SUDA Pharmaceuticals Ltd (ASX:SUD) intends to advance its oro-mucosal strategy, including developing low-risk oral sprays, with “constant energy”, according to new chief executive officer Dr Michael Baker.
In a letter to shareholders, Baker highlighted the company’s progress in advancing partnerships with pharmaceutical companies to reformulate products into oral sprays such as sumatriptan for the treatment of migraines and pharmaceutical-grade cannabis products and projects with Sanofi and Laboratorios Ordesa based in Barcelona, Spain for which, due to confidentiality agreements the active ingredients cannbot be disclosed.
Focused on OroMist platform
He said SUDA’s focus on the OroMist® platform had “never been stronger” after signing a licence agreement with Mitsubishi Tanabe Pharma Korea for ZolpiMist™ in March.
In May, SUDA announced that in quarter four of 2020, the company will receive a determination from the TGA relating to its submission for ZolpiMist.
“Recent clinical data demonstrates that for the treatment of insomnia, ZolpiMist works more efficiently than the tablet form of the drug, an important factor when considering the value proposition of an effective treatment.
“This is an exciting time for SUDA as we eagerly await the TGA’s response to our submission.”
Advancing products to create value
Baker highlighted the company’s “fortunate position”, being a standalone business applicable to a wide range of drug classes for improved drug delivery.
“The platform will receive our robust attention to advance our products under development to create value for our shareholders.”
He said: "We are also working with a remarkable drug in the oncology space, anagrelide.
"It reduces a high platelet count, an unwanted factor that is associated with poor prognosis when dealing with cancerous tumours particularly in breast, pancreatic, ovarian and lung cancers, affecting between 10% and 57% of patients with solid tumours.
"Current research indicates that lowering the platelet count plays an important role in survival. The patent covering the use of anagrelide in cancer was granted in Japan, adding to the granted patent in Europe, and we recently completed a canine pharmacokinetic study with anagrelide to assess bioavailability when administered as an oral spray."
Entitlement offer extension
The company has extended the closing date of its entitlement offer to raise around $3.56 million, which was announced on July 3.
Due to delays in shareholders receiving their documentation and the potential impact of COVID-19 across Victoria and NSW on delivery of documentation, SUDA has extended the closing date to ensure shareholders have sufficient time to assess the entitlement offer.
All applications must now be received by 5.00pm (Sydney time) on July 29.
Baker said to shareholders: "I recommend you participate in the recently announced capital raising. The funds are to be used for the development of anagrelide and the OroMist assets, sourcing additional technologies to include in our portfolio and general working capital.
"It’s attractively priced at $0.025 representing a 34% discount to the 15-day VWAP with an attaching option for every three shares subscribed. The exercise price on the options is $0.05. Adelaide’s Baker Young is lead manager."