Patrys Ltd (ASX:PAB) reported key developments last quarter including the successful start and finish of a Good Manufacturing Practice (GMP) production run by its Contract Development and Manufacturing Organization (CDMO).
PAB specialises in the development of therapeutic antibodies. The GMP production, which started in Q1 CY2024, included large-scale fermentation and purification of the antibody product and was completed by late April 2024.
The product will undergo final characterisation and quality verification in Q2 CY2024 to ensure it meets specific product standards.
Additionally, Patrys has established a Master Cell Bank (MCB) for its antibody, PAT-DX3, and has integrated upstream fermentation with downstream purification processes. The company plans to initiate its own production of PAT-DX3 when additional capital becomes available, facilitating ongoing partnering discussions for this deoxymab.
Preclinical progress
Significant progress has been made in the preclinical arena as well.
On April 9, 2024, Patrys presented new data from preclinical studies on PAT-DX1 and PAT-DX3 at the 21st International Vasculitis Workshop.
These studies focus on anti-neutrophil cytoplasmic antibody (ANCA) vasculitis, demonstrating the potential of deoxymabs to suppress the formation of neutrophil extracellular traps (NETs), which are linked to cancer metastasis and inflammation regulation.
This suggests that deoxymabs may offer a new therapeutic approach for autoimmune vasculitis that reduces inflammation without suppressing the immune system, potentially leading to further development or partnerships in this area.
Patrys continues to explore development opportunities for its deoxymab technology in various applications, including cancer therapies and inflammatory conditions, through its active business development program with several global pharmaceutical and biotechnology companies.
“The GMP manufacturing run for PAT-DX1 started during the quarter and subsequent to the end of the quarter has recently been successfully completed. The Company expects the additional product characterisation and specification testing will be completed by Q2 CY2024,” Patrys CEO and MD, Dr. James Campbell said.
“We were also pleased to announce that after the end of the quarter positive preclinical data concerning deoxymabs in animal models of the autoimmune disease vasculitis was presented during the plenary session at a leading international workshop. This potentially opens up a new therapeutic area for Patrys to develop or partner its deoxymab technology.”
Q1 2024 financial overview
During the quarter ending March 31, 2024, PAB reported net operating cash outflows of A$1.45 million.
As of March 31, 2024, the company maintained A$3 million in cash and cash equivalents.
Significant investment continued in research and development (R&D), with A$0.8 million allocated towards these activities during the quarter.