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NEWPORT BEACH, Calif. - Northstrive Biosciences Inc., a subsidiary of PMGC Holdings Inc. (NASDAQ:ELAB), announced Thursday the completion of Phase II of its AI Development Program with partner Yuva Biosciences. According to InvestingPro data, PMGC Holdings maintains a strong liquidity position with a current ratio of 22.38, though the company faces significant cash burn challenges.
During this phase, Yuva Biosciences delivered a shortlist of small molecule candidates that could potentially promote mitochondrial health to combat obesity and cardiac diseases, according to a company press release.
The candidates were selected through Yuva’s proprietary MitoNova artificial intelligence platform, which screened compounds from 12 curated libraries focused on obesity, cardiometabolic disorders, and lipid and glucose metabolism.
The AI platform evaluated the compounds’ predicted impact on a specific target involved in muscle preservation and metabolic health, resulting in a shortlist ready for biological validation in laboratory testing.
Northstrive will now review these compounds to determine their potential for advancement to experimental testing and clinical development.
The collaboration between the two companies, initially announced earlier, aims to discover and develop novel pharmaceutical treatments for obesity, type 2 diabetes and other cardiometabolic conditions.
Northstrive Biosciences’ lead asset, EL-22, uses an engineered probiotic approach to address muscle preservation during weight loss treatments, including when using GLP-1 receptor agonists.
PMGC Holdings Inc. describes itself as a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. The company’s current market capitalization stands at $1.98 million, with InvestingPro data suggesting the stock is trading below its Fair Value despite challenging financial metrics, including negative EBITDA of -$4.28 million in the last twelve months.
In other recent news, PMGC Holdings Inc. has made several notable announcements. The company has secured approximately $1.67 million from a warrant inducement agreement with existing institutional investors, involving the exercise of warrants to purchase 827,900 shares at an amended price. Additionally, PMGC Holdings has updated its executive agreements to include acquisition-based awards, allowing for fully vested awards in stock or cash upon the completion of any acquisition. The company has also terminated its plans to acquire a U.S.-based electronics manufacturing firm, shifting its focus to the CNC sector.
In alignment with this strategic shift, PMGC has signed a non-binding letter of intent to acquire a U.S.-based CNC machining company, which specializes in aerospace and defense components and reported $4.5 million in revenue for 2024. Another letter of intent was signed to acquire a California-based CNC machining company with over 35 years of experience, known for its work with exotic metals and serving sectors such as aerospace and defense. These developments reflect PMGC Holdings’ strategic focus on expanding its presence in the CNC machining industry.
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