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Highlights in the quarter
fimaChem
*The main priorities during the COVID-19 pandemic has been identification and
implementation of potential mitigating actions for the RELEASE study progress,
as well as identification and removal of unnecessary recruitment hurdles in the
study protocol. PCI Biotech has not yet a complete picture of the consequences
for the RELEASE study, but delays in patient recruitment and increased costs are
expected
*Several new initiatives to recoup long-term recruitment projections are being
implemented, including potential modifications to screening parameters and
further expansion into new countries. These new initiatives are being
implemented to accelerate patient inclusion when the current restrictions of the
COVID-19 pandemic are resolved, with the aim to reach interim analysis by Q2
2022. It is however currently not clear that the cash-position will suffice to
reach interim read of the RELEASE trial, given the uncertainty surrounding long-
term consequences of the unprecedented situation with the COVID-19 pandemic
*The majority of sites have halted or reduced patient screening and we are still
awaiting enrolment of the first US patient. Site activations are delayed, but
nonetheless 1 European and 3 US RELEASE study sites have opened since the Q4
2019 report. 34 of the 40 initially planned sites were open by end-April 2020
*Site preparations are ongoing for addition of Asian sites in 2020, to provide
access to hospitals and KOL’s in a region with higher prevalence of bile duct
cancer and to enhance patient recruitment. So far progress has not been
significantly impacted by the COVID-19 pandemic and regulatory approval has been
achieved in Taiwan
fimaVacc
*Two US patents granted in 2020 with broad coverage for the combination of
fimaVacc with various cytokines and a new important class of adjuvants
*A two-pronged development strategy is pursued, with Phase I results being used
both in direct partnering efforts and planning for clinical proof of concept in
a disease setting
Corporate
*The management team has been strengthened with appointment of CMO Dr Amir
Snapir and CBO Mr Ludovic Robin
Per Walday, CEO of PCI Biotech, comments: “The COVID-19 pandemic has temporarily
changed the ways of working and the clinical trial environment dramatically, and
our highest priority in this unprecedented situation is the safety of our
patients, employees and collaborators. This pandemic will result in yet
undeterminable delays and increased cost, but it is encouraging to witness the
working spirit and the progress being achieved despite these unfortunate
circumstances. Four RELEASE study sites have opened since the Q4 2019 report and
regulatory/ethics approval has been granted in Taiwan. Two very important
fimaVacc patents have also been granted in the US. We are very pleased to have
strengthened the executive team with two very competent and experienced
individuals: Dr Amir Snapir as CMO and Mr Ludovic Robin as CBO. We are now
focusing our efforts to ensure that we are optimally prepared to accelerate
development when the COVID-19 restrictions are lifted.”
An online presentation in English will be held today, Wednesday 6 May 2020, at
08.30am CEST (local time). The presentation can be followed as a live webcast
(access through link
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20200506_3 ) or the
company’s website under “Investors - Reports and presentations - Webcasts”. It
will be possible to post questions through the webcast console.
The interim report and the presentation will also be available on www.newsweb.no
and on the company’s webpage, www.pcibiotech.com from 07:00am (CEST) on 6 May
2020.
For further information, please contact:
Ronny Skuggedal, CFO
Email: rs@pcibiotech.no
Mobile: +47 9400 5757
About PCI Biotech
PCI Biotech is a biopharmaceutical late stage clinical development company
focusing on development and commercialisation of novel therapies for the
treatment of cancer through its innovative photochemical internalisation (PCI)
technology platform. PCI is applied to three distinct anticancer paradigms:
fimaChem (enhancement of chemotherapeutics for localised treatment of cancer),
fimaVacc (T-cell induction technology for therapeutic vaccination), and fimaNAc
(nucleic acid therapeutics delivery).
Photochemical internalisation induces triggered endosomal release that is used
to unlock the true potential of a wide array of therapeutic modalities. The
company’s lead programme fimaChem consists of a pivotal study in bile duct
cancer, an orphan indication with a high unmet need and without approved
products. fimaVacc applies a unique mode of action to enhance the essential
cytotoxic effect of therapeutic cancer vaccines, which works in synergy with
several other state-of-the-art vaccination technologies. fimaNAc utilises the
endosomal release to provide intracellular delivery of nucleic acids, such as
mRNA and RNAi therapeutics, thereby addressing one of the major bottlenecks
facing this emerging and promising field.
For further information, please visit: www.pcibiotech.com
(http://www.pcibiotech.com)
Contact information: PCI Biotech Holding ASA, Ullernchausséen 64, N-0379
Oslo
Forward-looking statements
This announcement may contain forward-looking statements, which as such are not
historical facts, but are based upon various assumptions, many of which are
based, in turn, upon further assumptions. These assumptions are inherently
subject to significant known and unknown risks, uncertainties and other
important factors. Such risks, uncertainties, contingencies and other important
factors could cause actual events to differ materially from the expectations
expressed or implied in this announcement by such forward-looking statements.
PCI Biotech disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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