Greetings from EGB Ventures,
As we wrap up the third quarter of 2024 and begin preparations for Biotech Showcase in January, we’re excited to share some important developments from our portfolio companies and associates. We continue to see promising progress across the board, especially in the fields of antiviral and CNS research.
Island Pharmaceuticals (ASX: ILA)
In the past 24 hours, Island Pharmaceuticals announced both the closing of a A$3.5 million private placement and the initial dosing of all patients in the treatment arm of its Phase 2 PROTECT (formerly PEACH) study of ISLA-101 for the treatment and prevention of dengue fever. The private placement, which included participation by EGB and a host of prominent Australian- and Hong Kong-based life science investors, funds the company through several important inflection points, including all data readouts on the PROTECT study.
Data from the treatment arm of the PROTECT study, which is being conducted at SUNY Upstate Medical University in Syracuse, New York, is expected before the end of 2024. This marks a significant milestone in the fight against dengue, a mosquito-borne virus that continues to affect millions globally. In 2024 alone, over 12 million dengue cases and over 8,000 dengue-related deaths have been reported from 86 countries and territories.
In addition to its ISLA-101 program, Island recently entered into a binding letter of intent for the in-licensing of BioCryst's galidesivir. Under the LOI, Island has a 12-month exclusive option to secure rights to galidesivir, a compound that has demonstrated antiviral activity against several RNA viruses, including Ebola, Zika, and Marburg. These viruses represent areas of significant unmet medical need, and this agreement could position Island to make substantial contributions to global health.
We are also pleased to announce that Mr. Chris Ntoumenopoulus, a valued and close associate of EGB, has been appointed to Island's board of directors and is an investor in the newly announced private placement. Many of you already know Chris for his longstanding dedication and insights, and we are confident that his leadership will further enhance Island’s strategic direction.
Tryp Therapeutics (ASX: TYP)
Tryp Therapeutics also made substantial progress in their clinical programs during Q3. Their Phase 1 study of TRP-8803, an intravenous infusion of synthetic psilocin, was successfully completed during the quarter. This study was designed to refine and optimize dosing and infusion rates for TRP-8803 to achieve precise blood levels of psilocin with an acceptable pharmacokinetic profile to determine TrP-8803’s ideal safety profile for therapeutic use in patients. Data from the Phase 1 study is now being processed and analyzed in preparation for initiation of the first Phase 2 trial of TRP-8803.
In July, Tryp announced dosing of the first patient in Massachusetts General Hospital’s study of TRP-8802 (oral synthetic psilocybin) for the treatment of pain related to irritable bowel syndrome (IBS). This marks the first use of psilocybin in any study conducted by MGH.
In addition to its advances in the clinic, Tryp welcomed renowned scientific advisors Phillipa Hay, PhD and Professor David Castle, as well as Chief Financial Officer, Hamish George. Hamish joins Tryp as part of its transition from the Canadian Securities Exchange to the Australian Securities Exchange and succeeds Mr. Jim O’Neill. We join Tryp in their immense thanks for Jim’s significant contributions to Tryp over the past two years.
As we move into the final quarter of the year, we remain focused on supporting our portfolio companies in achieving their objectives and driving impactful results. We are excited about the future and will continue to keep you updated as these companies progress.