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TORONTO - Quantum BioPharma Ltd. (NASDAQ:QNTM), whose stock has surged nearly 700% year-to-date according to InvestingPro data, announced Monday that its subsidiary Huge Biopharma Australia has signed an agreement with a contract development and manufacturing organization to produce an oral formulation of Lucid-MS.
The oral formulation will be used in the company’s upcoming Phase 2 clinical trial, which aims to test the efficacy of Lucid-MS as a potential treatment for mobility loss associated with multiple sclerosis (MS).
Lucid-MS is described as a first-in-class, non-immunomodulatory, neuroprotective compound with a patented New Chemical Entity status. According to the company, the drug has shown promise in preclinical models by preventing demyelination, a characteristic of MS where damage occurs to the protective covering around nerve fibers.
"This marks an important step in the clinical development of Lucid-MS as we prepare the Investigational New Drug application with the FDA and prepare for our upcoming Phase 2 trial," said Dr. Andrzej Chruscinski, Vice-President of Scientific and Clinical Affairs at Quantum BioPharma.
The company noted that animal models tested over the past decade have demonstrated Lucid-MS’s potential to help restore walking ability in test subjects.
Quantum BioPharma, listed on multiple exchanges including NASDAQ and the Canadian Securities Exchange, focuses on developing treatments for neurodegenerative and metabolic disorders through its subsidiaries.
The announcement was made in a press release statement issued by the company. No specific timeline for the Phase 2 trial commencement was provided in the announcement.
In other recent news, Quantum BioPharma Ltd. reported robust second-quarter financial results, showcasing an increase in assets and a complete elimination of debt liabilities. As of June 30, the company’s current assets rose to $10.3 million, up from $9.9 million in the previous quarter, with total assets increasing to $15.3 million. Additionally, Quantum BioPharma completed a private placement of class A multiple voting shares, raising up to $600. The company anticipates that existing holders of these shares will subscribe to the entire offering.
In clinical developments, Quantum BioPharma, in collaboration with Massachusetts General Hospital, reported promising findings from a study using a PET tracer to monitor multiple sclerosis lesions. The tracer demonstrated the ability to detect differences across lesions that conventional MRI could not. Furthermore, the company received a clinical study report for its Phase 1 trial of Lucid-MS, a multiple sclerosis treatment candidate, which showed no safety or tolerability concerns in healthy participants. These recent developments highlight Quantum BioPharma’s ongoing progress in both financial stability and clinical research initiatives.
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