Q BioMed Inc. (OTCQB:QBIO) told shareholders that the company was seeing a significant uptrend in revenues, advancing its pipeline of assets, and was looking at an imminent up listing to the tech-dominated Nasdaq.
The New York-based commercial-stage biotech company has engaged EVERSANA to support the commercialization of Strontium89. Strontium Chloride Sr-89 Injection, USP is the only US Food and Drug Administration (FDA) approved radiotherapy currently available in the US indicated for three types of cancer if they become painfully metastatic to the bone
“The company is pleased to report that year-over-year revenue is up by over 600% and 4Q revenue is up over 100% over 3Q. This uptrend is a very positive sign as we continue to roll out our Strontium89,” Q BioMed said.
READ: Q BioMed sees uptick in 4Q sales of Strontium89 amid commercial rollout
“We have retained Eversana to partner on the institutional sales efforts and expect to deploy in field sales reps early in 2022 once funding and uplisting are complete,” it added.
In addition, Q BioMed has received its first order from the US Department of Veterans Affairs under its federal supply contract. Repeat orders from clinics also indicate adoption and confidence in the product.
“This year we received full reimbursement from Medicare and Medicaid, were approved as a federal supplier, and engaged a federal sales team working mostly with the US Departments of Veterans Affairs, the US Department of Defense and Indian Health Services,” said the company.
Mannin platform drugs
Q BioMed and its technology partner Mannin Research Inc. are pursuing a treatment for acute respiratory distress syndrome (ARDS) which causes the most severe symptoms in coronavirus (COVID-19) patients. The treatment is not dependent on targeting any specific viral variant but is “virus agnostic,” which makes it invaluable for coronaviruses, influenza, pneumonia, and othe future pandemic outbreaks.
“A successful infectious disease application in COVID-19 could position Mannin's recombinant fusion therapeutic MAN-19 as a potential government stockpile drug,” said the company.
Mannin is among a handful of Canadian companies to have received government funding support. The drug has passed a proof-of-concept study and is in the final stages of manufacturing to allow for final toxicology studies and clinical trials in early 2022. A successful clinical trial with MAN-19 in COVID-19 patients would provide the dataset to support the development of treatments for sepsis, acute kidney injury, chronic kidney disease, and glaucoma, said the company.
“These are large markets with significant potential...and could result in multiple icensing opportunities in the next three to six months,” said the company.
Liver cancer chemotherapeutic
Q BioMed said it is advancing an innovative treatment for liver cancer which only has two approved first-line therapies.
“We have received Orphan Drug designation and we are now preparing to advance this toward ian nvestigational new drug (IND) application with the FDA,” said the company. “We have received interest in partnering this asset and although nothing formal has been agreed to, we hope to have some news related to this in the near future.”
New drug QBM-001
Q BioMed is developing a new drug candidate to treat young children with pediatric minimally verbal autism. “The advancement of this program will depend on the availability of funds as we prioritize our clinical development milestones,” said the company. Currently, there's no effective treatment to help 250,000 children born with the condition worldwide each year, with 20,000 of them in the US.
Meanwhile, Q BioMed said it is “disappointing” to see the "deep pipeline" it has in “very large markets go undervalued.”
“Each of the opportunities we are advancing has significant potential in multi-billion-dollar markets,” said the company. “We are driving forward with our revenue-generating drug, Strontium89, but the latent value in the rest of the pipeline far exceeds the value in the Strontium89 market,” it added. The potential markets in the Mannin platform alone could exceed several billion dollars over the next two to three years.
Q BioMed said it is in “advanced stages” of its planned up listing to Nasdaq with funding to support its operations for the next 12-to-18 months. It expects this to happen in January 2022.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive