Lytix Biopharma third quarter 2022 results

OSLO, Norway, Nov. 17, 2022 /PRNewswire/ -- Lytix Biopharma (“Lytix”) (Euronext Growth Oslo: LYTIX), a Norwegian immune-oncology company, today releases its third quarter 2022 results. Highlights include regulatory approval received to expand our ATLAS-IT-05 study to three European countries and the appointment of Stephen Worsley as CBO.

“We are very pleased to now being able to include patients from Spain, France and Norway in our Phase II study. The expansion of the site network will mitigate recruitment challenges, drive enrollment towards completion and extend the clinical impact field for LTX-315”, says CEO and Co-founder of Lytix Biopharma, Øystein Rekdal.

Highlights from the third quarter 2022:

• LTX-315
  • Regulatory approval received to expand the ATLAS-IT-05 study to three European countries (Norway, France and Spain)
  • Verrica Pharmaceuticals is in good progress with their Phase II study in BCC, and the conclusion of part 1 of three parts is expected in Q1 2023
• IND enabling activities required to start a Phase I study with LTX-401 is progressing as planned
• Stephen Worsley appointed as Chief Business Officer (CBO), and he is already introducing Lytix to KOLs and companies within the industry

Post-period events:

• Compelling data describing how LTX-315 activates dendritic cells and contributes to anti-cancer immune response was presented at the Society for Immunotherapy of Cancer (SITC)
• Additional study sites opened in Europe to support ATLAS-IT-05 patient recruitment
• ATLAS-IT-04 Clinical Study Report completed
  • Proof-of-concept achieved, demonstrating the clinical benefits of LTX-315 in combination with Adoptive Cell Therapy (ACT) in heavily pre-treated sarcoma patients

Financial:

• Total operating income for Q3 2022 includes NOK 1.4 million in revenue from our licensing partner Verrica. This revenue is for sale of LTX-315 for use in Verrica’s development program. This is the first, and currently only, agreement where Lytix sells LTX-315 to a commercial party.
• Total operating expenses for the six months that ended September 30 are in line with the same period last year, and as a clinical drug development company, R&D efforts represent the majority of our expenses.
• A portion of the excess liquidity has been placed in a liquidity fund explaining the increase in short-term financial investments.
• At the end of the period cash plus short-term financial investments was NOK 172 million.

Key figures (unaudited):

Government grants recognized in profit and loss, part of Other operating Income, for Q2 2022 was reported at NOK 805 thousand which was NOK 750 thousand lower than actual. The correct amount is NOK 1,555 thousand. The figures in this report are correct, but the YTD figures will therefore not be reconcilable with the H1 report without adjusting for this error.

The results will be presented in a webcast with CEO Øystein Rekdal, CDO Graeme Currie and CFO Gjest Breistein today at 14.30 CEST.

The presentation and subsequent Q&A session will be held in English and may be viewed live at https://channel.royalcast.com/landingpage/hegnarmedia/20221117_4/

A recording of the presentation will be made available on https://www.lytixbiopharma.com/investors/overview.html after the presentation.

For more information, please contact:

Gjest Breistein,
CFO: gjest.breistein@lytixbiopharma.com

Ole Peter Nordby,
Head of IR & Communication Manager: ole.peter.nordby@lytixbiopharma.com

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SOURCE Lytix Biopharma AS

Company Codes: Oslo:LYTIX