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TSXV:MDCX
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IPO in U.S. Provides Additional Funding & Common Stock that Trades on Nasdaq
On November 14, 2024, Medicus Pharma Ltd. (TSXV:MDCX) closed an IPO (Initial Public Offering) in the United States. Gross proceeds from the IPO were approximately US$4.0 million and consisted of 970,000 Units at a price of US$4.125 per Unit. Each Unit is comprised of 1 common share & one 5-year warrant exercisable at US$4.64 per share. The stock issued as part of the IPO trades under the same ticker in the U.S. (Nasdaq) as in Canada (TSXV), namely MDCX. The warrants are trading under the ticker MDCXW.
Net proceeds from the IPO will help fund the Phase 2 proof of concept clinical trial for treatment of basal cell carcinoma using its doxorubicin tip loaded Dissolvable Microneedle Array SkinJect transdermal skin patch. Some of the net proceeds may be used to extend the Phase 2 trial to a pivotal trial and/or to expand to clinical trials covering other non-melanoma skin diseases. We estimate that the net proceeds from the IPO to be approximately US$3.64 million. Maxim Group LLC acted as the manager and Brookline Capital Markets (a division of Arcadia Securities, LLC) acted as co-manager.
In connection with the IPO, Medicus Pharma consolidated its common shares on a 2-to-1 basis on October 28th.
New Chief Medical Officer Appointed
On November 18, 2024, Dr. Faisal Mehmud, MD, was appointed Chief Medical Officer. Dr. Mehmud has had senior roles at several pharmaceutical companies, including Sanofi, Novartis, Bristol Myers Squibb, Pfizer and GlaxoSmithKline. Dr. Mehmud has a successful track record of advancing drugs in later phases in a variety of therapeutic areas, particularly in developing partnerships and interacting with regulators. Dr. Edward Brennan, MD, has been promoted to Chief Scientific Officer & Head of R&D Program.
Latest News on Phase 2 Clinical Trial (SKNJCT-003)
The goal of the SKNJCT-003 Phase 2 clinical trial is to study the effectiveness of two different strengths of D-MNA (100μg and 200μg of doxorubicin hydrochloride) compared to placebo for the treatment of nodular basal cell skin cancer. The protocol is for a randomized, double-blinded, placebo-controlled clinical study with up to 60 patients with nodular BCC of the skin being enrolled at one of six (6) trial locations in the U.S.
The identified target lesion will be treated with a SkinJect patch once a week for three weeks. Then, after two weeks, the target lesion will be excised. An interim analysis is planned after about 28 subjects have completed the excision visit, which could potentially occur late in the fourth quarter of 2024. The SKNJCT-003 protocol follows the FDA guidelines for fast-tracking the approval process with its AI-powered protocol supported by confocal microscopy.