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PHILADELPHIA - Medicus Pharma Ltd. (NASDAQ: MDCX), a biotech company with a market capitalization of $46.32 million and showing strong momentum with a 65.84% year-to-date return according to InvestingPro, has announced its submission of a clinical trial design to the UAE Department of Health for a non-invasive treatment of basal cell carcinoma (BCC), the most common form of skin cancer. The trial, named SKNJCT-004, will be a randomized, double-blind, placebo-controlled study involving 36 patients across four clinical sites in the United Arab Emirates.
The study will test the efficacy of two dosage levels of the investigational product D-MNA against a placebo. The higher dosage of 200µg D-MNA aligns with the maximum used in the company’s Phase 1 safety study completed on March 2021, which reported no serious adverse events and showed complete response in six participants with the nodular subtype of BCC. Analysts tracking the company maintain optimistic price targets ranging from $5.61 to $10 per share, significantly above its current trading price of $4.03.
In addition to the UAE study, Medicus is conducting a Phase 2 clinical trial, SKNJCT-003, in the United States, with over half of the expected 60 patients already randomized. The company anticipates completing an interim data analysis of this trial before the end of Q1 2025 and plans to seek a Type C meeting with the FDA in Q2 2025 to discuss potential fast-tracking of the clinical development program.
The executive chairman and CEO of Medicus, Dr. Raza Bokhari, emphasized the significance of the UAE study for the company’s global clinical development strategy and highlighted UAE’s growing influence in pharmaceutical R&D.
Medicus Pharma is focused on developing non-invasive therapies for skin cancer, utilizing a patented microneedle patch technology to deliver chemotherapeutic agents directly to tumor cells. The company’s approach aims to provide a first-in-class and best-in-class treatment option for BCC patients.
This news is based on a press release statement from Medicus Pharma Ltd.
In other recent news, Medicus Pharma Ltd. has entered into a Standby Equity Purchase Agreement with YA II PN, LTD, allowing the company to sell up to $15 million in common shares over a 36-month period. This agreement is contingent on a registration statement with the SEC and its subsequent effectiveness. Additionally, Medicus Pharma announced its decision to voluntarily delist from the TSX Venture Exchange, focusing its trading activities on Nasdaq due to higher trading volumes. Meanwhile, the company’s subsidiary, SkinJect Inc., is advancing its clinical development of a non-invasive treatment for basal cell skin cancer, with promising results from a completed Phase 1 study and ongoing recruitment for a Phase 2 trial. In another development, Brookline Capital Markets has initiated coverage of Medicus Pharma with a Buy rating and a price target of $12.00, citing the potential of the company’s innovative skin cancer treatment. The analyst at Brookline highlighted the significant unmet need for an efficacious and easily administered treatment for basal cell carcinoma. These developments reflect the company’s strategic moves and ongoing progress in its clinical trials.
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