Satellos Bioscience Announces 2023 Year End Financial Results and Operational Highlights
- Engaged CRO for first-in-human SAT-3247 Phase 1 clinical study
- Initiated GLP toxicity studies and GMP manufacturing of SAT-3247
- Continues to be on track to initiate first-in-human clinical trials mid-2024
- Cash balance of
“2023 has been a pivotal year in transitioning Satellos from a discovery-stage company to a preclinical company, positioning Satellos to further transition into a clinical-stage company during 2024 as we work to advance our lead drug candidate, SAT-3247, into first-in-human studies,” said
PROGRAM AND BUSINESS UPDATE:
Highlights for the year ended
Advanced SAT-3247
During Q1, 2024, the Company engaged a contract research organization (“CRO”) to design and implement its planned Phase 1 clinical trial for SAT-3247, initiated requisite GLP toxicology studies in two species with SAT-3247, made kilogram quantities of SAT-3247 under GLP conditions at the contract manufacturing organization it selected as its manufacturing partner, and initiated GMP manufacturing for SAT-3247. The Company continues to be on track to initiate and conduct a Phase 1 clinical trial in 2024 with SAT-3247.
Subsequent to the year end, on
On
On
Progressed Capital Markets Strategy
As reported, during
Subsequent to the year end, on
Throughout 2023 and to date in 2024, Satellos has increased investor exposure through invitations to attend and present at numerous bank sponsored conferences and through being named as Life Sciences Ontario ‘Company of the Year’ and recognized as a Top 50
Expanded Leadership Team
Following the
-
Elizabeth Williams , CPA, CA, as Chief Financial Officer (CFO) of the Company.Ms. Williams has nearly 20 years of experience in biotech, working with publicly listed entities in bothCanada andthe United States . -
Michael Cross , PhD, MBA, as Chief Business Officer.Dr. Cross has more than 25 years of biotech and life science experience including financing and licensing transactions, operations, clinical development, and corporate strategy. -
Courtney Wells as Senior Vice President of Clinical Development Operations.Ms. Wells has more than 20 years of experience in clinical development including orphan and neuromuscular diseases. Among other achievements,Ms. Wells led the clinical trial programs resulting in regulatory approvals of the corticosteroid Emflaza® (deflazacort) for the treatment of DMD and the first-ever gene therapy for the treatment of spinal muscular atrophy, Zolgensma®. -
In addition to these appointments, Dr.
Phil Lambert was appointed Chief Scientific Officer and Dr.Michael Rudnicki as Chief Discovery Officer.
Financial Results
Satellos had cash and cash equivalents and short-term investments of
For the year ended
Research and development expenses increased to
General and administrative expenses increased to
Satellos’ audited financial statements for the year ended
About
Satellos is a publicly traded biotechnology company dedicated to developing life-improving medicines to treat degenerative muscle diseases. Satellos has incorporated breakthrough research in muscle stem cell polarity into a proprietary discovery platform, called MyoReGenXTM, to identify degenerative muscle diseases where deficits in this process affect muscle regeneration and are amenable to therapeutic intervention. With this platform, Satellos is building a pipeline of novel therapeutics to correct muscle stem cell polarity and promote the body’s innate muscle repair and regeneration process. The Company’s lead program is an oral, small molecule drug candidate in development as a potential disease-modifying treatment for Duchenne muscular dystrophy. Satellos is headquartered in
Notice on Forward-Looking Statements
This press release includes forward-looking information or forward-looking statements within the meaning of applicable securities laws regarding Satellos and its business, which may include, but are not limited to, statements regarding the anticipated benefits to patients from a small molecule treatment for Duchenne; the advancement of our lead drug candidate into clinical trials; the potential of our approach in other degenerative muscle diseases or in muscle injury or trauma; the general benefits of modulating stem cell polarity by administering small molecule drugs; its/their prospective impact on Duchenne patients, patients with other degenerative muscle disease or muscle injury or trauma, and on muscle regeneration generally; the utility of regenerating muscle by modulating polarity; adoption of Satellos’ approach by the medical community; and Satellos’ technologies and drug development plans. All statements that are, or information which is, not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, occurrences or developments, are “forward-looking information or statements.” Often but not always, forward-looking information or statements can be identified by the use of words such as “shall”, “intends”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “anticipate”, “potential”, “prospective” , “assert” or any variations (including negative or plural variations) of such words and phrases, or state that certain actions, events or results “may”, “might”, “can”, “could”, “would” or “will” be taken, occur, lead to, result in, or, be achieved. Such statements are based on the current expectations and views of future events of the management of the Company. They are based on assumptions and subject to risks and uncertainties. Although management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including, without limitation, risks relating to the pharmaceutical and bioscience industry (including the risks associated with preclinical and clinical trials and regulatory approvals), and the research and development of therapeutics, the results of preclinical and clinical trials, general market conditions and equity markets, economic factors and management’s ability to manage and to operate the business of the Company generally, including inflation and the costs of operating a biopharma business, and those risks listed in the “Risk Factors” section of Satellos’ Annual Information Form dated
View source version on businesswire.com: https://www.businesswire.com/news/home/20240327207964/en/
Investors:
Business Development:
Media:
Source: