Incanthera plc (AQSE:INC), the specialist oncology company focused on transforming cancer treatment, is pleased to present its interim results following the successful flotation of the Company to the Aquis Stock Exchange Growth Market (AQSE Growth Market) in February this year.
Incanthera is focused on transforming cancer treatment by creating environments in which cancer cannot survive. It seeks to identify and develop innovative solutions to current clinical, commercially relevant unmet needs, utilising new technology from leading academic institutions.
Highlights:
- Successful Sol study results exceeded management’s expectations
- Permeation study of Sol demonstrates:
- statistically significant greater dermal delivery compared with four known comparator products.
- confirmation of exceeding bioequivalence compared with oral delivery.
- Sensitisation study of Sol demonstrates:
- formulation found to be “non-irritant” using ex-vivo human skin.
- level of irritancy found to be comparable to baby sun protection products.
Financial Highlights:
- Strong financial control through period, ensuring financial position on budget.
- Completion of the IPO subscription agreements realising £350k investment from an existing shareholder, the Board of directors and the management team.
- Cash balance at 30 September 2020 of £433k (2019: £51k).
- Operating losses for the period reduced to £471k (2019: £485k).
Tim McCarthy, Chairman, commented:
“I am delighted to present Incanthera’s interim results.
We have seen significant value addition during these six months, with the solid progression of our lead asset Sol, together with strong financial control, and investment from subscription agreements entered into at the time of the Company’s IPO.
As we look to the opportunities ahead of us, I would like to thank our existing shareholders for their support and our team for these successes, against a difficult backdrop. We look forward to sharing further progress in the near future.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
The Directors of Incanthera accept responsibility for this announcement.
For further information, please contact:
Tim McCarthy, Chairman
+44 (0) 7831 675747
tim.mccarthy@incanthera.com
Simon Ward, Chief Executive Officer
+44 (0) 7747 625506
simon.ward@incanthera.com
Suzanne Brocks, Head of Communications
+44 (0) 7776 234600
suzanne.brocks@incanthera.com
Aquis Exchange Corporate Adviser:
Cairn Financial Advisers LLP
Jo Turner/James Lewis
+44 (0) 20 7213 0880
Broker:
Stanford Capital Partners Ltd
Patrick Claridge/John Howes/Bob Pountney
+44 (0) 20 3815 8880
Notes to Editors
Incanthera is a specialist oncology company focused on transforming cancer treatment by creating environments in which cancer cannot survive. It seeks to identify and develop innovative solutions to current clinical, commercially relevant unmet needs, utilising new technology from leading academic institutions.
The Company’s current lead product and focus is Sol, a potentially innovative topical product for the treatment of solar keratosis and the prevention of skin cancers. This has achieved proof of concept and the Company is now focussed upon delivering Sol to a commercial partner.
The Company originated from the Institute of Cancer Therapeutics (ICT) at the University of Bradford and has acquired and developed a portfolio of specific cancer-targeting therapeutics through a Pipeline Agreement with the ICT and other corporate acquisitions. Incanthera’s strategy is to develop each candidate in the portfolio from initial acquisition or discovery to securing its future through commercially valuable partnerships at the earliest opportunity in its development pathway.
The majority of conventional cancer treatments (other than surgery) on the market are chemotherapy or radiotherapy based. These are non-selective by nature and highly toxic to healthy tissue as well as tumours. Accordingly, treatment can only be delivered in carefully controlled doses over a limited period of time. To address this problem directly, the Company has developed sophisticated formulation and prodrug targeting technologies to deliver treatment specifically to the tumour. Prodrugs are chemically modified versions of pharmacologically active agents which only become active when they reach a target, thus reducing generalised toxicity in normal tissues, whilst enabling higher doses to reach a target and therefore increase efficacy.
Incanthera’s Board and management possess a broad range of commercial, scientific and public company experience. In addition, Incanthera benefits from a diverse, experienced team of advisers who cover the necessary range of specialities required for all aspects of the Company’s business, and also has a number of beneficial collaborative relationships with both clinicians and clinical centres. In particular, the Pipeline Agreement with the ICT, provides a strong working relationship with a world-recognised oncology research institute and access to future pipeline opportunities.