BioStock article: Cyxone reports Q3 and presents T20K

Nov 3, 2022

BioStock published an article on 3 November 2022 about Cyxone, which can be read in full below.

Malmö-based Cyxone recently published its report for the third quarter, which testifies that the company is focusing on the phase IIb study with Rabeximod in rheumatoid arthritis. At the same time as the release of the report, the latest advances in the T20K program were presented at a scientific conference in the Netherlands. BioStock contacted acting CEO Carl-Magnus Högerkorp for an update.

First North-listed Cyxone develops disease-modifying treatments for autoimmune diseases such as rheumatoid arthritis (RA) and multiple sclerosis (MS). Recently, the company published its interim report for the third quarter.

Cyxone reports Q3
Cyxone reported an operating loss in the quarter of SEK 11.3 million (compared to SEK -11 million in Q3 2021). Operating cash flow during the period was MSEK -7.5 (MSEK -11.1). The cash balance at the end of the quarter amounted to SEK 40.9 million.

During the period, Cyxone strengthened its management team by appointing Ola Skanung as the new CFO and recruited
Erika Samuelsson to the position of Chief Development Officer (CDO). As CDO, Erika will be responsible for clinical and non-clinical activities with the company’s drug candidates Rabeximod in RA and T20K in MS. Read more.

A milestone in the RA program
The most important activity for Cyxone right now is the phase IIb study APPRAIS with Rabeximod. The company passed a milestone in September when Polish authorities approved Cyxone’s clinical trial application.

Poland is one of several countries to be included in the RA study, the company has also submitted clinical trial applications in Hungary and Georgia. Activation of clinics and other preparations are being conducted to be able to include the first patient in the study.

Cyxone’s acting CEO Carl-Magnus Högerkorp visited BioStock’s studio to tell us more about the phase IIb study, see the interview here.

T20K presentation during ECTRIMS
Although much attention is paid to Rabeximod, Cyxone has also made progress in the T20K program. At the end of October, Professor Christian Gruber presented the latest findings in Amsterdam at the 38th ECTRIMS (The European Committee for Treatment and Research in Multiple Sclerosis) conference. The independent and non-profit organization ECTRIMS is the world’s largest professional organization focused on the understanding and treatment of MS.

Gruber is one of the inventors behind T20K, researcher at the Medical University of Vienna and a member of Cyxone’s scientific advisory board.

The latest preclinical findings indicate that T20K in combination with an opioid drug delays the course of the disease and that myelin loss in the nerve tissue decreases. This means that the combination treatment could become a new treatment for MS according to Gruber:

“Recent data from our lab show that T20K has activity on immune cells and signalling of the kappa opioid receptor. This established the unique opportunity to explore beneficial effects in disease models of multiple sclerosis. A combination of T20K and a known opioid drug has great potential to become first-in-class disease modifying and remyelinating drug candidate for further studies”, says Dr Christian Gruber, the Medical University of Vienna, in a press release.

CEO Högerkorp comments
The third quarter has thus been an eventful period for Cyxone and the fourth seems to be continuing at the same pace. BioStock contacted Carl-Magnus Högerkorp for comments on the report, ongoing activities and the presentation at ECTRIMS.

Carl-Magnus, the report shows that you have a cash position of just over SEK 40 million, what can you say about the financial planning going forward?

–We raised capital at the beginning of the year and therefore currently have a cash position that allows us to advance our work with the clinical study. Of course, we follow all external events and are aware of how macroeconomic factors affect companies like Cyxone. During the year, we have also implemented several savings measures and we see that we now have an adequate and cost-effective budget in place.

Can you give us an update on what is happening in the Rabeximod program right now?

– As we previously communicated, our phase IIb study APPRAIS was approved by the Polish regulatory authorities, which is very significant since Poland is perhaps the most important country for this study. Pending a response from Hungary and Georgia, several preparations are now being made for the start of studies. In addition to these three countries, the study will be run in four other countries in Europe as well as the United States. Extensive regulatory preparatory work is therefore underway for these submissions.

Professor Gruber unveiled new findings with T20K during ECTRIMS last week, what does that mean for Cyxone?

–Cyxone has a long-standing collaboration with Professor Christian Gruber and colleagues at MUV on the development of T20K. Based on new observations made with T20K and k-opioid agonists (KOR), several follow-up experiments were conducted during the year to confirm the theoretical models we have had. The conducted experiments here clearly show how the combination of T20K and KOR works synergistically in moderating the development of disease in these models. The data is very encouraging and we look forward to continuing to work with this concept in preclinical models to build a better basis for further development. ECTRIMS is a relevant research conference where we had the opportunity to present our new findings for the first time

You’ve just returned from BIO-Europe, the big partnering conference, what do you bring back from there?

– BIO-Europe is a very important partnering event where most key players in the industry are present. The meeting, which lasts for 5 days both physically and digitally, provides the opportunity to interact with potential partners and investors. From this year’s meeting, we bring with us many important conversations with contacts that we have established since before and several new acquaintances. There is great interest in Rabeximod and our planned phase IIb study. Many emphasize the importance of new oral disease-modifying drugs.

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