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CytoMed Therapeutics Reports First Half 2023 Financial Report and Provides Corporate Update
Conference call webcast is scheduled for November 22 at 9 a.m. ET. SINGAPORE, Nov. 17, 2023 /PRNewswire/ -- CytoMed Therapeutics Limited (NASDAQ: GDTC)
About this update from Cytomed Therapeutics Limited
[{"type":"text","content":"Conference call webcast is scheduled for November 22 at 9 a.m. ET.\nSINGAPORE, 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. \n\n \n \n \n \n \n \n\n \n\"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.\"\nClinical Updates\nIn 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.\nAs 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.\nFinancial Results for the Six Months Ended June 30, 2023\nNet 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.\nCash 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.\nR&D Expenses: The Company's research and development expenses were S$811,...