DexTech Medical AB strengthens board ahead of myeloma study
DexTech Medical AB ("DexTech") intends, as previously communicated, to conduct a clinical proof of concept study regarding the company's main candidate OsteoDex (ODX) effect on multiple myeloma (MM). MM, which is an incurable haematological cancer based on plasma cells in the bone marrow, causes, among other things, skeletal degradation, similar to bone metastases from prostate cancer (mCRPC). For the upcoming study, the company strengthens the Board with relevant competence in the form of Håkan Åström.
ODX mechanism of action in combination with few and mild side effects makes the preparation a strong candidate for the treatment of MM with the potential to be better than existing alternatives – especially in terms of side effects, which with today's treatment are often difficult. The global market size for MM in 2018 was USD 19.5billion and the market is expected to grow to USD 31 billion in 2026 (https://www.fortunebusinessinsights.com/multiple-myeloma-market-102693).
The company's main track is ODX's treatment of mCRPC, but supplemented positive ODX-MM results strengthen, according to the Board's assessment, the possibility of a favorable license agreement – an agreement that reflects ODX’s actual value. By showing ODX potential even against MM, ODX's value can be estimated and lead to a favorable license agreement.
The Proof-of-concept study is scheduled to begin in fiscal year 2022 and cover approximately 20 patients. Partof the study kommer to be announced during the study (non-blinded study). The study is expected to cover approximately 24 months from the start of the study. The company intends to inform the market about the start of the study and more detailed arrangements once a more detailed study plan has been developed.
As DexTech steps towards further studies and indications, DextTech’s board of directors will co-opt Håkan Åström to the board. Håkan, who has extensive experience from executive positions in the international pharmaceutical industry, will be a valuable addition to DexTech's Board of Directors with highly relevant expertise.
" Vi has now created the very best conditions for the continued work, which will benefit the company and its shareholders” - CEO Anders R Holmberg.
For more information
Gösta Lundgren - Investor Relations
DexTech Medical AB
Phone: +46 (0) 707104788
E-post: gosta.lundgren@dextechmedical.com
This information is information that DexTech Medical AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person above, on 7 October 2021.
DexTech Medical AB is a Swedish research company that, based on its technology platform, has developed four drug candidates that are protected by patents. The main candidate is OsteoDex for the treatment of castration-resistant prostate cancer (CRPC) with skeletal metastases. A successful phase II clinical trial has been conducted with OsteoDex where the results show high tolerability with mild side effects as well as treatment effect in patients who fail existing drugs. DexTech's goal after a completed phase II study is to out license the respective drug candidate. DexTech Medical AB is listed on Spotlight Stock Market.