, which may be developed also for various other disorders of the central nervous system. AM-125 is a reformulation of betahistine, a histamine analog, which in the traditional oral formulation is the standard of care treatment for vertigo in many countries around the world. A phase 2 clinical trial in
Full Year 2023 Financial Results and Outlook
Following the partial divestiture of the Bentrio business, related activities have been reclassified and are reported as discontinued operations. Continuing operations thus comprise the RNA delivery development programs as well as those related to AM-125.
- Total operating loss from continuing operations decreased from
CHF 18.0 million in 2022 toCHF 5.9 million in 2023. Research and development expenses wereCHF 3.0 million in 2023 vs.CHF 14.6 million in 2022. Excluding a one-time non-cash write-off (impairment) of capitalized development expenditures for the AM-125 project based on impairment testing under IFRS, research and development expenses rose 32.9% from 2022. General and administrative expenses decreased fromCHF 3.4 million in 2022 toCHF 3.1 million in 2023. - Discontinued operations in 2023 showed a profit of
CHF 3.4 million compared to a loss ofCHF 7.9 million in 2022. The improvement reflects an accounting gain ofCHF 5.2 million on the disposal of the Bentrio business as well as substantially lower operating expenses. - The Company’s net loss for 2023 was
CHF 3.9 million compared withCHF 26.5 million in 2022, a decrease of 85.4%. - Cash used in operations rose from
CHF 8.7 million in 2022 toCHF 11.5 million in 2023 primarily due to the normalization of net working capital; investing activities providedCHF 1.4 million in 2023 (reflecting mainly the Bentrio transaction) compared to a cash drain ofCHF 2.1 million in 2022. Financing activities providedCHF 10.6 million in 2023 vs.CHF 9.8 million in 2022. Cash and cash equivalents onDecember 31, 2023 totaledCHF 0.62 million compared withCHF 15 thousand atDecember 31, 2022 . - Shareholders’ equity swung from a deficit of
CHF 8.3 million at the end of 2022 to a positiveCHF 6.5 million byDecember 31, 2023 . Total liabilities were reduced fromCHF 14.6 million at year-end 2022 toCHF 1.2 million at year-end 2023; at this point no more financial debt was outstanding (year-end 2022:CHF 5.9 million ).
Altamira expects its regular total funding requirements for operations and financial obligations in 2024 to be in the range of
FY2023 Investor Teleconference Details
Altamira’s Senior Management will hold an investor call today, Wednesday, April 10, 2024, at
- Event: Altamira Therapeutics Full Year 2023 Financial Results and Business Update Call
- Date:
Wednesday, April 10, 2024 - Time: 8:30 am EDT
- Webcast URL: https://edge.media-server.com/mmc/p/ijjfu6tm
Registration for Call
https://register.vevent.com/register/BI2e385f19fe9e405ca2c190f33b9b8e34
- Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.
- Select a method for joining the call.
- Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone.
- Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number.
Conference Call Replay
A replay of the call will be available after the live event and accessible through the webcast link:
https://edge.media-server.com/mmc/p/ijjfu6tm
Consolidated Statement of Profit or Loss and Other Comprehensive Income/(Loss)
For the Years Ended
(in CHF)
2023 | 20221) | ||||
Other operating income | 255,589 | 9,327 | |||
Research and development | (3,035,413 | ) | (14,621,570 | ) | |
General and administrative | (3,136,275 | ) | (3,401,676 | ) | |
Operating loss | (5,916,099 | ) | (18,013,919 | ) | |
Finance income | 354,093 | 565,399 | |||
Finance expense | (1,668,475 | ) | (1,211,042 | ) | |
Share of loss of an associate | (39,557 | ) | - | ||
Loss before tax | (7,270,038 | ) | (18,659,562 | ) | |
Income tax gain/(loss) | - | 7,919 | |||
Net loss from continuing operations | (7,270,038 | ) | (18,651,643 | ) | |
Discontinued operations: | |||||
Profit/(loss) after tax from discontinued operations | 3,400,865 | (7,876,768 | ) | ||
Net loss attributable to owners of the Company | (3,869,173 | ) | (26,528,411 | ) | |
Other comprehensive income/(loss): | |||||
Items that will never be reclassified to profit or loss | |||||
Remeasurements of defined benefit liability, net of taxes of CHF 0 | 31,163 | 441,277 | |||
Items that are or may be reclassified to profit or loss | |||||
Foreign currency translation differences, net of taxes of | 208,848 | 61,046 | |||
Share of other comprehensive income of an associate | 6,869 | - | |||
Other comprehensive income/(loss), net of taxes of | 246,880 | 502,323 | |||
Total comprehensive loss attributable to owners of the Company | (3,622,293 | ) | (26,026,088 | ) | |
Loss per share2) | |||||
Basic and diluted loss per share | (7.88 | ) | (582.58 | ) | |
Basic and diluted loss per share from continuing operations | (14.80 | ) | (409.60 | ) |
1) Revised for the reclassification of the Bentrio business as discontinued operations in 2022.
2) Weighted average number of shares outstanding: 2023: 491,258; 2022: 45,536.
Consolidated Statement of Financial Position
As of
(in CHF)
2023 | 2022 | ||||
ASSETS | |||||
Non-current assets | |||||
Property and equipment | 1 | 1 | |||
Right-of-use assets | 80,110 | 445,827 | |||
Intangible assets | 3,893,681 | 3,893,681 | |||
Other non-current financial assets | 80,001 | 194,263 | |||
Investment in an associate | 2,417,312 | - | |||
Total non-current assets | 6,471,105 | 4,533,772 | |||
Current assets | |||||
Inventories | - | 11,644 | |||
Trade receivables | - | 6,525 | |||
Other receivables | 74,823 | 755,987 | |||
Prepayments | 283,832 | 709,266 | |||
Derivative financial instruments | 247,090 | 270,176 | |||
Cash and cash equivalents | 617,409 | 15,395 | |||
Total current assets | 1,223,154 | 1,768,993 | |||
Total assets | 7,694,259 | 6,302,765 | |||
EQUITY AND LIABILITIES | |||||
Equity | |||||
Share capital | 2,646 | 236,011 | |||
Share premium | 20,102,873 | 192,622,406 | |||
Foreign currency translation reserve | 4,399,200 | 258,044 | |||
Accumulated deficit | (18,046,002 | ) | (201,431,272 | ) | |
Total shareholders' (deficit)/equity attributable to owners of the Company | 6,458,717 | (8,314,811 | ) | ||
Non-current liabilities | |||||
Non-current lease liabilities | - | 343,629 | |||
Employee benefit liability | 346,628 | 336,206 | |||
Deferred income | - | 932,200 | |||
Deferred tax liabilities | - | 125,870 | |||
Total non-current liabilities | 346,628 | 1,737,905 | |||
Current liabilities | |||||
Loan | - | 5,869,797 | |||
Current lease liabilities | 99,659 | 117,856 | |||
Trade and other payables | 440,414 | 4,914,404 | |||
Accrued expenses | 348,841 | 1,977,614 | |||
Total current liabilities | 888,914 | 12,879,671 | |||
Total liabilities | 1,235,542 | 14,617,576 | |||
Total equity and liabilities | 7,694,259 | 6,302,765 |
About
Forward-Looking Statements
This press release may contain statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Altamira’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as "may", "might", "will", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "projects", "potential", "outlook" or "continue", or the negative of these terms or other comparable terminology. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, but are not limited to, the success of strategic transactions, including licensing or partnering, with respect to Altamira’s legacy assets, Altamira’s need for and ability to raise substantial additional funding to continue the development of its product candidates, the clinical utility of Altamira’s product candidates, the timing or likelihood of regulatory filings and approvals, Altamira’s intellectual property position and Altamira’s financial position, including the impact of any future acquisitions, dispositions, partnerships, license transactions or changes to Altamira’s capital structure, including future securities offerings. These risks and uncertainties also include, but are not limited to, those described under the caption "Risk Factors" in Altamira’s Annual Report on Form 20-F for the year ended
Investor Contact:
Hear@altamiratherapeutics.com
Source:
2024 GlobeNewswire, Inc., source