Robust data drives Alligator Bioscience forward
Alligator Bioscience has certainly had a successful 2024 according to its Q3 report. With promising phase II results from its leading drug candidate mitazalimab, strong partnerships, and a clear strategy for the future, the company is poised to make significant strides in cancer treatment. Alligator is continuing to invest in preparing mitazalimab for phase III, to be able to initiate a trial in H1 2025, while maturing its ongoing dialogue with global pharma companies regarding a potential partnership.
Alligator Bioscience focuses on developing tumour-specific immunotherapies – drugs that direct immune system activation directly at the tumour. This approach enhances both the safety and efficacy of the treatments. The Lund-based biotech company has a robust pipeline of projects targeting specific molecular markers, primarily CD40 and 4-1BB. Both targets have shown promising results in boosting immune system activity against tumours.
Successes with mitazalimab
Mitazalimab, a CD40 agonist, is Alligator’s leading drug candidate, being evaluated as a first-line treatment for metastatic pancreatic cancer. In 2024, the company reported highly promising data from the phase II OPTIMIZE-1 trial, with compelling topline results and 18-month survival data. This marks a significant achievement in mitazalimab’s development for treating patients with metastatic pancreatic cancer, a disease with very few effective treatment options. Read more here.
Alligator’s goal is clear: advancing mitazalimab through a phase III trial in collaboration with a partner, ensuring the treatment reaches patients as quickly as possible. The company is in active discussions with potential partners while simultaneously finalizing preparations for this critical study. This includes ongoing talks with both U.S. and European regulatory authorities, with the study expected to begin in the first half of 2025.
Alligator’s CD40 program extends to assets beyond mitazalimab, with the first-in-class bispecific CD40 agonist ATOR-4066 continuing to demonstrate significant potential during its current preclinical phase of development.
Partnerships and strategic direction
Throughout the year, Alligator has continued to deliver on its existing partnerships, which are a central part of the company’s strategy. Promising interim data from ALG.APV-527, another drug candidate co-developed with Aptevo Therapeutics, was presented at the ESMO Congress. The company is looking forward to presenting the final results from the phase I study in the next quarter. Additionally, Alligator plans to further develop its other collaborations, establish new ones, and announce additional clinical data.
The company’s goal is to have three assets in mid-stage clinical trials and five partnered assets in clinical development by 2030.
Furthermore, Alligator plans to achieve operational profitability during this decade, with the goal of mitazalimab receiving approval and generating sustainable revenues by 2030. By securing new partnerships, the company also intends to generate milestone payments that will partially offset its internal research and development costs.
Financial status
Speaking of the company’s finances, the Q3 report shows an operating result of SEK -62.0 million (SEK -52.7 million for the same period last year). The net sales amounted to SEK 1.4 million, and the cash flow for the period was SEK -29.5 million (86.5), with cash and cash equivalents at 47.8 million SEK (124).
In the end of June, Alligator announced funding to continue developing mitazalimab and its other drug candidates. This was achieved through a smaller directed issue of convertibles and a larger loan agreement with Fenja Capital II, providing up to SEK 80 million.
In order to support the continued development of its key assets, the company is evaluating several different avenues for financing and is continuously working on opportunities for partnerships, collaborations, out-licensing deals, loans and equity financing.
In addition, holders of TO 9 warrants will have the opportunity to subscribe for shares between December 4-19, 2024, at a 10 percent discount on the volume-weighted average share price (VWAP) set during November, which is expected to further strengthen liquidity.
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.
