Denis Corin, CEO of Q BioMed Inc (OTCQB:QBIO), says the New York biotech is “very well-positioned” to generate revenue in 2019 and its drug portfolio is drawing attention from larger pharmaceutical companies.
Thanks to its recent acquisition of the cancer pain drug Metastron from GE Healthcare, QBioMed looks to be on solid footing to throw up revenue this year, according to the biotech’s latest shareholder update.
READ: Q BioMed’s Metastron acquisition ‘positive development,’ advances pipeline, says Brookline Capital Markets
“We believe we have built a solid and extremely valuable pipeline, and with the recent acquisition of the global brand Metastron from GE Healthcare, we are very well positioned to generate revenue in 2019 and beyond!” wrote Corin in a letter to shareholders.
“Preliminary interest from larger pharma companies in our portfolio has also strengthened our conviction in the value we have built over these short three years,” he added.
Looking ahead, QBioMed is committed to widening the reach of its cancer palliation drugs and especially Metastron. Indeed, Metastron might not only treat pain associated with the spreading of skeletal cancer, but could also improve survival when used in combination with other therapies. And QBioMed plans to conduct clinical trials to highlight relevant data-sets which might demonstrate patients’ improved chances for survival.
“While Metastron is prescribed in 22 countries today as a non-opioid therapy for the debilitating pain associated with metastatic skeletal cancer, we believe Metastron has huge untapped potential in expanded cancer therapeutic indications,” Corin wrote.
“This drug is a substantial opportunity for QBioMed. A very similar drug with a very narrow indication currently does almost $800 million a year in revenue,” he added.
In other advances, QBioMed is also looking forward to the completion of the formulation and manufacturing of QBM-001, its orphan drug treatment for children and toddlers on the autism spectrum who have minimal verbal abilities, by the end of the second quarter as well as the subsequent filing of an investigational new drug application. A green light from regulators will allow QBioMed to start a pivotal clinical trial of QBM-001 in the third quarter of 2019.
“This trial is expected to take about a year to 18 months and we could have interim data reviewed by Q1 of 2020,” noted Corin. “Positive results from that readout could be a significant catalyst for a drug candidate that we hope to be a blockbuster billion-dollar asset.”
Liver cancer drug Uttroside-B in focus
Separately, QBioMed also reports that Uttroside-B, its liver cancer orphan drug candidate, is coming closer to a proof of concept trial, which will hopefully be completed this year. “Our early stage data suggests that this molecule could be very effective-potentially 10X more effective than current treatments,” noted Corin.
The company’s program for Man-01, its topical treatment (eye drop) for glaucoma is also making headway. The drug reduces pressure build-up in the eye by correcting drainage problems in tiny vessels in the eye. And the research shows that the drug might work to fight vessel damage in kidney disease (MAN-02), cardiovascular disease (MAN-03) and providing a defense against infectious diseases (MAN-04) like the flu and Ebola.
“We believe these programs comprise a multi-disease platform technology that has several multi-billion-dollar applications,” said Corin. “We will be making more announcements about the MAN-01 program, and the platform, over the coming weeks and months.”
QBioMed shares slipped 3.7% to hit $1.82 in morning trade on Tuesday.