Oslo (Norway), 14 February 2024 - PCI Biotech (OSE: PCIB), today announces its interim second half 2023 results. Please find enclosed the interim report and presentation.
Highlights review
Operations
The use of fimaNAc in gene therapy manufacturing has since its inception in 2022 generated results supporting the notion of applying photochemical methods to increase yield and reduce impurities in bioprocessing, specifically viral vector manufacturing.
The most recently reported 2023 milestone was initiation of field testing in Q4 with an international life science group that provides a range of products and services to the biopharmaceutical industry. The results from this field testing warrant further development of the technology.
To fully focus resources on development of an enabling technology for gene therapy manufacturing, further development of fimaNAc in dermatology is limited to be pursued by collaborations.
Corporate
The cash position of NOK 41.2 million is estimated to support operations into 2025 with current plans.
Ronny Skuggedal, CEO of PCI Biotech, comments: "We have in 2024 received encouraging external feedback from early-stage field testing, applying our novel photochemical technology in viral vector manufacturing. This is considered a green light for further development of our platform, as it confirms the technology's potential to increase yield and reduce impurities in viral vector production. Focus for 2024 is scaling the technology further towards processes that are more representative for commercial manufacturing."
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A live webcast in Norwegian will be held today, 14 February 2024, at 08:30am - 09:30am CET (local time).
The presentation can be followed as a live webcast, accessed through the link https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240214_7 or the company's website under "Investors - Reports and presentations - Webcasts".
There will be a Q&A session at the end of the presentation and it will be possible to post written questions through the webcast console.
The interim report and the presentation will also be available on www.newsweb.no and on the company's webpage, www.pcibiotech.com from 07:00am (CET) today.
For further information, please contact:
Ronny Skuggedal, CEO / CFO
Email: rs@pcibiotech.no
Mobile: +47 9400 5757
About PCI Biotech
PCI Biotech is a biopharmaceutical company focusing on development and commercialiastion of novel therapies and new technologies through its innovative photochemical technology platform. The platform is under development in two different areas. (1) Photochemical internalisation (PCI), inducing light-triggered endosomal release, which may unlock the potential of a wide array of modalities. (2) Photochemical lysis (PCL), inducing selective light-triggered cell lysis, which may enhance yield and purity in viral vector manufacturing.
These platform technologies are employed in two distinct programmes. The fimaNAc programme is focused on selected applications within bioprocessing and dermatology that are well suited to the specific strengths of the platform technology. The fimaVacc programme aims to enhance intratumoural immunotherapy by triggered endosomal release of antigens or nucleic acids encoding antigens, or immunostimulatory factors. For further information, please visit: www.pcibiotech.com.
Contact information: PCI Biotech Holding ASA, Ullernchausséen 64, N-0379 Oslo
Forward-looking statements
This announcement may contain forward-looking statements, which as such are not historical facts, but are based upon various assumptions, many of which are based, in turn, upon further assumptions. These assumptions are inherently subject to significant known and unknown risks, uncertainties and other important factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements. PCI Biotech disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Ronny Skuggedal, CEO, PCI Biotech Holding ASA, on February 14, 2024 at 07:00 CET.
