SUDA Pharmaceuticals continued evaluating new technologies to strengthen its pipeline during March quarter

SUDA Pharmaceuticals Ltd (ASX:SUD) (FRA:E4N) created efficiencies for ongoing formulation development work during the March quarter while continuing to source and evaluate new technologies to strengthen the company’s pipeline. The biotech company ended the quarter with a strong bank balance of A$4.28 million and received $196,000 in government grants and tax incentives for the period while et outflow from operating activities was A$880,000.  “Delighted” with strong support A key development during the period saw SUDA contract the services of MedPharm, which will perform formulation development work and provide valuable expertise, assisting to stabilise and optimise the oral spray formulation for anagrelide. MedPharm is a world-leading Contract Development and Manufacturing Organisation (CDMO) that focuses on topical and transdermal product design and development services and which has played a role in the development of 55 approved pharmaceutical products. SUDA's chief executive officer Michael Baker said: “We see the use of anagrelide as a unique but important strategy to treat cancer patients and look forward to progressing the formulation development for anagrelide utilising the expertise within MedPharm. “In addition, we are delighted that we have received strong support from such esteemed researchers in the field of platelet biology and cancer.” He added that the company is encouraged by the new technologies that the team have uncovered and are currently under review. Strategic appointments The company made two important appointments to its Scientific Advisory Board - Professor Anil K Sood, MD and Professor Gunnar Birgegård, MD, PhD. Professor Sood is a professor and vice-chair for Translational Research in the Departments of Gynecologic Oncology and Cancer Biology and co-director of the Center for RNA Interference and Non-Coding RNA at The University of Texas MD Anderson Cancer Center. Pioneering studies performed by Professor Sood’s research team highlighted the role that platelets play in the progression of ovarian cancer and their impact on patient survival. Professor Birgegård is a Professor of Haematology at Uppsala University, Uppsala, Sweden. He was chairman of the Nordic Study Group for Myeloproliferative disorders and is currently involved with studies assessing platelet reduction therapy with anagrelide and interferon. Suda continues to work on strengthening the pipeline by adding technologies that it believes best suit the company’s short- and long-term strategic objectives and will create value for shareholders.