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NEWPORT BEACH, Calif. – Northstrive Biosciences Inc., a subsidiary of PMGC Holdings Inc. (NASDAQ: ELAB), currently valued at $1.61 million in market capitalization, has filed four new patent applications aimed at treating muscle loss in obese patients and promoting muscle growth in animals. According to InvestingPro data, the company maintains a healthy current ratio of 3.36, indicating strong short-term liquidity despite challenging market conditions. The patent filings announced today include treatments using the candidates EL-22 and EL-32, both as standalone therapies and in combination with GLP-1 receptor agonists.
The patents encompass a range of uses, with one application for EL-22 targeting muscle growth in animals and others for EL-32 addressing muscle loss due to obesity treatments, both as a monotherapy and in combination with GLP-1 receptor agonists. Additionally, an application for EL-32 as an animal feed additive was filed.
Deniel Mero, Co-Founder of Northstrive, stated that these applications are a step toward expanding the company’s engineered probiotic platform, which has potential applications in both human obesity care and animal health. Northstrive’s portfolio now includes eight patent applications and five issued patents, providing coverage in key markets such as the USA, Japan, China, and Korea.
The company’s lead asset, EL-22, utilizes an engineered probiotic approach to preserve muscle mass during weight loss treatments. Mero expressed confidence in the potential of EL-22 and EL-32 to transform the standard of care for obesity and to establish a presence in the animal health market. Trading at just 0.24 times book value, InvestingPro analysis suggests the stock may be undervalued despite reporting negative EBITDA of $3.44 million in the last twelve months.
PMGC Holdings Inc., the parent company, is a diversified holding company that manages a portfolio of subsidiaries, including Northstrive Biosciences Inc., through strategic acquisitions, investments, and development.
The press release also contains forward-looking statements, cautioning that actual results may differ materially from those anticipated. It emphasizes that these statements are based on current beliefs and expectations and are subject to risks and uncertainties. These risks are reflected in the company’s stock performance, which has declined nearly 100% over the past year. InvestingPro subscribers have access to 16 additional key insights and detailed financial metrics to better assess investment risks and opportunities in ELAB and similar stocks.
This news is based on a press release statement and reflects the company’s latest strategic moves to protect its intellectual property and support its mission in the biopharmaceutical industry.
In other recent news, PMGC Holdings Inc. announced a registered direct offering expected to generate approximately $1.48 million in gross proceeds through the sale of common stock. The company also executed a modest share repurchase, buying back a small number of shares from two shareholders, totaling around $52. Additionally, PMGC Holdings disclosed that it remains open to further repurchases based on market conditions, although no formal program is currently in place. Northstrive Biosciences Inc., a subsidiary of PMGC, has scheduled a pre-Investigational New Drug meeting with the FDA to discuss EL-22, a treatment aimed at preserving muscle mass during weight loss therapies. This meeting is a step toward filing an IND application and beginning clinical trials for EL-22. In collaboration news, Northstrive has partnered with Yuva Biosciences to develop treatments targeting cardiometabolic conditions, using Yuva’s AI-powered MitoNova platform. This partnership involves milestone payments and royalties on any resulting therapeutic products. These developments highlight PMGC Holdings’ ongoing strategic activities in financial operations and pharmaceutical advancements.
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