Five things to watch in markets in the week ahead
TORONTO - Quantum BioPharma Ltd. (NASDAQ:QNTM), a clinical-stage biotech company with a market capitalization of $63.5 million, announced Wednesday the appointment of Dr. Jack Antel as a clinical advisor to its multiple sclerosis program focused on Lucid-21-302, an investigational drug designed to inhibit demyelination in MS. The company’s stock has shown remarkable momentum, gaining over 345% year-to-date according to InvestingPro data.
Dr. Antel, a professor of neurology at McGill University and former chairman of its Department of Neurology and Neurosurgery, will advise on the clinical development of Lucid-MS, including the design of efficacy trials in MS patients. This appointment comes at a crucial time as the company approaches its next earnings release, scheduled for November 6, according to InvestingPro data.
With over 450 scientific journal publications, Dr. Antel has previously served as chairman of the Medical Advisory Board of the Multiple Sclerosis Society of Canada, president of the International Society of Neuroimmunology, and president of ACTRIMS. He was also the National Scientific Director of the endMS Research and Training Network from 2007-2015.
Dr. Antel will work alongside Dr. Peter Stys, a professor of neurosciences at the University of Calgary who will continue as a clinical advisor to the company.
"He brings a wealth of knowledge on MS that will be instrumental in advancing Lucid-MS into a Phase 2 clinical trial looking for an efficacy signal in people with MS," said Dr. Andrzej Chruscinski, Vice-President of Scientific and Clinical Affairs at Quantum Biopharma, in the press release.
Quantum BioPharma’s lead compound, Lucid-MS, is a patented new chemical entity that has shown promise in preventing and reversing myelin degradation in preclinical models, addressing the underlying mechanism of multiple sclerosis.
The company focuses on developing treatments for neurodegenerative and metabolic disorders through its wholly owned subsidiary, Lucid Psycheceuticals Inc. While operating with moderate debt levels, InvestingPro analysis indicates the company faces near-term financial challenges with short-term obligations exceeding liquid assets. InvestingPro subscribers have access to 8 additional key insights about QNTM’s financial health and growth prospects.
In other recent news, Quantum BioPharma Ltd. announced that its shareholders approved all resolutions during the company’s annual general and special meeting. This includes the approval for a private placement of class A multiple voting shares, aiming to raise gross proceeds of up to $600. Quantum BioPharma also received a product license from Health Canada for its natural health product, Qlarity, allowing the company to sell it in Canada. Additionally, Quantum BioPharma’s subsidiary, Huge Biopharma Australia, signed an agreement to produce an oral formulation of Lucid-MS for an upcoming Phase 2 clinical trial focused on multiple sclerosis.
In collaboration with Massachusetts General Hospital, Quantum BioPharma is evaluating a PET tracer that has shown promise in detecting differences in MS lesions, which conventional MRI may not reveal. These developments highlight Quantum BioPharma’s ongoing efforts in advancing its product offerings and research initiatives.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.