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Key Milestone Approaching with Testing Data Publication and Technology Advancement Results Expected this Quarter
Cash Balance of $102 million or approximately $1.15 per share as of March 31st Positioned for Strategic Initiatives and Technology Development
NEW YORK, May 11, 2021 /PRNewswire/ -- AIkido Pharma Inc. (Nasdaq: AIKI) ("AIkido" or the "Company") reported financial results for the first quarter ended March 31, 2021 and provided a corporate update.
Anthony Hayes, CEO of AIkido Pharma, stated, "With testing data expected in this current quarter, we are excited about the results and the advancement of our technologies. Additionally, we remain on track with our pipeline and look forward to additional key milestones throughout the remainder of this year. We continue to make progress with our anti-viral platform with new compounds being tested against influenza virus and testing on SARS-CoV-2. Furthermore, our partnerships with leading academia continues to allow us to pursue pipeline expansion opportunities in emerging and high growth technologies. Bolstered with the Company's strongest balance sheet in its history, we are well positioned to capitalize on both near and longer-term opportunities, as well as strategic initiatives focused on enhancing shareholder value."
The Company's balance sheet is the strongest in its history to support its investigative and preclinical work as well as pursue strategic investment opportunities as they arise. With approximately $102 million in cash and cash equivalents on March 31, 2021, and approximately 89.5 million shares outstanding, the Company's cash per share equates to approximately $1.15 per share. The Company has extended its runway for further investment in drug development while continuing to maintain its commitment to a low cash burn with utilized cash from operations in 2020 of just over $4.0 million and just over $1.2 million in Q1 2021. Additionally, the Company recently withdrew its registration statement and has ample capital to fund research activities that are currently underway and selectively pursue additional emerging opportunities that it is actively pursuing.
Drug Research and Development
Convergent Therapeutics, Inc. - In January of this year, the Company acquired an interest in Convergent Therapeutics, Inc., which is working to develop technology related to next-generation dual-action peptide receptor radionuclide therapy ("PRRT") for prostate cancer, covered by multiple issued and pending U.S. patents. This exciting therapy is currently in 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.
Psychedelic Psychotherapy and Trauma Research - The Company is 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.
Silo Pharma, Inc. - The Company's exclusive patent license agreement with Silo Pharma, Inc. ("Silo Pharma") for technology that covers the use of psilocybin for cancer patients 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.
Anti-viral Platform - 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.
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.
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.
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SOURCE AIkido Pharma Inc.