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Thiogenesis Therapeutics Reports on Full Year 2022 Financial Results and Provides Corporate Update
San Diego, California--(Newsfile Corp. - May 10, 2023) - Thiogenesis Therapeutics Corp. (TSXV: T...
About this update from Thiogenesis Therapeutics Corp
[{"type":"text","content":"Thiogenesis Therapeutics Reports on Full Year 2022 Financial Results and Provides Corporate UpdateSan Diego, California--(Newsfile Corp. - May 10, 2023) - Thiogenesis Therapeutics Corp. (TSXV: TTI) (\"Thiogenesis\" or the \"Company\") a clinical-stage biotechnology company developing thiol-active compounds for unmet pediatric diseases, today reports on full year 2022 financial results and provides a corporate update.Patrice Rioux, M.D., Ph.D., Thiogenesis' founder and Chief Executive Officer stated, \"We are pleased to report on a very eventful 2022, including: completing a going public transaction through a reverse takeover leading to the listing of our shares on the TSX Venture Exchange (\"TSXV\"), a successful human safety and pharmacokinetic trial for TTI-0102, and an over-subscribed secondary financing.\" Dr Rioux continued, \"We also wish to provide an update on our activities as we drive towards our first human efficacy clinical trial in mitochondrial disease and additional corporate activities.\"Key Corporate Highlights and UpdatesMarch 2022: The Company completed its Qualifying Transaction on the TSXV through a reverse takeover by Thiogenesis Therapeutics, Inc., a U.S. Delaware private company, leading to the listing of our shares on TSXV on April 13, 2022.In a concurrent financing with the Qualifying Transaction, Thiogenesis raised CDN$3.5 million at CDN$0.35 per share.May 2022: Thiogenesis announced results from its initial TTI-0102 Phase 1, open label, dose-escalation, safety, and pharmacokinetics clinical trial on 12 healthy volunteers. The results from the clinical trial successfully demonstrated that TTI-0102, a prodrug, could be dosed up to 4x the cysteamine dose-equivalent that is used in the treatment of [nephropathic] cystinosis and still be well-tolerated with only mild side effects. The clinical trial also showed that minimum therapeutic levels associated with cystinosis were maintained for up to 24 hours, offering the potential to be dosed once-a-day. These positive results, indicate TTI-0102's potential to address the issues facing cysteamine and other thiol-based drugs, including their short half-life and serious gastrointestinal side effects.November 2022: Thiogenesis completed an oversubscribed secondary financing, raising CDN$5.3 million gross in a non-brokered private placement at CDN$0.50 per share.Q...