SUDA Pharmaceuticals Ltd (ASX:SUD) enjoyed a productive March quarter, signing a new licence agreement with Mitsubishi Tanabe Pharma Korea for its ZolpiMist product, an oral spray of zolpidem for insomnia.
Dr Michael Baker, who began as chief executive officer on March 9, said the company continued to advance discussions with prospective partners for ZolpiMist for other territories.
He said: “This has been a busy quarter for SUDA signing a new licence agreement, kicking off two important projects, reviewing and reassessing current business operations as well as managing the implications from COVID-19.”
SUDA also kicked off feasibility studies with its partners Laboratorios Ordesa SL and Sanofi-Aventis Groupe during the quarter, both of which are progressing well.
New general manager appointed
During the quarter, SUDA also appointed a general manager for Perth operations in Tony Macintyre.
Dr Baker said: “It is very pleasing to find an individual with such a strong technical, operations and regulatory background.
“We are delighted that Tony has joined the team at SUDA.”
Financial outlook
As announced in late March and in line with its strategy to re-focus the business, the company will no longer commit resources to the ArTiMist project but will continue discussions with potential partners.
Dr Baker said: “In addition, and as mentioned during the AGM held in November last year, the company will consider strengthening the balance sheet in the foreseeable future.”
Cash receipts for the quarter were $323,000 with a bank balance at March 31 of $1.508 million.
Product pipeline
The company’s aim going forwards is to create additional partnerships to roll the ZolpiMist™ product out globally and it is waiting on regulatory approval from the Therapeutic Goods Administration to license the product in Australia.
Other products in the commercialisation pipeline include Sumatriptan, which is for the treatment of migraines, and Anagrelide, which could play an important role in cancer treatment.