Vyant Bio (NASDAQ:VYNT) Inc, an emerging global drug discovery company, posted second-quarter results that demonstrated it is in a strong financial position with $26.5 million to build a “robust pipeline” of novel therapeutics targeting neurological disorders and cancers.
For the period ended June 30, 2021, the Cherry Hill, New Jersey-based company had cash and cash equivalents totaling $26.5 million.
As Stemonix Inc was deemed to have acquired Cancer Genetics Inc for accounting purposes, and the merger closed on March 30, 2021, the company’s 2Q financial results include the post-merger results of the combined companies, now known as Vyant Bio (NASDAQ:VYNT).
“We have achieved a tremendous amount of momentum in the first 90 days since launching the Vyant Bio brand and completing the merger we announced at the end of March 2021. Vyant Bio is committed to transforming the way drugs are discovered by quickly adapting to exciting new technologies and combining capabilities in ways that leverage their strengths,” said Vyant Bio CEO Jay Roberts in an earnings statement.
“Our internal teams of scientists, data scientists and engineers, coupled with the capabilities of select strategic partners that are now integrated into our platform, allow us all to work together to design and develop superior therapeutics and position us to build a robust pipeline of novel therapeutics targeting degenerative and developmental neurological disorders and cancers with high unmet needs.”
Vyant Bio’s drug discovery platform uses both human-induced pluripotent stem cell-derived (hiPSC) and primary human cell organoids as proprietary disease models combined with analysis of human genetics and the use of machine learning algorithms for the identification of new targets, validation of known targets, and high-throughput screening for drug discovery.
The firm highlighted that it had received a US Patent titled “High Throughput Optical Assay of Human Mixed Cell Population Spheroids” from the US Patent and Trademark Office. “The patent covers the use of spheroids and organoids for drug discovery,” noted the company.
Significantly, it struck a strategic collaboration with Ordaōs Bio and Cellaria, Inc to execute an integrated model for rapid iteration of therapeutic design using artificial intelligence (AI) and human-derived in vitro ‘avatar clinical trials’ to enable the design, development, and testing of potential therapeutics on targeted patient populations, during preclinical discovery with a primary focus in oncology.
Vyant Bio said it completed “a large primary screening of AI-generated novel compounds for Rett Syndrome yielding promising results,” including a first round of hit expansion screening across two novel targets.
“We elevated our syngeneic bladder instillation model into toxicology screening, which will be performed in vivoPharm’s animal models,” added the company.
While Vyant executes its drug development strategy for long-term growth, it currently generates revenue from its vivoPharm and Stemonix subsidiaries. On a pro forma basis, assuming the merger occurred on January 1, 2020, revenue for the 2Q came in at $1.9 million, up 26% from $1.5 million in the same quarter of 2020.
Meanwhile, on a pro forma basis for the six months ended June 30, 2021, revenue grew 21% to $3.8 million, compared to $3.1 million for the same period a year earlier.
The firm also advanced its internal programs that apply Vyant Bio’s expertise with human-derived cell-based organoids to explore neurodegenerative disorders, including Parkinson’s and Alzheimer’s disease.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive