Q BioMed Inc (OTCQB:QBIO) said it expects to book revenues in the current quarter for its cancer pain bone drug Strontium89 despite coronavirus restrictions and is eyeing over $25 million in annual sales for the drug in 2022 based on the potential market size.
In a wide-ranging shareholder update on the group's various programs, CEO Denis Corin said the now commercial pharma group has been building significant value ranging from blockbuster potential drugs to imminent revenue-producing opportunities since it was founded five years ago.
Through its distribution partner, Jubilant Radiopharma, Q BioMed can get Strontium89 to patients in all 50 US states, he highlighted. The drug is reimbursed by Medicare, Medicaid and most insurance companies.
"We also plan to launch the drug in several substantial international markets during 2020 and 2021," said Corin.
The group is also assembling a world-class scientific advisory board to assist in market access and plan Phase 4 clinical trial programs that may expand the drug's use beyond palliation into a therapeutic use that may increase patient survival, he added.
Elsewhere, Q BioMed's technology partner Mannin Research Inc was recently granted up to $7.7 million in Europe, which will fund 65% of every dollar incurred to advance a portfolio of therapeutic assets for vascular diseases, including glaucoma, cardiovascular diseases, acute kidney disease, and infectious diseases such as influenza and coronavirus, said the company boss.
Corin noted that with the urgent need for therapeutics to treat coronavirus (COVID-19), Mannin was rapidly accelerating the time to the first clinical milestone for candidate MAN-19. An Investigational New Drug (IND) application (or similar clinical trial proposal) to regulators is planned for late 2020, he said.
Q BioMed is also continuing to support the development of Mannin's MAN-01 and MAN-1 therapeutics -- a novel small-molecule and a novel biologic therapeutic for glaucoma, respectively, with next steps to initiate toxicology studies in 2021, aiming for a Phase 1 proof of concept trial to begin in late 2021.
In the liver cancer treatment space, the firm has licensed and advanced Uttroside-B, a new molecule that showed ten times the potency of the current standard of care in an early pre-clinical investigation.
"We are now preparing to advance this into a pre-clinical program leading to an orphan drug application and IND application with the FDA and a proof of concept clinical program," said Corin.
Q BioMed is also developing a new drug candidate to treat young children with pediatric minimally verbal autism.
It recently filed an Orphan Drug application with the FDA based on a collaboration that resulted in a breakthrough discovery examining 1,953 autistic biomarkers that could identify the condition in a narrow patient population.
Corin is presenting at the Proactive Investors One2One Forum taking place on June 30 at 1pm EST.
Shares in the firm nudged up in New York nearly 2.4% to $1.72 each.
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