Voyageur Pharmaceuticals Ltd (TSX-V:VM, OTC:VYYRF) said it has completed comparative studies of its SmoothX barium contrast media versus ReadiCat 2% with taste test and computed tomography (CT) scans on patients.
Results of the double-blind testing showed that SmoothX was favoured on drinkability and taste by 75% of patients compared to 25% favouring the competing product, the company said in a statement.
The CT scans were performed by Canada Diagnostics in Calgary, Alberta and resulted in equivalent performance as to the current drug, it added.
READ: Voyageur Pharmaceuticals preparing to launch sales of its first product in Canada
A medical white paper is currently being prepared by the Mayo Clinic in Phoenix, Arizona, which will provide an in-depth analysis to educate and inform doctors and medical staff of the benefits of SmoothX. Upon completion of the white paper, Voyageur’s sales teams can begin to market the product to physicians across Canada.
Voyageur is expanding its product line by advancing an additional four barium contrast products, which have already obtained Health Canada licenses. The company plans to submit additional new generic product lines to Health Canada for product licenses, including multiple barium swallow products for the diagnosis of dysphagia (swallowing problems).
This market has been identified as a potential high-growth area, with range estimated as being as high as 22% of the population over 50 years of age affected by dysphagia, Voyageur noted.
The company said it plans to have a total of 13 barium contrast product lines available for the Canadian and US markets.
It cited the National Foundation of Swallowing Disorders as stating: “The prevalence of dysphagia is unknown, but epidemiologic studies indicate that the numbers may be as high as 22% of the population over 50 years of age. Several studies conclude that between 300,000 and 600,000 individuals in the United States are affected by neurogenic dysphagia each year. Plus, 10 million Americans are evaluated each year for swallowing difficulties.
“Because this disorder cuts across so many diseases, dysphagia is poorly understood and often underdiagnosed. Dysphagia effects represents a physiologic impairment that occurs along the continuum of swallowing from mouth to stomach. Dysphagia has been reported in up to 8% of the world's population, or almost 600 million people.”
Voyageur said it made increased gains in its next-generation CT barium formulations and is developing a new product, which management expects will be attractive based on high performance and low cost.
The company said it will update its shareholders in the coming months on the progress it is making with the US Food and Drug Administration (FDA) and Health Canada on product licensing and product development.
Option Grant and Shareholders’ Meeting
Voyageur also announced that it has issued 2.6mln options to officers and consultants under its incentive stock option plan.
On March 23, 2023, the company's board of directors approved the grant of options, to be effective on April 3, 2023, using the closing price on that day. The options were issued with an exercise price of $0.075 per common share, vest immediately, and have a 10-year term. The options are subject to regulatory and TSX Venture Exchange approval.
Voyageur added that it will hold its Annual General and Special Meeting on June 28, 2023, at 10.00am, at the offices of DS Lawyers Canada LLP, 333, 7th Avenue SW #800, Calgary Alberta.
Voyageur is focused on the development of barium and iodine active pharmaceutical ingredients (API) and high-performance cost-effective imaging contrast agents for the medical imaging marketplace. Its goal is to fully integrate the barium and iodine contrast market by producing its own minerals of barium and iodine.
The business plan is to initially generate cash flow from operations using third-party good manufacturing practice (GMP) pharmaceutical manufacturers in Canada and validate the products for regulatory agencies globally, then transitioning into a high-margin domestic manufacturer of radiology drugs.
Voyageur also has plans to build carbon-neutral infrastructure to become 100% self-sufficient across all manufacturing activities. Voyageur owns a 100% interest in three barium sulphate (barite) projects including the Frances Creek property, suitable in grade for the pharmaceutical marketplace, with additional interests in a high-grade iodine, lithium and bromine brine project located in Utah, USA.
Contact the author at jon.hopkins@proactiveinvestors.com