China-based Kintor Pharmaceutical Ltd (HKG: 9939) has announced a strategic change in the allocation of proceeds from previous subscriptions. The company has decided to redirect HKD 509 million (USD 64.8 million), initially intended for the clinical development and commercialization of proxalutamide, pyrilutamide, and AR-PROTAC GT20029, away from clinical studies for proxalutamide in COVID-19. This decision comes as a response to the easing pandemic conditions and the availability of multiple small-molecule COVID-19 treatments on the market.
Redistribution of Funds to Pipeline and Operations
Kintor will now allocate 15% of the funds to proxalutamide, 49% to clinical studies for other candidates in China, including pyrilutamide and GT20029, and the remaining funds will be directed towards operational capital. This reallocation aims to bolster research and development efforts and expand the company’s business development team.
Updates on Pyrilutamide and GT20029 Developments
Kintor also provided updates on the development of pyrilutamide and GT20029. Pyrilutamide, currently undergoing a Phase III clinical study for male androgenic alopecia, is set to initiate a Phase III clinical study for female hair loss in China during Q2/3. Additionally, the company expects to release topline data from the Phase II study for pyrilutamide in acne in China in Q2 2023. Meanwhile, a Phase II study for GT20029, the world’s first external PROTAC compound in clinical trials, is Starting soon in China, with the first subject expected to be enrolled during Q2. Plans for a Phase II study in the US are also underway.-Fineline Info & Tech
