Roquefort Therapeutics PLC (LSE:ROQ, OTCQB:ROQAF) said one of its drug development programmes is on course for ‘clinical readiness’ in the second half of this year.
Although the group didn’t say which constituent of its oncology pipeline might make that crucial next step, it was upbeat on the prospects for its portfolio.
In commentary alongside its prelims, Roquefort also said there were near-term investigational new drug and licensing opportunities from both its Midkine and siRNA production lines.
Moreover, the plan is to “create value by identifying early innovation, developing it either in-house or with a research partner towards clinical trials and utilise experience to licence or sell to big pharma”.
The update came alongside a summary of the significant progress made in 2022. This included the acquisition of Oncogeni last September and the strengthening of the business with the appointments of Ajan Reginald as CEO, and Professor Sir Martin Evans as chief scientific officer.
Earlier this year the group made significant commercial progress as it inked a 10-year deal with Randox Laboratories, which will use Roquefort’s Midkine antibodies in medical diagnostics.
Turning to financials, the company posted a loss of £1.6mln for the 12 months ended December 31, 2023, which is to be expected of a business investing heavily in R&D. More pertinently, it exited the period with £2.3mln in the bank.
"In 2022 Roquefort Therapeutics made significant progress, notably with the successful fundraise and completion of the acquisition of Oncogeni in September 2022 which pivoted the company into a material oncology group,” said Roquefort CEO Reginald in the interim results statement.
“Post the acquisition of Oncogeni, the group's portfolio consisted of four highly complementary fully funded programmes with multiple novel patent-protected pre-clinical anti-cancer medicines.
“Each lead program is capable of becoming a first-in-class medicine targeting some of the hardest to treat cancers," he added.
Roquefort's portfolio consists of five potentially breakthrough therapies. Midkine antibodies target harmful substances, while Midkine oligonucleotide therapeutics employ precise gene editing to combat cancer.
Midkine mRNA and STAT-6 siRNA therapies each utilise molecular messaging to alter cell behaviour within solid tumours.
Lastly, MK cell therapy boosts our immune system's defence against cancer, akin to arming the body's natural soldiers with advanced weaponry.