Conference call webcast is scheduled for
November 22 at 9 a.m. ET.
SINGAPORE, Nov. 17,
2023 /PRNewswire/ -- CytoMed Therapeutics
Limited (NASDAQ: GDTC) ("CytoMed" or "Company"), a Singapore-based biopharmaceutical company
focused on harnessing its proprietary technologies to develop novel
donor-derived cell-based allogeneic immunotherapies for the
treatment of various cancers, today announced its first half of
2023 financial results and provided clinical and corporate updates.
"We are committed to advancing our "off-the-shelf" allogeneic
cellular immunotherapies for a broad spectrum of cancer," said
Peter Choo, Chairman of CytoMed. "By
committing ourselves to our stem cell research and cell therapy, we
have made extraordinary progress thus far and look towards the
future with overseas ambition especially China. We benefit from the low cost
infrastructure in Southeast Asia."
Clinical Updates
In January 2023, the Company
received formal approval from the Health Sciences Authority (HSA)
in Singapore to conduct a Phase I
clinical trial and has begun to recruit blood donors in
July 2023. The clinical trial, in
partnership with the National
University Hospital (NUH), Singapore, will use the donor blood to
manufacture allogeneic CAR-γδ T cells for the trial. The cells will
be processed in CytoMed's Good Manufacturing Practice (GMP)
facility in Malaysia.
As of November 2023, the Company
are translating two exclusively licensed technologies, namely donor
blood cell-based CAR-γδ T cell technology and induced pluripotent
stem cell-based γδ NKT cell technology. The former has been granted
patents in the US and China, the
latter in Japan and China.
Financial Results for the Six Months Ended June 30, 2023
Net Loss: For the six months ended June
30, 2023, the Company's unaudited net loss amounted to
S$1.16M ($860,695) excluding expenses related to its
NASDAQ Initial Public Offering (IPO) in April 2023 and the costs associated with being a
public listed company, compared to S$936,377 for the six months ended 2022.
Cash and Cash Equivalents: As of June 30,
2023, the Company had cash and cash equivalents of
S$10.44M ($7.72M). Over the course of the last six months,
the Company raised S$12.94M
($9.57M) gross proceeds from the
IPO.
R&D Expenses: The Company's research and development
expenses were S$811,319 ($599,955) and S$604,043 for the six months ended June 30, 2023, and 2022, respectively. This was
primarily due to the clinical progress achieved over the last six
months.
G&A Expenses: The Company's general and administrative
expenses were S$1.50M ($1.11M) and S$306,457 for the six months ended June 30, 2023, and 2022, respectively. The
increase was primarily driven by non-recurring IPO expenses and the
costs associated with being a public listed company.
Conference Call Information
The investment community may participate in the conference call
by tuning into the following webcast:
https://events.q4inc.com/attendee/974579749
About CytoMed Therapeutics Limited (CytoMed)
Incorporated in 2018, CytoMed was spun off from the Agency for
Science, Technology and Research (A*STAR), Singapore's leading research and development
agency in the public sector. It is a biopharmaceutical company
focused on harnessing its licensed proprietary technologies to
create novel cell-based immunotherapies for the treatment of human
cancers. The development of novel technologies has been inspired by
the clinical success of existing CAR-T therapies in treating
hematological malignancies, as well as the current clinical
limitations and commercial challenges in extrapolating the CAR-T
principle into treatment of solid tumors. For more information,
please visit www.cytomed.sg and follow us on Twitter @CytomedSG,on
LinkedIn, and Facebook
Forward Look Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's plans to develop and
commercialize its product candidates; the initiation, timing,
progress and results of the Company's current and future
pre-clinical studies and clinical trials and the Company's R&D
programs; the Company's expectations regarding the impact of the
ongoing COVID-19 pandemic on its business, the Company's industry
and the economy; the Company's estimates regarding expenses, future
revenue, capital requirements and needs for additional financing;
the Company's ability to successfully acquire or obtain licenses
for additional product candidates on reasonable terms; the
Company's ability to establish and maintain collaborations and/or
obtain additional funding and assumptions underlying or related to
any of the foregoing and other risks contained in reports filed by
the Company with the SEC. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward–looking statements to
reflect events or circumstances that arise after the date
hereof.
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SOURCE CytoMed Therapeutics Limited
