Dicot heading towards summer with strengthened team and finances
In August, Dicot is expected to take its biggest step as a development company with the planned initiation of a phase I clinical trial for the drug candidate LIB-01. Over the past quarter, the company has worked hard to strengthen both its team and finances in preparation for the study start. BioStock reached out to CEO Elin Trampe for her thoughts on the past quarter.
Pharmaceutical company Dicot is developing LIB-01 as a modern erectile dysfunction drug. The goal is to develop a medication with longer duration and fewer side effects than those currently on the market. Dicot aims for LIB-01 to become the first-choice treatment for erectile dysfunction and premature ejaculation, thereby improving the sex lives of affected men and their partners.
Positive results in the toxicology program
The company recently completed the preclinical toxicology program for LIB-01, in which the drug candidate demonstrated a good safety profile. To stay on schedule, Dicot has scheduled the start of clinical trials with Clinical Trial Consultants (CTC) in August for phase I. The initiation is contingent upon the company submitting the necessary documents to the Swedish Medical Products Agency and subsequently obtaining approval to commence the study.
The company also recently announced that the American contract manufacturer, Thermo Fisher Scientific, has completed the manufacturing of the study drug intended for use, and the study drug has arrived in Sweden.
Strengthening the team and finances for Phase I
In preparation for the continued work on LIB-01, the company has also strengthened its team by welcoming Dr. Padma-Nathan as a consultant. With his extensive expertise in sexual medicine and experience in the development of Viagra and Cialis, he brings valuable knowledge to the team. Another addition is the recruitment of Mats Silvander as Chief Technical Officer, scheduled to start in August. These additions enhance Dicot’s capabilities in strategically important areas and help the company progress to the next stage.
However, the team is not the only area that has been reinforced. In the first quarter, Dicot conducted a share issue, raising over 50 MSEK. The 110 per cent subscription of the issue in the challenging capital market environment is considered a positive outcome. The next round is expected in early June when the company has a subscription period for option series TO4.
CEO comments
BioStock contacted Dicot’s CEO, Elin Trampe, for her thoughts on the past quarter.
First and foremost, how would you describe the past quarter?
– It has been a quarter where we have continued to deliver according to plan. We have consistently and purposefully implemented the plan we are working on. It has involved strengthened financing, additions of expertise, and, of course, important successes in our development work.
You have engaged Dr. Padma-Nathan as a consultant. What do you hope he will contribute to the project?
– He possesses relevant medical expertise in the field, particularly from his involvement in the development of Viagra and Cialis. We are already noticing that he has a lot to contribute, ranging from study design to the plan for internationalising our development and strengthening our network in various areas.
Recently you also brought in Mats Silvander as Chief Technical Officer. What will his responsibilities be?
– The CTO role is a new management position within Dicot, established to strengthen our internal capabilities in areas that are important long-term. Mats’ main responsibilities include supply chain and IP, that is, continuing to strengthen our patent portfolio.
Phase I is scheduled to start in August. What will happen in the company until then?
– We will push forward until then with the application for approval to the Swedish Medical Products Agency and a close collaboration with CTC, who will conduct the study, to ensure that all the necessary details are in place. Additionally, we also have a series of subscription options that can be exercised from June 1 to 15, allowing the purchase of shares in the company, so we are also placing significant focus on that.
The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.
