Helix BioPharma Corp reported it spent around C$1.2 million on research and development (R&D) costs in its fiscal first quarter to October 31, 2021 as the company continues to develop drugs to treat cancer using immuno-oncology.
The company has developed an immune-oncology drug platform (DOS47) to treat cancer, which is designed to turn the tumor's environment to alkaline from acid, which, in turn, corrects an impaired immune system.
R&D costs for the three months to end-October were C$1.249 million, up from C$1.084 million in the same period a year earlier, the company said.
It put the increase mainly down to higher third-party research and development consulting services and higher contract manufacturing services, which were, though, offset by lower clinical operations spend.
READ: Helix BioPharma increased crucial spending on research and development for the 2021 fiscal year
In corporate news, the period saw Helix announce the appointment of the firm's chairman Dr. Slawomir Majewski as its interim CEO, while the board assesses potential candidates as a permanent CEO.
In terms of clinical development, the company said that for the LDOS001 study (a US Phase I L-DOS47 in combination with pemetrexed and carboplatin for lung cancer), it expects a final clinical study report to be completed by the end of 2021.
Elsewhere, in regard to a Phase II combination therapy study in lung cancer (LDOS003), a final clinical study report is expected to be completed in March, 2022 providing that Helix settles a contractual disagreement with the clinical research organization engaged to oversee the study.
For the company's L-DOS47 immunotherapy chemo combination study in lung cancer, Helix said it had engaged key opinion leaders on the feasibility and design of a possible immunotherapy chemo combination clinical study but was not currently in a position to make a submission to the Food and Drug Administration (FDA) regarding the potential study.
The net loss for the quarter was C$1.813 million, compared to a loss of C$222,000 it posted in the first quarter of fiscal 2020.
Contact the author at giles@proactiveinvestors.com