NEW YORK, April 5, 2021 /PRNewswire/ -- AIkido Pharma
Inc. (Nasdaq: AIKI) ("AIkido" or the "Company") today provided a
business update.
Anthony Hayes, CEO of AIkido
Pharma, stated, "AIkido's primary focus is the commercialization of
improved treatments for multiple types of cancer and viral
infections through innovative research and development that
leverages the power of artificial intelligence and machine
learning. Our research partners continue to make progress towards
this focus with positive results in ongoing preclinical studies. In
addition, through a series of financing transactions over the
course of 2020, and the last several months, we are sufficiently
capitalized to support our current efforts and to pursue additional
emerging opportunities to further broaden our portfolio."
Drug Research and Development
The Company continues its work to develop therapeutic drug
compounds through strong partnerships with prominent educational
institutions, including the University of
Texas at Austin and the University of
Maryland at Baltimore, and is constantly seeking to grow its
pipeline of treatments in oncology through additional licensing
opportunities. The Company's business portfolio, which is initially
focused on the treatment of cancer and multiple types of viral
infections with drug candidates in varying stages of research and
development, includes a diverse mix of small-molecule anticancer
and antiviral therapeutics.
Most recently, the Company committed to sponsoring psychedelic
research at the Mount Sinai Center for Psychedelic Psychotherapy
and Trauma Research to help veterans who are suffering from
post-traumatic stress disorder (PTSD) and other trauma-related
symptoms. The Center will conduct clinical trials to identify
biomarkers that predict and correlate with positive treatment
outcomes by analyzing blood samples and performing neuroimaging
tests before and after therapy. Applications in the treatment of
PTSD represent a tremendous opportunity with nearly nine million
people in the U.S. struggling with the disorder annually.
The Company's broad spectrum anti-viral platform has shown
progress in optimizing drugs for the treatment of influenza,
COVID-19, Ebola and other viral infections. The initial two lead
compounds have been optimized using computer assisted learning
through two rounds of chemical modifications to achieve drug-like
properties required to move the compounds into animal testing. In
addition, a third lead compound has been identified and will be
subjected to computer assisted optimization. These new compounds
are being tested against influenza virus with testing on SARS-CoV-2
expected in the near future. Subsequently, the top analogs from
each series of lead compounds will be selected for tests of their
anti-viral effects in a SARS-CoV-2 mouse model.
In January of this year, the Company acquired an ownership
interest in Convergent Therapeutics, Inc., which has exclusive
rights to technology related to next-generation dual-action peptide
receptor radionuclide therapy ("PRRT") for prostate cancer covered
by multiple issued U.S. and foreign patents. Convergent is
currently conducting advanced human trials relating to prostate
cancer treatments utilizing PRRT that targets the prostate-specific
membrane antigen ("PSMA") present on prostate cancer cells. The
technology was developed under the direction of Dr. Neil Bander,
Professor of Urologic Oncology at Weill Cornell Medicine.
Phase 1 data is projected to be released in Q2 of 2021
Also, after year end, the Company executed an exclusive patent
license agreement with Silo Pharma, Inc. ("Silo Pharma") for
technology that covers the use of psilocybin for cancer
patients. Importantly, this license provides the Company with
the opportunity to explore an emerging and expanding treatment for
neuroinflammation, which is frequently associated with cancer, and
other cancer-related neurological side-effects. The technology is
covered by four patent applications already on file with the United
States Patent and Trademark Office.
Capital Resources
Subsequent to year end, the Company raised nearly $90 million, before discounts, commissions and
estimated expenses, to support its investigative and preclinical
work as well as pursue strategic investment opportunities as they
arise. As such, the Company is constantly seeking to grow its
pipeline of treatments in oncology. With approximately $25 million in cash and cash equivalents at year
end and the additional boost from recent offerings, the Company has
extended its runway for further investment in drug development. The
Company utilized cash from operations in 2020 of just over
$4.0 million.
Corporate Governance
The Company reinforced its corporate governance with the
appointment of two new independent directors, Mr. Paul LeMire and Mr. Robert Dudley, who each bring extensive
executive experience as well as decades of financial expertise in
overseeing the Company's execution of its strategy and financing of
operations.
In addition, the Company strengthened its Scientific Advisory
Board with the addition of two new advisors, Dr. Scott T. Tagawa, M.D. and Inventor Dr. Neil H.
Bander, M.D., who are each widely respected leaders in their
respective fields. They bring a wealth of experience and expertise
to the Company's efforts to advance the research and development of
commercially viable drug therapies.
About AIkido Pharma Inc.
AIkido Pharma Inc. was initially formed in 1967 and is a
biotechnology Company with a diverse portfolio of small-molecule
anti-cancer therapeutics. The Company's platform consists of
patented technology from leading universities and researchers and
we are currently in the process of developing an innovative
therapeutic drug platform through strong partnerships with world
renowned educational institutions, including The University of
Texas at
Austin and University of Maryland at Baltimore. Our diverse pipeline of
therapeutics includes therapies for pancreatic cancer and prostate
cancer. We are constantly seeking to grow our pipeline to treat
unmet medical needs in oncology. The Company is also
developing a broad-spectrum antiviral platform that may potentially
inhibit replication of multiple viruses including Influenza virus,
SARS-CoV (coronavirus), MERS-CoV, Ebolavirus and Marburg virus.
Forward-Looking Statements
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "continue,"
"predict," "forecast," "project," "plan," "intend" or similar
expressions, or statements regarding intent, belief, or current
expectations, are forward-looking statements. While the Company
believes these forward-looking statements are reasonable, undue
reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward-looking statements are based
upon current estimates and assumptions and are subject to various
risks and uncertainties, including without limitation those set
forth in the Company's filings with the SEC, not limited to Risk
Factors relating to its business contained therein. Thus, actual
results could be materially different. The Company expressly
disclaims any obligation to update or alter statements whether as a
result of new information, future events or otherwise, except as
required by law.
Contact:
Investor Relations:
Hayden IR
Brett Maas, Managing Partner
Phone: (646) 536-7331
Email: brett@haydenir.com
www.haydenir.com
AIkido Pharma Inc.:
Phone: 212-745-1373
Email: investorrelations@aikidopharma.com
www.aikidopharma.com
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SOURCE AIkido Pharma Inc.