Q BioMed Inc announced that the company closed an additional $2 million funding on October 5 this year, which will be used to support its planned uplisting to Nasdaq and operations for the next 12 months.
The uplisting on a senior exchange will coincide with its proposed capital raise, satisfying the capital needs for the following year. The company said that its priority is to continue to support and expand a contract sales force for Strontium-89 in commercial and federal settings.
The New York-based company is currently focused on the approved radiopharmaceutical product and is assessing additional assets to grow future revenue opportunities. Together with Mannin Research, Q BioMed has de-risked the Mannin platform with proof of concept data and fully funded clinical trials expected to start in early 2022.
READ: Q BioMed sees uptick in 4Q sales of Strontium89 amid commercial rollout
Q BioMed told its investors that the continued success in Mannin research opens the opportunity for over $200 million in potential license revenues in several indications including infectious diseases (coronavirus), kidney disease, cardiovascular disease, and glaucoma.
In addition, the company announced the launch of the U.S. Food and Drug Administration (FDA) approved Strontium-89 injection. Q BioMed was approved as a federal supplier to provide to the federal hospital system, U.S. Department of Veteran Affairs, and U.S. Department of Defense.
Meanwhile, its direct competitor in the cancer pain palliation sector is no longer producing QUADRAMET, which would contribute to the increased demand for Strontium-89. Q BioMed noted that the sales for the injection have seen an uptick starting the fourth quarter and expect revenue in that quarter to likely double the previous one.
The company is also in the regulatory registration process for full commercial access in the European Union (EU), with approval expected in the first quarter of 2022.
Q BioMed is working on MAN-19 therapeutic with Mannin Research — funded by Canadian and European governments — which is a recombinant fusion protein that treats patient, instead of targeting the virus, the release said.
The therapeutic doesn’t cure COVID-19, but it strengthens a patient's blood vessels and protects them against ARDS, breathing problems, sepsis, and other infections that may cause the body's organs to begin shutting down. It is designed to keep COVID-19 patients out of the ICU and off a ventilator.
Poised for a clinical trial in 2022, the initial manufacturing and preclinical testing have shown promising results. If proved safe and effective, the drug would be made available by early 2023.
The company noted that the market for this kind of treatment in the current pandemic climate is substantial and global. It hopes that the technology will play a role in the broader treatment landscape and not only for COVID-19, but also for other infectious diseases that cause ARDS.
For its other project researching on Uttroside-B, Liver Cancer Chemotherapeutic, Q BioMed said that the new molecule is ten times the potency of the current standard of care in the early pre-clinical trials.
Uttroside-B was discovered in the leaf of the Black Nightshade plant in India. As it is not feasible to use the plant as the source for a drug, the company synthesized the molecule thereby creating an exact replica of the naturally occurring chemical compound.
Q BioMed is focused on licensing and acquiring undervalued biomedical assets in the healthcare sector.
Contact Ritika at ritika@proactiveinvestors.com