LONDON (ShareCast) - (Sharecast News) - Biotechnology company BiVictriX Therapeutics updated the market on its pipeline on Monday, reporting "significant progress" with its lead candidate, 'BVX001'.
The AIM-traded firm said it had expanded its pipeline protection with further patent applications, and broadened its profile with attendance at international conferences and awards.

It reported serious progress in the creation and execution of the development plan for its lead product BVX001 since its initial public offering in August.

By investing additional time and resources, working closely with regulatory advisors, the company said it was "actively creating a clear path" to investigational new drug (IND) status, minimising development risks.

Notably, the work performed to date had enabled the company to better understand the optimum range of target-binding affinities for lead declaration.

Elsewhere, BiVictriX said it was continuing to expand and strengthen its strategic industrial and academic collaborations, acquiring access to "state-of-the-art" technical and disease area expertise for new target discovery and product development.

That, the board said, had allowed for the initiation of its antibody selections and proof-of-concept studies for its two additional therapeutic programmes, 'BVX002' and 'BVX003'.

In addition, BiVictriX said it was able to progress as planned with the identification of further cancer-specific antigen fingerprints across a range of solid and haematological tumour indications.

The company said it was continuing to optimise and invest in BVX001 and, on 29 June, filed a further UK patent application for BVX001, further reinforcing its "already robust" intellectual property position.

In line with its planned hiring strategy, BiVictriX said it had also completed the recruitment of a "highly talented" scientific team, establishing a "fully functional" technical capability within its labs at Alderley Park to further progress the development of BVX001 and the wider pipeline.

Looking at the books, the company said it had a "strong" cash position, and sufficient cash to execute its current strategy.

In addition, it said it was continuing to assess suitable non-dilutive funding opportunities, and was applying "prudent" cash control to its operations.

Finally, BiVictriX said it was attending major international conferences in a bid to broaden its network.

The company said it would present at the 14th annual PEGS Europe event in November - a scientific congress attended by the life sciences industry and investment spectrum.

"We remain focused on developing our lead asset, BVX001, and are making great progress," said chief executive officer Tiffany Thorn.

"At the same time, we are exploring the breadth of our 'Bi-Cygni' approach across a wide array of different cancer types through our broad pipeline of anti-cancer therapeutic assets, which includes BVX002 and BVX003, and are applying our learnings to each of our programmes.

"I am proud of the progress we are making as a rapidly emerging biotech company and the rigour we are applying to our business."

At 0910 BST, shares in BiVictriX Therapeutics were flat at 20p.

Reporting by Josh White at Sharecast.com.

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