These are top 10 stocks traded on the Robinhood UK platform in July
TORONTO - Quantum BioPharma Ltd. (NASDAQ:QNTM) announced Tuesday that the first person with multiple sclerosis has been scanned in a joint study with Massachusetts General Hospital (MGH) to validate a novel PET imaging technique for monitoring myelin integrity in MS. The clinical-stage biotech company, with a market capitalization of $64 million, has seen its stock surge nearly 483% year-to-date, according to InvestingPro data.
The study is evaluating the PET tracer [18F]3F4AP, developed by Dr. Pedro Brugarolas of MGH and Harvard Medical School. The scan was performed on a newly installed GE Signa PET-MR scanner at MGH, which allows simultaneous acquisition of PET and MRI signals.
Previous studies in animals and humans showed the tracer to be highly sensitive to demyelinated lesions, suggesting potential as a biomarker to monitor responses to remyelinating or neuroprotective drugs in MS.
"We are learning more about the potential of this novel PET biomarker to directly visualize and measure demyelinated axons in the central nervous system," said Dr. Andrzej Chruscinski, Vice-President of Scientific and Clinical Affairs at Quantum BioPharma.
The imaging technique could potentially be used to measure the efficacy of drugs like Quantum’s investigational MS treatment, Lucid-21-302 (Lucid-MS), which aims to protect the myelin sheath.
Dr. Brugarolas, principal investigator of the study at MGH, noted that the combined PET/MR approach could "enhance MRI for monitoring demyelination" and potentially facilitate development of new MS treatments.
Quantum BioPharma is focused on developing treatments for neurodegenerative and metabolic disorders. Its lead compound, Lucid-MS, has shown ability to prevent and reverse myelin degradation in preclinical models. While the company maintains a moderate debt level with a debt-to-equity ratio of 0.22, InvestingPro analysis indicates the company is not yet profitable, with negative EBITDA of $16.8 million in the last twelve months. Get access to 10+ additional ProTips and comprehensive financial metrics by subscribing to InvestingPro.
The information is based on a company press release statement.
In other recent news, Quantum BioPharma Ltd. announced plans to declare a special dividend through Contingent Value Rights (CVRs) tied to its ongoing legal actions against financial institutions like CIBC World Markets and RBC Dominion Securities. The litigation seeks damages exceeding $700 million for alleged stock manipulation, and the CVRs will entitle shareholders to a percentage of any net proceeds recovered. Quantum BioPharma also clarified that rumors of a reverse takeover with Unbuzzd Wellness Inc. are unfounded, although it holds a 20.11% stake in the company and is entitled to royalty payments from its revenues. Additionally, Quantum BioPharma has engaged MNP LLP to audit its financial statements in preparation for a potential initial public offering (IPO), following the resignation of its previous auditor. The company has also chosen BitGo Trust Company for the secure custody of its cryptocurrency holdings. In its drug development efforts, Quantum BioPharma is advancing its multiple sclerosis treatment, Lucid-21-302, towards a Phase 2 clinical trial, with plans to submit an Investigational New Drug application to the FDA. These developments highlight Quantum BioPharma’s ongoing strategies in litigation, investment, financial management, and pharmaceutical research.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.