Wednesday, 14 November 2012

Medgenics reflects on a quarter of significant progress

Third quarter results from Medgenics (LON:MEDG, AMEX:MDGN) reflect a period of huge progress in which its two main treatments have passed key milestones.
Its scientists are developing the BIOPUMP system that uses the body’s own tissue to deliver drugs in a sustained longer acting way.
It is the platform INFRADURE, to treat hepatitis C, which has received the green light from the Israeli authorities to proceed into phase I/II clinical studies assessing safety and efficacy.
The group has also enrolled its first patients for a phase IIa study on EPODURE, an anemia treatment that also uses the biopump.
"We are in the process of performing a comprehensive pipeline review to assess clinical applications we believe could benefit from our versatile Biopump platform and to update our list of targeted indications that will maximise our business development prospects," said chief executive Andrew Pearlman.
Medgenics reported a US$100,000 rise in research and development expenditure in the three months to September 30, which contributed to a net loss of just over US$3 million.
More importantly for a drug developer at this stage of its evolution it is well financed with US$9 million of cash as at the period end.

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