Cellmid 2017 Annual Report
Together with revenue growth value of our midkine drug
development portfolio increased significantly. We have
spent considerable time to assess the data generated
over the years in both the midkine (MK) antibody and
the midkine protein programs and have continued
collaboration with some of the best researchers around
the world.
Our intellectual property strategy continues to pay off and
we have reported on two new midkine patents during the
period. Therapeutic areas of interest for Lyramid, including
cancer and chronic kidney disease, represent unmet
medical needs and opportunities to make a real change in
patient outcomes.
Delivering value from this portfolio will come down to
selecting the most effective anti-MK antibody in the best
disease indication for clinical development. Most recent
developments from our research partners, including the
Nature publication on metastatic melanoma, improved our
understanding of the role of midkine, and are important
milestones in formulating a credible product development
program. Our strategy remains to leverage our MK
reagents to access research capabilities with global experts
in their therapeutic fields of interests.
Cellmid reduced its outstanding capital during the period
through the exercise or expiry of close to 300 million
options. On 28 October 2016 the Company raised $1.2
million through the exercise of 32,394,541 listed option
at 3.4 cents and 3,971,962 unlisted options at 3 cents.
Together with a placement of 99 million shares at 3 cents
each a total of $4.2 million was raised by 1 November
2016 for the further development of the midkine program
and to grow the consumer health business.
INCREASED 50% TO $4.45
When we first set up Advangen we were targeting the
$4 billion global hair loss market. However, we know that
our FGF5 inhibitors deliver so much more benefit than
reducing hair loss. Our most recent consumer experience
study has shown that our products not only reduce hair
loss and increase hair growth, but they improve the overall
quality and thickness of hair. This allows us to enter the
lucrative anti-aging hair care market.
It is difficult to accurately assess the size of the anti-
aging hair care market. We know that it is significant
with up to 40% of women and 50% of men experiencing
hair challenges by the time they turn 40. Just in the US,
180 million people are estimated to have various hair
challenges. Finding our way to this group can only happen
if we are focused on product leadership, authenticity of
branding and honest communication with our customers.
At the core of our brands is our leadership in hair science.
Our products inhibit FGF5, a naturally occurring protein
that has been recognised as the key regulator of the
human hair cycle. An overexpression of FGF5 causes
hair follicles to enter a phase where the hair falls out.
Advangen is the first and still the only company in the
world with a clinically validated FGF5 inhibitor hair growth
product on the market.