NEW YORK, May 11, 2021 /PRNewswire/ -- AIkido Pharma Inc.
(Nasdaq: AIKI) ("AIkido" or the "Company") reported financial
results for the first quarter ended March
31, 2021 and provided a corporate update.
Anthony Hayes, CEO of AIkido
Pharma, stated, "With testing data expected in this current
quarter, we are excited about the results and the advancement of
our technologies. Additionally, we remain on track with our
pipeline and look forward to additional key milestones throughout
the remainder of this year. We continue to make progress with our
anti-viral platform with new compounds being tested against
influenza virus and testing on SARS-CoV-2. Furthermore, our
partnerships with leading academia continues to allow us to pursue
pipeline expansion opportunities in emerging and high growth
technologies. Bolstered with the Company's strongest balance sheet
in its history, we are well positioned to capitalize on both near
and longer-term opportunities, as well as strategic initiatives
focused on enhancing shareholder value."
The Company's balance sheet
is the strongest in its history to support its investigative and
preclinical work as well as pursue strategic investment
opportunities as they arise. With approximately $102
million in cash and cash equivalents on March 31, 2021, and approximately 89.5 million
shares outstanding, the Company's cash per share equates to
approximately $1.15 per share. The
Company has extended its runway for further investment in drug
development while continuing to maintain its commitment to a low
cash burn with utilized cash from operations in 2020 of just
over $4.0 million and just over $1.2
million in Q1 2021. Additionally, the Company recently
withdrew its registration statement and has ample capital to fund
research activities that are currently underway and selectively
pursue additional emerging opportunities that it is actively
Drug Research and Development
Convergent Therapeutics, Inc. - In January of this year,
the Company acquired an interest in Convergent Therapeutics, Inc.,
which is working to develop technology related to next-generation
dual-action peptide receptor radionuclide therapy ("PRRT") for
prostate cancer, covered by multiple issued and pending U.S.
patents. This exciting therapy is currently in advanced human
trials relating to prostate cancer treatments utilizing PRRT that
targets the prostate-specific membrane antigen ("PSMA") present on
prostate cancer cells. The technology was developed under the
direction of Dr. Neil Bander, Professor of Urologic Oncology at
Weill Cornell Medicine.
Psychedelic Psychotherapy and Trauma Research - The
Company is sponsoring psychedelic research at the Mount Sinai
Center for Psychedelic Psychotherapy and Trauma Research to help
veterans who are suffering from post-traumatic stress disorder
(PTSD) and other trauma-related symptoms. The Center will conduct
clinical trials to identify biomarkers that predict and correlate
with positive treatment outcomes by analyzing blood samples and
performing neuroimaging tests before and after therapy.
Applications in the treatment of PTSD represent a tremendous
opportunity with nearly nine million people in the U.S. struggling
with the disorder annually.
Silo Pharma, Inc. - The Company's exclusive patent
license agreement with Silo Pharma, Inc. ("Silo Pharma") for
technology that covers the use of psilocybin for cancer patients
provides the Company with the opportunity to explore an emerging
and expanding treatment for neuroinflammation, which is frequently
associated with cancer, and other cancer-related neurological
side-effects. The technology is covered by four patent applications
already on file with the United States Patent and Trademark
Anti-viral Platform - The Company's broad spectrum
anti-viral platform has shown progress in optimizing drugs for the
treatment of influenza, COVID-19, Ebola, and other viral
infections. The initial two lead compounds have been optimized
using computer assisted learning through two rounds of chemical
modifications to achieve drug-like properties required to move the
compounds into animal testing. In addition, a third lead compound
has been identified and will be subjected to computer assisted
optimization. These new compounds are being tested against
influenza virus with testing on SARS-CoV-2 expected in the near
future. Subsequently, the top analogs from each series of lead
compounds will be selected for tests of their anti-viral effects in
a SARS-CoV-2 mouse model.
About AIkido Pharma Inc.
AIkido Pharma Inc. was
initially formed in 1967 and is a biotechnology Company with a
diverse portfolio of small-molecule anti-cancer therapeutics.
The Company's platform consists of patented technology from leading
universities and researchers, and we are currently in the process
of developing an innovative therapeutic drug platform through
strong partnerships with world renowned educational institutions,
including The University of Texas at
Austin and University
of Maryland at Baltimore. Our diverse pipeline of
therapeutics includes therapies for pancreatic cancer and prostate
cancer. We are constantly seeking to grow our pipeline to treat
unmet medical needs in oncology. The Company is also
developing a broad-spectrum antiviral platform that may potentially
inhibit replication of multiple viruses including Influenza virus,
SARS-CoV (coronavirus), MERS-CoV, Ebolavirus and Marburg virus.
Certain statements in this
press release constitute "forward-looking statements" within the
meaning of the federal securities laws. Words such as "may,"
"might," "will," "should," "believe," "expect," "anticipate,"
"estimate," "continue," "predict," "forecast," "project," "plan,"
"intend" or similar expressions, or statements regarding intent,
belief, or current expectations, are forward-looking statements.
While the Company believes these forward-looking statements are
reasonable, undue reliance should not be placed on any such
forward-looking statements, which are based on information
available to us on the date of this release. These forward-looking
statements are based upon current estimates and assumptions and are
subject to various risks and uncertainties, including without
limitation those set forth in the Company's filings with the SEC,
not limited to Risk Factors relating to its business contained
therein. Thus, actual results could be materially different. The
Company expressly disclaims any obligation to update or alter
statements whether as a result of new information, future events or
otherwise, except as required by law.
Brett Maas ,
AIkido Pharma Inc.:
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SOURCE AIkido Pharma Inc.