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Satellos Bioscience Announces 2022 Year End Financial Results and Operational Highlights
Toronto, Ontario--(Newsfile Corp. - March 30, 2023) - Satellos Bioscience Inc. ( TSXV: MSCL ) ( O...
About this update from Satellos Bioscience Inc
[{"type":"text","content":"Satellos Bioscience Announces 2022 Year End Financial Results and Operational HighlightsToronto, Ontario--(Newsfile Corp. - March 30, 2023) - Satellos Bioscience Inc. (TSXV: MSCL) (OTCQB: MSCLF) (\"Satellos\" or the \"Company\"), a drug discovery company developing small molecule therapeutics to regenerate muscle as a new approach to treating disease conditions from muscular dystrophy to aging, announced today its financial results and operational highlights for the year ending December 31, 2022. All dollar amounts are expressed in Canadian currency unless otherwise noted.\"Satellos made considerable progress throughout 2022 and into the early stages of 2023. We continued to generate data which supports our vision of modifying stem cell polarity to reset the body's innate regeneration capacity as a potentially disease modifying treatment option for patients with Duchenne muscular dystrophy,\" said Frank Gleeson, President and CEO of Satellos. \"Building on the nomination of our lead candidate, SAT-3153, and results of our preclinical studies to date, we plan on advancing SAT-3153 through pre-clinical IND development during 2023 with the aim of preparing an IND filing and commencing clinical trials in early 2024.\"Program highlights for the year ended December 31, 2022, along with recent developments include:Duchenne muscular dystrophy (\"Duchenne\")Duchenne is an incurable genetic disease that affects an estimated 1 in 4,000 live male births per year, worldwide. There is no known cure for Duchenne and treatments to-date, which are largely palliative or partially effective, do not restore stem cell polarity and the innate regeneration capacity of the body.On March 15, 2022, Satellos announced it had discovered that muscle degeneration and loss of function in Duchenne is driven by perturbations in the way muscle stem cells divide, wherein a process known as cell \"polarity\" is defective. On the same day Satellos announced that it had invented three unique and proprietary chemical series or classes of small molecule compounds with the potential to modulate muscle stem cell polarity, from which it had designed and screened hundreds of novel drug candidates. On November 3, 2022, Satellos announced that the Company's scientists had created, prioritized and advanced novel small molecule drug candidates into further preclinical studies...