Curasight CEO reflects on a Q3 with strong progress
Curasight recently released its Q3 report, reflecting on a period of good momentum. Publishing complete phase II results with uTRACE in brain cancer, the company announced that the indication will be the target for a first-in-human trial with uTREAT. Following the oversubscribed rights issue in September, further funding for the study is added through the exercise of the TO 2 warrants. BioStock contacted CEO Ulrich Krasilnikoff for his thoughts.
Copenhagen-based Curasight focuses on enhancing cancer diagnostics and treatment through its proprietary technologies. The company’s strategy focuses on the urokinase plasminogen activator receptor (uPAR), a protein involved in cancer progression and metastasis. By developing the PET tracer uTRACE and the radioligand therapy uTREAT, Curasight aims to provide non-invasive tools for the localization, evaluation, and treatment of various cancers.
While running the phase II trial with uTRACE in prostate cancer patients together with partner Curium, the company has recently focused on getting uTREAT into the clinical setting. Backed by feedback from key opinion leaders and industry players, Curasight has worked on targeting a single indication with which to run a small Proof-of-Concept trial. This way, the company gets a rapid proof-of-concept with the drug candidate.
In the Q3 report, CEO Ulrich Krasilnikoff states that he expects such a proof-of-concept to lead to significant interest from the industry in partnering on uTREAT.
– We are very focused on our business development activities and ongoing discussions with big pharmaceutical companies.
Proof-of-Concept in brain cancer
Recently, Curasight announced that brain cancer will be the initial indication to be tested with uTREAT. This follows the publication of complete phase II results from a study with the company’s diagnostic technology uTRACE in the scientific journal EJNMMI Research. The data showed that approximately 94 percent of glioblastomas are uPAR-positive, showcasing the technology’s capabilities in these patients.
The brain cancer study will assess the safety and efficacy of uTREAT in patients with uPAR-positive glioblastomas, providing essential data to guide future development. The plan for the uTREAT brain cancer study is to submit a clinical trial application in early Q1 next year and have the first patient dosed in Q2.
Upon positive results, the next step will be to conduct a basket trial with the candidate, to show its broad applicability over various forms of cancer.
Secured supply of Lutetium-177
The growing interest among major pharmaceutical companies in radiopharmaceuticals has intensified competition over access to therapeutic radiometals like Lutetium-177, the active component used in uTREAT. These resources are rapidly becoming scarce, and access provides a significant competitive advantage for companies in the field.
Curasight recently signed a global supply agreement with its partner Curium, ensuring a reliable supply of non-carrier-added Lutetium-177. The ingredients will be sourced from Curium’s state-of-the-art facility in Petten, Netherlands, leveraging their extensive irradiation network and manufacturing capacity.
Looking to raise funds through TO 2
To finance planned activities, Curasight launched a financing package and is currently looking to raise up to DKK 42 million through the exercise of its TO 2 series warrants. The subscription period will run up until December 5 and offer shareholders the opportunity to invest further in the company at DKK 11.50 per share. The warrants were issued as part of Curasight’s strategy to secure additional funding for its pipeline development and ongoing clinical programs.
Following this financing round, Curasight could add an additional DKK 35.7 million in June next year through the exercise of the TO 3 series warrants. The price range for that warrant is set to DKK 15.55 – 19.40 per share and will be based on the volume-weighted average share price 20 days back, with a 30 percent discount.
Comments from the CEO
BioStock has contacted Ulrich Krasilnikoff to get his thoughts on the past quarter and what comes next.
Looking back at the last quarter, what are your reflections?
– During Q3, we progressed our plans for clinical trials with uTREAT, and we were happy to be able to announce, after the period, that brain cancer will be the initial indication for testing our therapeutic option in patients. We are now seeing momentum in our strategy to develop uTREAT in parallel with our diagnostic platform uTRACE, which is progressing well in phase II under collaboration with leading radiopharma specialist Curium.
– We were also pleased to have so much interest in our financing package, which the rights issue launched during the quarter oversubscribed. We look forward to completing this part of the capital raise as the T02 warrants exercise period is underway.
– The major event has been the decision to accelerate dosing uTREAT® to the first patients to obtain valuable Proof-of-Concept. Whereas our technology uniquely works across most (>85%) of solid tumors, we have decided to go for a first indication, brain cancer, before we broaden out in a basket trial of an additional 5 cancer types. This strategy will allow us to dose the first patient in a little more than half a year from now and obtain a valuable inflection point that we expect to accelerate discussion with big pharma on partnering or out-licensing.
In the report, you talk about ongoing discussions with big pharma. What are the components they like about your technology?
– There are two major advantages of our technology that draw the attention of big pharma. Firstly, we are first-in-class with a uPAR-targeting peptide ligand. Secondly, our technology works across almost all solid tumors (>85%). This is in contrast to the majority of radioligand therapies in development and in contrast to the two approved radioligand therapies (Luthathera and Pluvicto) that are directed towards targets on a single cancer type (neuroendocrine tumors and prostate cancer, respectively).
– The attractiveness of our technology is that you only need to develop uTRACE or uTREAT once, and then you can test it in various cancer types. This increases the potential value of the assets immensely.
Could a partnering deal be possible with positive outcomes in the Proof-of-Concept study, or would that come later?
– Yes, definitely. We have been in continuous discussions with big pharma, and there has been great interest in our technology. However, many want to see the first patients dosed, which is exactly why we updated our strategy to move fast into a first indication, brain cancer, to obtain Proof-of-Concept. We cannot comment on the specific timing of our business development activities, but we are focused on gaining the optimal value for our technologies and why we expect 2025 to be a very interesting year for Curasight.
Shifting the focus to the prostate cancer study, how is it progressing?
– The study is moving forward according to plan, and we look forward to the readout of the preliminary efficacy data to be obtained in part I of the study.
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This material has been created for marketing purposes and is not and should not be considered a prospectus under applicable laws and regulations. The complete terms and conditions for the rights issue and more information about the company have been presented in a prospectus published on the above-mentioned company’s website.
