During the quarter, the company reached important clinical progress in two Phase II studies investigating its lead cancer drug candidate for two different types of skin cancer. Lytix`s licensing partner
"Lytix is maturing with two highly promising clinical studies approaching conclusive Phase II results. In addition, we are very excited for the regulatory approval of a new study in early-stage cancer patients that soon will be initiated at the
Verrica`s phase II study is set to be completed in Q2 2024 and new updates on the ATLAS-IT-05 study will be given during H2 2024. Lytix received an upfront payment and two milestone payments (IND approval and first patient treated) and is entitled to receive contingent regulatory milestones based on specified development goals, sales milestones up to
Strong shareholder support
In April,
"We are very pleased with the result of the fundraising and the strong support from existing shareholders as well as interest from new investors. This is yet another validation of our technology and showcases the great business potential of Lytix", adds Rekdal.
Highlights from Q1 2024 and post-period events:
Verrica Pharmaceuticals' Phase II study in basal cell carcinoma - Positive early results- In
January 2024 , Verrica reported that all patients had been dosed with LTX-315 (VP-315). - Preliminary Phase II Top-Line Data Expected Q2 2024.
- In
- ATLAS-IT-05 study ongoing - Encouraging interim data from 20 melanoma patients.
- Disease control in approximately half the patients and with durable responses for up to one year
- One patient achieving a durable partial response.
- New update will be given during H2 2024.
- Expanding to earlier-stage melanoma patients with a stronger immune system
- An investigator-led Phase II study at
Oslo University Hospital , Radiumhospitalet planned to start mid-2024. -
In
April 2024 , the clinical trial application for the NeoLIPA trial was approved by the regulatory authorities.
- An investigator-led Phase II study at
- Financial:
- During the quarter Lytix generated a revenue of
NOK 10.5 million for sale of LTX-315 to Verrica for use in their clinical trial. -
In
April 2024 , Lytix successfully raisedNOK 50 million in gross proceeds in a share offering primarily directed towards existing shareholders, extending the cash runway into 2025.
- During the quarter Lytix generated a revenue of
The results will be presented in a webcast with CEO Øystein Rekdal and CFO Gjest Breistein today at 13.00 CEST.
The presentation and subsequent Q&A session will be held in English and may be viewed live by registering here: https://forms.office.com/e/0djcLzR8Za
A recording of the presentation will be made available on https://www.lytixbiopharma.com/investors/financial-reports.html (after the presentation).
For more information, please contact:
Gjest Breistein, CFO
+47 952 60 512
gjest.breistein@lytixbiopharma.com
About Lytix:
Based in
https://news.cision.com/lytix-biopharma-as/r/lytix-biopharma-q1-2024-results---promising-clinical-progress-with-important-upcoming-milestones,c3991412
https://mb.cision.com/Main/16482/3991412/2832973.pdf
https://mb.cision.com/Public/16482/3991412/be845263bc0a419d.pdf
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