SINGAPORE, May 11, 2023 /PRNewswire/ — CytoMed Therapeutics Limited ("CytoMed" or the "Company") (Nasdaq: GDTC), a biopharmaceutical company focused on harnessing its licensed proprietary technologies to create novel allogeneic cell-based immunotherapies for the treatment of human cancers, will commemorate the closing of its initial public offering ("IPO") on April 18, 2023, by ringing the closing bell at Nasdaq this afternoon.
CytoMed was formed in 2018, when it was spun off from Singapore’s leading public Research and Development agency, the Agency for Science, Technology, and Research, or A*STAR, with a mission to produce more effective and affordable cellular immunotherapies for a wide range of solid and blood-based cancers. Cellular immunotherapies harness the immune system’s ability to target and destroy cancer cells and offer a potentially life-changing option for patients where traditional approaches such as chemotherapy and radiation have failed. These therapies have historically been extremely expensive and complex to manufacture and administer. They have been designed on a patient-by-patient basis using the specific cancer patient’s own blood cells and typically only target the receptors of one specific cancer cell.
CytoMed’s manufacturing process utilizes noninvasive blood draws from healthy donors to create scalable, "off-the-shelf" therapies that are allogenic, naturally expressing an array of built-in receptors to recognize a multitude of cancers that are expected to be effective for a spectrum of patients without the need for expensive matching. The standardized process and broad application should allow for a more affordable treatment option for patients and may also reduce the risk of "on-target, off-cancer" side effects. The leading therapeutic clinical candidate leverages chimeric antigen receptor (CAR) gamma delta t cells and has been engineered to target cancers in a broad range of blood-based and solid cancers. Currently available chimeric antigen receptor t-cells (CAR T-Cell) therapies are being used to treat hematologic cancers but have not yet been successfully adapted for the treatment of solid cancers. CytoMed hopes to be able to change that.
"Our ability to drive innovation is a testament to Singapore’s support for cutting-edge life science research, the resourcefulness of this management team, and our dedication to provide a better quality of life for those facing life-threatening diseases," said Peter Choo Chee Kong, Chairman of CytoMed, "While we are a small company today, our ambition is to revolutionize the impact of cellular immunotherapies and extend human life."
The completion of the Company’s IPO and listing on Nasdaq is a critical step in the Company’s development. The proceeds from the IPO are intended to be used by CytoMed to advance CTM-N2D through Phase I trials and the initiation of a Phase II clinical trial and to continue development of its other two therapeutic platforms, iPSC-gdNKT and CTM-GDT. CytoMed anticipates that being a publicly listed company will raise its profile with international partners.
Incorporated in 2018, CytoMed was spun off from the Agency for Science, Technology and Research (A*STAR), Singapore’s national research and development agency in the public sector. CytoMed is a biopharmaceutical company focused on harnessing its licensed proprietary technologies to create novel cell-based immunotherapies for the treatment of human cancers. The development of novel technologies has been inspired by the clinical success of existing CAR T-Cell therapy in treating hematological malignancies as well as the current clinical limitations and commercial challenges in extrapolating the CAR T-Cell therapy principle into treatment of solid tumors. For more information about CytoMed, please visit www.cytomed.sg.
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward- looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s plans to develop and commercialize its product candidates; the initiation, timing, progress and results of the Company’s current and future pre-clinical studies and clinical trials and the Company’s R&D programs; the Company’s expectations regarding the impact of the ongoing COVID-19 pandemic on its business, the Company’s industry and the economy; the Company’s estimates regarding expenses, future revenue, capital requirements and needs for additional financing; the Company’s ability to successfully acquire or obtain licenses for additional product candidates on reasonable terms; the Company’s ability to establish and maintain collaborations and/or obtain additional funding and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
CytoMed Therapeutics Limited
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