Q BioMed Inc said it has seen an uptick in sales revenue from Strontium89, the company’s potential chemotherapeutic drug, in its recently reported quarter.
The company's second-quarter sales revenue was nearly double its first-quarter figure, representing the company’s best sales number to date. On a year-over-year basis, sales revenues more than quadrupled, the company added.
Q BioMed said its focus for 2022 is to monetize the current pipeline and build a platform for future growth. It highlighted three areas of focus: commercial product revenue growth, partnerships or collaborations value and future development platform.
READ: Q BioMed says new publication shows superior safety and efficacy of Uttroside-B versus FDA approved drug Sorafenib
“We believe that Strontium89 has great potential in the cancer palliation space,” the company said in a statement. “As a result of a world in which opioids were a treatment of choice for those patients unlucky enough to be diagnosed with painful metastatic cancers in the bone, we felt that Strontium89 had become a neglected and forgotten drug. We have stayed committed to our belief that Strontium89 was a valuable treatment and have focused on advancing that asset from concept, a neglected drug, to a fully approved, reimbursed commercial product.”
Q Biomed also noted other promising pipeline news regarding its liver cancer drug, which utilizes an isolated molecule in treating a similarly high unmet need.
“This molecule was identified in India, traditionally used to treat liver ailments,” the company said. “Subsequent research on that isolated molecule showed promising data, indicating that the molecule was more cytotoxic, killing cancer cells more effectively, in liver cancer cells lines than the current first line liver cancer chemotherapeutic. We have advanced this from a naturally occurring unsustainable plant product to a commercially viable and scalable synthetic drug candidate.”
Going forward, the plan is to partner this asset with a larger oncology institution, Q BioMed said, and noted that it has already been approached with partnership opportunities.
Elsewhere, the company said its Mannin drug platform development program is progressing toward a clinical trial in ARDS (acute respiratory disease syndrome), which it intends to complete in the next 8 months.
Data from this trial will support the filings for further indications, including kidney disease and glaucoma, the company said.
Q BioMed describes itself as a commercial-stage biomedical acceleration and development company, focused on licensing and acquiring biomedical assets across the healthcare spectrum.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter (NYSE:TWTR) @andrew_kessel