A Look at Small Pharma’s Year-End Highlights - bdsthanhhoavn.com

A Look at Small Pharma’s Year-End Highlights

 

With market conditions making 2022 a dangerous year for smaller-cap companies, it’s important to stay on top of company updates and financial results.

Of course, it’s the promising pipelines and experienced teams that will eventually get products to market, but until we get out of these murky market waters it’s unfortunately cash reserves that are going to be the primary focus of most company reviews.

Which is why Small Pharma stands out among mid-tier firms in the space. Its approx $40 million in cash gives it a burn rate of approximately 2 years, putting it up there with some of the healthier and cash-comfortable players in the sector. Combine this with a unique DMT trial currently in Phase 2a for major depressive disorder and we have a company worth keeping an eye on.

See below for Small Pharma’s fiscal year-end highlights, and stay tuned to Microdose for more analysis.

 

Interested in more like this? See A Deeper Look at DMT Trials & Studies  and Small Pharma On a Roll With Price Surge and Major Milestones

 

June 09, 2022 17:10 ET | Source: Small Pharma Inc.

Reporting its financial results and continued progress across short-acting psychedelics portfolio

Executive team and IP position strengthened

LONDON, June 09, 2022 (GLOBE NEWSWIRE) — Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF) (the “Company” or “Small Pharma”), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, has today published its financial results for the fiscal year ended February 28, 2022. A complete copy of the audited consolidated financial statements prepared in accordance with International Financial Reporting Standards and the corresponding management’s discussion and analysis can be found under the Company’s profile on SEDAR at www.sedar.com. Unless otherwise indicated, all currency references are in Canadian dollars.

Financial Highlights

  • Cash on hand as of February 28, 2022 of $40.7 million.
  • Cash used in operating activities of $16.2 million for the 12 months ended February 28, 2022.
  • Operating expenses for the 12 months ended February 28, 2022 were $18.1 million.

Business Highlights (including post-period events):

Ultra Short-acting Psychedelic Program: SPL026

  • The Company’s lead program, SPL026 intravenous (“IV”) N,N-dimethyltryptamine (“DMT”) assisted psychotherapy in major depressive disorder (“MDD”), is in the Phase IIa part of the Phase I/IIa clinical trial, with completion of patient dosing expected in coming months.
  • Drug interaction patient study expected to commence in H2 2022, assessing the impact of selective serotonin reuptake inhibitors (“SSRIs”) on the safety, tolerability, pharmacokinetics and pharmacodynamics of SPL026 with psychotherapy.
  • Preparation is continuing for the international multi-site Phase IIb clinical trial, with further scientific advice requested from the United States Food and Drug Administration (the “FDA”), the UK Medicines and Healthcare products Regulatory Agency (the “MHRA”) and the European Medicines Agency (the “EMA”). A centralized Contract Research Organization to support the execution of the study has been selected.

Short-acting Psychedelic Programs

  • SPL026 IM preclinical program has been completed. Phase I study is currently planned for H2 2022 to compare the treatment profile of intramuscular (“IM”) and IV modes of administration.
  • SPL028, the Company’s deuterated DMT-assisted psychotherapy program was initiated with positive preclinical data of IM and IV formulations of SPL028. A Phase I clinical trial is planned for H2 2022.

Intellectual Property

  • Continued to build upon its existing patent portfolio to a total of six granted patents (including two new Composition of Matter patents) and 74 patent applications pending across the Company’s psychedelic and non-psychedelic portfolio.

Strengthening of Executive Team

  • Appointment of Dr. Alastair Riddell as Chief Operating Officer and Ms. Marie Layzell as Chief Manufacturing and Development Officer to support the growing pipeline of molecules as they progress into and through clinical trials.

Peter Rands, Chief Executive Officer of Small Pharma, said: “With depression cases on the rise globally and current antidepressants failing so many, there is a growing sense of urgency to develop entirely novel treatment approaches. This is the reason why the Company is taking a radically different approach to mental health treatment, but one that can be embedded into the current clinical setting. Short-acting psychedelics such as DMT may offer a practical and convenient treatment for patients, clinicians and health systems, and importantly one that has the potential to scale. As we advance our short-acting and ultra-short acting psychedelic programs, and with efficacy data for our lead DMT program on the horizon, it is an exciting time for the whole class of short-acting psychedelics.”

Option Grants

The board of directors of the Company has granted options to purchase up to an aggregate of 6,300,000 common shares in the capital of the Company (the “Common Shares”) to certain directors and officers of the Company pursuant to the Company’s stock option plan. Each option is exercisable for one Common Share at a price equal to the greater of (i) $0.16 per Common Share; and (ii) the closing price of the Common Shares on Friday, June 10, 2022, being the first trading day after the release of the Company’s financial results. The options are exercisable for a period of ten years and are subject to certain vesting requirements.

About Small Pharma

Small Pharma is a biotechnology company progressing a pipeline of short-acting psychedelics with therapy for the treatment of mental health conditions, with a current focus on depression. Small Pharma initiated a clinical program into DMT-assisted psychotherapy in February 2021. This program includes a Phase I/IIa trial on the Company’s lead candidate alongside the development of a robust pipeline of proprietary preclinical assets.

About DMT

DMT is a naturally occurring psychedelic tryptamine found in plants and in the brain of mammals. Scientific evidence suggests DMT offers the potential for rapid-acting and long-lasting antidepressant effects. DMT is differentiated by its short psychedelic experience (< 30 mins), which allows for short treatment sessions and offers the potential for convenient supervised treatments within patient clinics. Small Pharma is advancing a pipeline of DMT-based therapies and is leading the most advanced clinical trial in commercial development for DMT-assisted psychotherapy in MDD.

For further information contact:

Small Pharma Inc.

Peter Rands

Chief Executive Officer

Email: [email protected]

Tel: +44 (0)20 7112 9118

Investor Relations Contacts:

Eric Ribner

LifeSci Advisors

Email: [email protected]

Tel: +1 (646)-889-1200

Kristi Papanikolaw

KCSA Strategic Communications

Email: [email protected]

Tel: +1 (212) 682-6300

Media Relations Contacts:

USA

McKenna Miller

KCSA Strategic Communications

Email: [email protected]

Tel: +1 (949) 949-6585

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