Medicus Pharma (TSX-V:MDCX, NASDAQ:MDCX) CEO and chairman Raza Bokhari joined Proactive to discuss the company’s recent listing on the Nasdaq, a key milestone for the biotechnology firm.
Following their initial public offering (IPO) on the Nasdaq, Medicus Pharma (TSX-V:MDCX, NASDAQ:MDCX) raised $4 million to fund its ongoing Phase 2 proof-of-concept trial for a promising noninvasive treatment for basal cell carcinoma, the most common form of skin cancer.
Proactive: Congratulations. Your stock started trading on the Nasdaq today, another big milestone for the company.
Raza Bokhari: Thank you so much for having me back on your program. Indeed, today is a momentous day for us at Medicus Pharma and for Medicus Pharma shareholders. We commenced trading on Nasdaq after listing on the Toronto Stock Exchange last fall, so we’re very excited to advance forward in our journey.
Your stock will continue to trade on the TSX Venture Exchange. You raised $4 million in your IPO on Nasdaq. Tell us about the appetite you're seeing from U.S. investors.
Just to remind your viewers, who have been very supportive of us over the last year, we are a biotech life sciences company, and our lead asset focuses on bringing noninvasive treatment regimens for basal cell carcinoma, the most common type of skin cancer. It is a novel therapy. The market size is currently $15 billion and growing. We believe we have a treatment that can reduce costs, is aesthetically pleasing, and is noninvasive.
As we emerged into the sector, we faced significant headwinds, especially over the last three years. It’s refreshing that not only were we able to complete a U.S. listing, but we’ve also raised more than $20 million since last year, each time at a premium. This reassures us that investors appreciate something disruptive and novel coming to the market.
As mentioned, you raised $4 million through the IPO. How will you use those proceeds?
We have exclusive rights from Carnegie Mellon and the University of Pittsburgh to develop and commercialize an innovative combination patch. This patch is currently in Phase 2 trials. Last fall, we raised $5 million, followed by $17 million through private placement. I personally now have almost $4 million invested in this effort. With this IPO, we’ve added another $4 million to complete our proof-of-concept trial, demonstrating that our treatment regimen for basal cell carcinoma could eliminate the need for surgery. Our primary objective is to complete this Phase 2 trial and work towards converting it into a pivotal trial by getting further alignment with the FDA, hopefully by early Q1 of 2025. Patient recruitment for the trial began this summer, so the IPO came at a very opportune time for us.
Quotes have been lightly edited for clarity and style