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(via TheNewswire)
Winnipeg – TheNewswire - August 28, 2024. Cytophage Technologies Ltd. (TSXV:CYTO) (“Cytophage” or the “Company”), the only publicly traded phage company that is focused on bacteriophage solutions for both animal health and human health, today announced the filing of its financial results for the second quarter (Q2) ended June 30, 2024. The financial statements and the accompanying Management Discussion and Analysis are accessible under the Company’s profile at sedarplus.com.
Q2 2024 Business Highlights
Cytophage moved into its new 20,000 sq ft RD and production facility that includes state-of-the-art labs and manufacturing. A Grand Opening for the new global headquarters is expected to take place in the fall. The Company anticipates that, once established, this will be one of the premier phage manufacturing centres in North America capable of developing a wide variety of phage therapies for both animal and human health sectors.
Development and testing of lyophilized tablets advanced to a final stage in the second quarter. These freeze-dried/stabilized tablets represent a simplified application option for bacteriophages that can treat multiple types of bacteria such as E. coli and Salmonella throughout the lifecycle of a chicken. Cytophage believes the lyophilized tablet solution is a unique and innovative product, offering increased flexibility, stability and application versatility that has the potential to radically transform phage delivery within the poultry industry.
Cytophage signed a Letter of Intent with a leading Pan-Asian industrial agrifood company headquartered in Singapore. The LOI outlines a collaboration pathway between Cytophage and this company that operates in six countries and derives approximately 80% of its multi-billion-dollar revenue from poultry operations. Cytophage products could be used to improve production numbers by decreasing bacterial loads throughout the lifecycle of chickens. Trials are expected to commence in Q4 of 2024 (see press release June 20, 2024).
Cytophage received updates on the bacteriophage human trial at The Ottawa Hospital where Cytophage bacteriophages were used to treat a patient with an antibiotic resistant prosthetic joint infection. The patient had previously undergone 10+ surgeries and was facing a potential leg amputation at the waist. The condition of the patient steadily improved after several weeks of treatment with Cytophage phages (see press release April 2, 2024). With the success of this trial established, Cytophage looks to provide phages for a second patient suffering from a drug-resistant prosthetic joint infection in the fall.
Cytophage held its first Annual General Meeting where all resolutions passed with the approval of the shareholders. New board member Mr. Michael Sorkin was elected to join the board (see press release June 27, 2024).
Cytophage CEO Dr. Steven Theriault commented: “Cytophage’s second quarter saw the expansion of our commercialization efforts, specifically with respect to phage products for poultry producers in the Asian markets, where we expect to begin trials later this year. While the animal health sector remains our focus for commercial advancements, we are strongly encouraged by the results of the human trial at The Ottawa Hospital. As we continue to observe the recovery progress of the patient that was treated with our bacteriophages, we believe that the positive results could pave the way for further such single subject clinical trials very soon.”
Q2 2024 Financial Highlights
Cash and cash equivalents balance, as of June 30, 2024, was $3.654 million, compared to $5.567 million as of March 31, 2024. During Q2 2024, the Company’s incurred scheduled expenditures and investments related to the build-out of its new facility, including leasehold improvements and laboratory and manufacturing set-up. As of June 30th 2024, Cytophage has largely completed the majority of spending associated with its new facility. The Company is focused on closely managing its expenditures and cash resources, while also pursuing additional non-dilutive funding sources.
Operating expenses, as of the three-month ended June 3, 2024 were approximately $1.297 million compared to $1.369 million for the period ended June 30, 2023.
Net loss was $1.246 million for the second quarter of 2024, compared to $1.158 million for the second quarter of 2023.
For further information please contact:
Heather Medwick
Chief Operating Officer
431 388 8873
Cytophage Investor Alerts: https://cytophage.com/subscribe/
About Cytophage Technologies
Cytophage Technologies (TSXV:CYTO) is a pioneering biotechnology company dedicated to bacteriophage research, product development and commercialization. Committed to addressing the global challenge of antibiotic resistance, Cytophage advances innovative products that harness the power of bacteriophages to combat bacterial infections affecting human health, animal health, and food security.
Cautionary Statement on Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cytophage to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in Cytophage’s Filing Statement dated January 30, 2024, which is available for view on SEDAR+ at www.sedarplus.ca. These risks include but are not limited to, the risks associated with the bacteriophage industry, such as operational risks in development or capital expenditures, the uncertainty of extensive regulatory approval requirements, government regulations, protection of intellectual property, product liability and rapid technological advancements. Forward-looking statements contained herein are made as of the date of this press release, and Cytophage disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
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