(TheNewswire)
Winnipeg, April 30, 2024. Cytophage Technologies Ltd. ( TSXV:CYTO ) (“ Cytophage ” or the“Company”), the only publicly traded phage companythat is focused on bacteriophage solutions for both animal health andhuman health, today released its fiscalyear end results for the year ending December 31 st , 2023.Cytophage’s audited financial statements and the ManagementDiscussion and Analysis Report are available under the Company’sprofile at sedarplus.com .
“2023 was an extremely busy year for Cytophage in terms ofcommercializing our key animal health products while also initiatingall the necessary steps to take the Company public. Our growingoperations have set us up for success in 2024.” said Dr. StevenTheriault, CEO of Cytophage.
The Company’s start to 2024 has already seen majoraccomplishments:
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Cytophage is the first phage company to go public inCanada.
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Cytophage is the first phage company to provide phagetherapy in Canada for a prosthetic joint infection.
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Construction started on its new20,000 sq ft facility that will include a state-of-the-art laboratory,GMP-certified manufacturing suite, administrative offices andwarehouse space. It is expected to open in June2024.
T he Company’s main focus is oncommercializing market-ready phage products for animal health,particularly to address Salmonella and E.coli in the poultry market. Cytophagecontinues to work with Renata Ltd. in Bangladesh to provide abacteriophage solution that was developed specially to be effectiveand sustainable for poultry producers in the region, whereenvironmental conditions (heat/humidity) can make disease controldifficult. Cytophage’s innovative manufacturing breakthrough oflyophilizing phages provides a competitive advantage over other phageproducers who offer only liquid products. The Company has been ableto increase its product’s heat tolerance and shelf-life and make iteven easier for producers to use while keeping manufacturing costscomparable to liquid production. Cytophage expects this breakthroughto allow for further innovation in developing new bacteriophageproducts.
Cytophage will expand its commercialization efforts in South Asia in2024 where demographic and business conditions are quite favourable.Market research in this region has shown that vertically andhorizontally integrated poultry operations are primed to evaluate andincorporate phage products into their feed, hatching, and broilerproduction processes. Cytophage’s customized, regional approach tophage development resonates with its goal to reduce the use ofbroad-spectrum antibiotics and replace them with more targeted phages.Business development for the first quarter focussed on marketingregionalized phage solutions directly to some of the largest,vertically and horizontally integrated poultry operations in the worldthat are in jurisdictions where phages are more readily accepted fromboth a business and a regulatory standpoint. Pursuing these companieswill be key to 2024 business development efforts.
While commercializing animal phage products is the Company’spriority, Cytophage also developed its first human phage therapy for acompassionate use case. “We are proud of the recent landmark trial at The Ottawa Hospital and theuse of our phages to treat an antibiotic-resistant bacterial infectionaffecting a prosthetic joint replacement patient,’ commented Dr. Theriault. Building on the success of thisfirst treatment, Cytophage is currently exploring a limited number ofother opportunities to provide life-changing therapies for peoplesuffering from severe prosthetic joint infections.
Greater attention is being paid to the phage sector,with an increased number of compassionate use cases being highlightedin the media. In Canada, CBC and CTV did national news segments onCytophage’s prosthetic joint infection phage therapy case. In theUSA, CNN aired a show hosted by Dr. Sanjay Gupta that highlighted thepromise of phages. Recent activities (financings and M&A deals)involving human health phage companies such as Armata Pharmaceuticals,BiomX, and Adaptive Phage Therapy, brought international attention tothe sector. These important transactions demonstrate the growingattractiveness and acceptance of the use of phages to address healthchallenges. As Dr. Theriault stated: “I strongly believethat Cytophage is uniquely positioned to play a leading role incommercializing the scientific advancements of our phage products andcombating the global problem of antibioticresistance.”
2023 Milestones
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Animal Health Division
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Cytophage entered into a Distribution Agreement with RenataLimited-Animal Health Division in Dhaka, Bangladesh (“Renata”) forthe distribution of Cytophage’s animal health products by Renata inBangladesh, Myanmar, Nepal and Sri Lanka.
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Cytophage submitted its first ever GRAS notice to theOffice of Food Additive Safety of the FDA, which such noticeconcluded, through scientific procedures, that the phage cocktailtargeted for use on chicken meat is generally regarded as safe and isnot subject to pre-market approval requirements for use in food.
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The Company then proceeded to submit its first everLONO to the Health Products and Food Branch of Health Canada to reviewthe use of its phage product targeted for use on chicken meat as anantimicrobial food processing aid to reduce Salmonella on the surfaceof raw, skinless and boneless poultry meat.
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Cytophage completed a number of studies related to itspoultry phage product for addressing Salmonella and E. coli infections in chickens. The studies showed that the product not onlyreduced the lethality and decreased the transmission of the bacteriain broiler chicken and layer hens, it resulted in healthier andheavier birds that were ready for market sooner than untreated birds.These studies include:
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oo Evaluating the poultry phageproduct’s ability to reduce Salmonella transmission. The study showedthat, in broiler chickens, the phage product removes the lethal effectof Salmonella and E.coli and decreases transmission of bacterialinfections within the flock. The result was healthier chickens andincreased weight gain.
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oo Evaluating the ability of thephage product to protect layer hens from Salmonella and E. coli . The study results showed that the phage product removed thelethal effect of Salmonella and E. coli . As well, itdecreased colonization in birds if an infection was present anddecreased transmission of bacterial infection within theflock.
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oo Evaluating the ability of thephage product to protect broiler chickens from Salmonella and E. coli in Bangladesh. The study found that the treated birds were healthierand heavier than untreated birds. Further, mortality was decreased bymore than 20%.
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Evaluating the Clostridium perfringens phage product inpoultry. Cytophage developed an animal model for lethality whichthen allowed for testing of its phage product against necroticenteritis disease in broilers. The study showed that necroticenteritis disease severity is reduced in broiler chickens infectedwith Clostridium perfringens when using the phage product.
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Evaluating the ability of the phage product to reduce Salmonella on experimentally contaminated chicken meat. The studyresults showed that the phage product significantly reduced the viable Salmonella population when applied to contaminated skinless, bonelesschicken meat.
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Human Health Division
In late 2023, Cytophage was contacted by physician,infectious diseases clinician-scientist Dr. Marisa Azad (PrincipalInvestigator), who had a patient suffering from an antibioticresistant infection associated with a prosthetic joint replacement. Atreatment plan was developed and approved by The Ottawa HospitalResearch Institute and Health Canada through the Open Label IndividualPatient Trial (N of 1) in 2024.
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Corporate Developments
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During Q2 of 2023, the Company began laying thegroundwork for a planned initial public offering in early 2024. In May, Cytophage entered into a Letter ofIntent with Cuspis Capital III Ltd. to complete a business combinationand concurrent financing.
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InMay, Cytophage secured a 20,000 sq. ft. facility that will berenovated to be its worldwide headquarters and is expected to open inJune 2024.
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InNovember, Cytophage, Cuspis Capital III Ltd. and 10179321 ManitobaLtd., a wholly-owned subsidiary of the Cuspis Capital III Ltd.,entered into a business combination agreement.
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InDecember, the Company finalized the financing for gross proceeds of$2,500,000 which was in addition to the $522,000 financing closed inthe summer of 2023.
For further information pleasecontact:
Heather Medwick
Chief Operating Officer
heather@cytophage.com
431 388 8873
Cytophage Investor Alerts: https://cytophage.com/subscribe/
About Cytophage Technologies
Cytophage Technologies ( TSXV:CYTO ) is apioneering biotechnology company dedicated to bacteriophage research,product development and commercialization. Committed to addressing the global challenge of antibiotic resistance,Cytophage advances innovative products that harness the power ofbacteriophages to combat bacterial infections affecting human health,animal health, and food security.
Cautionary Statement onForward-Looking Information
This news release contains “forward-lookinginformation” and “forward-looking statements” (collectively,“forward-looking statements”) within the meaning of the applicableCanadian securities legislation. All statements, other than statementsof historical fact, are forward-looking statements and are based onexpectations, estimates and projections as at the date of this newsrelease. Any statement that involves discussions with respect topredictions, expectations, beliefs, plans, projections, objectives,assumptions, future events or performance (often but not always usingphrases such as “expects”, or “does not expect”, “isexpected”, “anticipates” or “does not anticipate”,“plans”, “budget”, “scheduled”, “forecasts”,“estimates”, “believes” or “intends” or variations of suchwords and phrases or stating that certain actions, events or results“may” or “could”, “would”, “might” or “will” betaken to occur or be achieved) are not statements of historical factand may be forward-looking statements. Forward-looking statementsinvolve known and unknown risks, uncertainties and other factors whichmay cause the actual results, performance or achievements of Cytophageto be materially different from any future results, performance orachievements expressed or implied by the forward-looking statements.Factors that could cause actual results to differ materially fromthose anticipated in these forward-looking statements are
described under the caption “Risk Factors” inCytophage’s Filing Statement dated January 30, 2024, which isavailable for view on SEDAR+ at www.sedarplus.ca. These risks includebut are not limited to, the risks associated with the bacteriophageindustry, such as operational risks in development or capitalexpenditures, the uncertainty of extensive regulatory approvalrequirements, government regulations, protection of intellectualproperty, product liability and rapid technological advancements.Forward-looking statements contained herein are made as of the date ofthis press release, and Cytophage disclaims, other than as required bylaw, any obligation to update any forward-looking statements whetheras a result of new information, results, future events, circumstances,or if management’s estimates or opinions should change, orotherwise. There can be no assurance that forward-looking statementswill prove to be accurate, as actual results and future events coulddiffer materially from those anticipated in such statements.Accordingly, the reader is cautioned not to place undue reliance onforward-looking statements.
Neither the TSXV nor its RegulationServices Provider (as that term is defined in the policies of theTSXV) accepts responsibility for the adequacy or accuracy of this newsrelease.
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