- Process for divestiture / partnering of legacy assets
continues
- Strong data from Bentrio® NASAR study reinforces its
therapeutic benefit for allergic rhinitis
- Case for Bentrio’s protective effect in viral infection
prophylaxis still intact
- Restructuring of FiveT convertible loan including
extension of maturity
Altamira Therapeutics Ltd. (Nasdaq:CYTO), a company dedicated to
developing therapeutics that address important unmet medical needs,
today provided a business update on its strategic repositioning and
important business developments.
Update on Legacy Assets Divestiture / Partnering Process
The Company remains committed to its primary corporate strategy
to focus exclusively on RNA delivery. As previously stated, its
discussions with major OTC consumer health companies to partner
Bentrio marketing and distribution for North America, Europe and
other key markets have moved into a decisive phase.
The strong interim results from the NASAR study in seasonal
allergic rhinitis, announced earlier this week, have further
bolstered the set of positive safety and efficacy data for Bentrio
in allergic rhinitis.
And while the COVAMID study may not have reached its primary
endpoint and results were not conclusive under the specific test
conditions, it is worth noting that treatment with Bentrio showed a
trend for faster and more pronounced reduction in nasal viral load
and symptoms than untreated controls. Further, the setting of the
COVAMID trial is much different from a situation where Bentrio is
applied prophylactically, i.e. preventing contact of inhaled
airborne viruses with the nasal mucosa. The Company has generated
positive data from multiple tests with Bentrio on cultured human
nasal epithelia cells exposed to various types of viruses,
including SARS-CoV2, influenza and human rhinovirus (common cold).
Preventive application clearly yielded the best outcomes, and
Bentrio is best used right before or while being exposed to
potentially harmful airborne particles – whether they are allergens
such as pollen or house dust mites or viruses.
Similarly, the Company is striving to sell or partner its other
legacy assets – inner ear therapeutics. Unfortunately, the agreed
upon sale of these assets to a European family office (the “Buyer”)
did not close as the Buyer was not able to secure financing. As the
Buyer remains interested in the transaction, discussions continue.
Concurrently, Altamira is pursuing a divestiture or partnering
transaction for the inner ear assets with other parties.
Enhancing the Company’s Financial
Flexibility
As timelines for the completion of the divestiture / partnering
process for the Company’s legacy assets have shifted, Altamira’s
Board of Directors has taken measures to enhance its financial
flexibility. The Company has agreed with FiveT Investment
Management Ltd. (“FiveT”) to restructure certain terms and
conditions of the CHF 5 million convertible loan which it had
granted to Altamira in February 2022. Under the newly amended terms
of the convertible loan agreement, the maturity is extended from
February 8, 2023 to March 15, 2023. In addition, if a private or
public offering of the Company’s common shares is implemented
before maturity, FiveT will convert a portion of the loan’s
principal amount and accrued interest into common shares and
pre-funded warrants and receive a partial repayment in cash. In
this context, the Company is calling a special general meeting of
its shareholders for February 17, 2023 to propose an increase in
the authorized share capital to accommodate its potential future
funding needs as well as the possible partial conversion of the
FiveT loan. A copy of the loan amendment has been filed with
the SEC on Form 6-K.
Changes to the Executive Management
Team With the beginning of 2023, there have
been several changes to Altamira’s Executive Management Team. As
previously announced, Covadonga Pañeda, Ph.D., was promoted from
Chief Development Officer to the new position of Chief Operating
Officer to lead and grow the Company’s RNA delivery business. In
this role, she is seconded by Samuel A. Wickline, MD, who was
recently appointed Chief Scientific Adviser (previously he served
as Chief Scientific Officer). Jean Lachance, Head of the OTC
Consumer Health Business Unit, has left the Company for family
reasons (moved abroad); his function has been assumed by Thomas
Meyer, CEO.
Comment
"Our positive outlook for 2023, and our transformation into a
pureplay RNA therapeutics company, remains unchanged even though
our timeline has shifted into the new year,” said Thomas Meyer,
Altamira’s founder, Chairman and CEO.
“We are excited about the prospects for our flagship RNA
programs AM-401 and AM-411, in KRAS-driven cancers and rheumatoid
arthritis, respectively, as well as the numerous additional
opportunities which our proprietary OligoPhore / SemaPhore delivery
platform offers. In the weeks and months ahead, we plan to update
investors with news of our ongoing research findings and
direction.”
About Altamira Therapeutics Altamira
Therapeutics (Nasdaq:CYTO) is dedicated to developing therapeutics
that address important unmet medical needs. The Company is
currently active in three areas: the development of RNA
therapeutics for extrahepatic therapeutic targets (OligoPhore™ /
SemaPhore™ platforms; preclinical), nasal sprays for protection
against airborne allergens and, where approved, viruses (Bentrio™;
commercial) or for the treatment of vertigo (AM-125; post Phase 2),
and the development of therapeutics for intratympanic treatment of
tinnitus or hearing loss (Keyzilen® and Sonsuvi®; Phase 3). Founded
in 2003, it is headquartered in Hamilton, Bermuda, with its main
operations in Basel, Switzerland. For more information,
visit: https://altamiratherapeutics.com/
Forward-Looking Statements This press release
may contain statements that constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements are statements other than historical facts and may
include statements that address future operating, financial or
business performance or Altamira Therapeutics' strategies or
expectations. In some cases, you can identify these statements by
forward-looking words such as "may", "might", "will", "should",
"expects", "plans", "anticipates", "believes", "estimates",
"predicts", "projects", "potential", "outlook" or "continue", or
the negative of these terms or other comparable terminology.
Forward-looking statements are based on management's current
expectations and beliefs and involve significant risks and
uncertainties that could cause actual results, developments and
business decisions to differ materially from those contemplated by
these statements. These risks and uncertainties include, but are
not limited to, the success of the continued commercialization of
Bentrio and success of strategic transactions, including licensing
or partnering, with respect to Bentrio or any other legacy assets,
Altamira Therapeutics' need for and ability to raise substantial
additional funding to continue the development of its product
candidates, the timing and conduct of clinical trials of Altamira
Therapeutics' product candidates, the clinical utility of Altamira
Therapeutics' product candidates, the timing or likelihood of
regulatory filings and approvals, Altamira Therapeutics'
intellectual property position and Altamira Therapeutics' financial
position, including the impact of any future acquisitions,
dispositions, partnerships, license transactions or changes to
Altamira Therapeutics' capital structure, including future
securities offerings. These risks and uncertainties also include,
but are not limited to, those described under the caption "Risk
Factors" in Altamira Therapeutics' Annual Report on Form 20-F for
the year ended December 31, 2021, and in Altamira Therapeutics'
other filings with the SEC, which are available free of charge on
the Securities Exchange Commission's website at: www.sec.gov .
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those indicated. All forward-looking
statements and all subsequent written and oral forward-looking
statements attributable to Altamira Therapeutics or to persons
acting on behalf of Altamira Therapeutics are expressly qualified
in their entirety by reference to these risks and uncertainties.
You should not place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date they are made,
and Altamira Therapeutics does not undertake any obligation to
update them in light of new information, future developments or
otherwise, except as may be required under applicable law.
Investors@altamiratherapeutics.com
800-460-0183
Altamira Therapeutics (NASDAQ:CYTO)
Historical Stock Chart
From Mar 2023 to Apr 2023
Altamira Therapeutics (NASDAQ:CYTO)
Historical Stock Chart
From Apr 2022 to Apr 2023
