On behalf of the Board of Directors, I am pleased to share that iQX Ltd continues to deliver growth in its portfolio of investments in the bioscience sector for the financial year ended 30 June 2021, amidst the challenging market conditions presented by the COVID-19 pandemic.
iQX Ltd is an investment funds management company specialising in the bioscience sector and is a core member of The iQ Group Global, a consortium of companies that find, fund and develop bioscience discoveries into life-changing medical innovations.
The IQX holdings are as follows:
GBS Inc. (7.7%)*
BiosensX (Europe) Inc. (19%)*
BiosensX (North America) Inc. (13.4%)*
Glucose Biosensor Systems (MENA) Holdings Inc. (19%)*
OncoTEX Inc. (19%)*
*Effective equity position at the end of FY21
The market capitalisation of the IQX Ltd as of the date of this report was $56.2m
GBS Inc. was listed on NASDAQ in December 2020 and is the APAC licensee of the Biosensor technology. The Saliva Glucose Biosensor commercialisation program has continued to progress with the FDA regulatory approval process. The process has sustained certain delays due to COVID, however, clinical testing is expected to commence very soon. The Saliva Glucose Biosensor has been indicated by the FDA to follow the De Novo regulatory pathway as it is innovative and without predicate.
GBS Inc. has been granted, by the Wyss Institute for Biologically Inspired Engineering at Harvard University, a license to integrate the Institute's antifouling technology into The Group's Biosensor, and develop a quantitative salivary COVID test. The company is formally collaborating with the Wyss Institute, Harvard University and Johns Hopkins University in developing the prementioned salivary quantitative IgG rapid diagnostic test. The commercial benefits stemming from this collaboration will flow to the LSBD commercial entities, GBS Inc., and subsequently to the ultimate parent which is IQG and IQX.
BiosensX (Europe) Inc.
BiosensX (North America) Inc.
Glucose Biosensor Systems (MENA) Holdings Inc.
These companies are the Biosensor licensees for the respective geographic regions to the intellectual property developed by GBS under its license. At this stage and as GBS progresses to clinical trials, the abovementioned companies are actively preparing to commence licensing arrangements for the Biosensor products to be launched over the next 24-48 months. The diagnostic test portfolio is expected to consist of approximately 130 different diagnostic tests, including the Saliva Glucose Biosensor and other diagnostic tests developed from the Biosensor technology.
Significant progress has been made with OncoTEX, the Group's oncology portfolio company, both in research and development as well as on the corporate front.
TEX Core is an anticancer drug platform that has the ability to develop a range of well-tolerated, MRI- detectable cancer therapeutics that target drug-sensitive and drug-resistant solid tumours. The first cancer therapeutic to be commercialised from the platform is OxaliTEX, a new chemical entity (WO 2015/191797) that targets only solid tumour cells, activates within the tumour and overcomes drug-resistance mechanisms with minimal side effects. OxaliTEX is currently at late preclinical stage and we will soon contemplate commencing clinical trials. Sterling Pharmaceutical have been contracted to manufacture OxaliTEX for the clinical trials.
Chair and Group CEO's report 30 June 2021
The first indication to trial is ovarian cancer, which is also classified by the FDA as an orphan disease, which may result in expedited regulatory approval by the FDA.
OncoTEX has further enriched its pipeline within the Tex Core platform, with six further compounds.
ParpTEX utilises TEX Core's tumour-localisation to enable the effective delivery of Parp inhibitors. ParpTEX is being developed for prostate and other BRCA mutant cancers.
GemTEX utilises TEX Core's tumour-localisation in combination with Gemcitabine's antimetabolite properties, initially to treat pancreatic and bladder cancers.
DoxTEX utilises TEX Core's tumour-localisation in combination with Anthracyclines to treat early-stage breast cancer and small-cell lung carcinoma.
TaxTEX utilises TEX Core's tumour-localisation in combination with Taxanes to treat Taxol resistant breast cancer, bladder cancer and prostate cancer.
ImmunoTEX utilises TEX Core's tumour-localisation in combination with Immunotherapies to treat breast cancer, pancreatic cancer, and lung cancer.
MangaTEX, through tumour specific localisation, allows for site-selective thermal heating of cancer cells upon irradiation by non-tissue damaging light. The initial indication MangaTEX is focused upon is breast cancer including BRCA mutant and Triple Negative.
On the corporate front, despite the pandemic restrictions, the Company has continued its capitalisation program here in Australia as well as the USA and has created a stellar board of directors and scientific advisors.
The company is already looking for appropriate out-licensing partners for its most advanced asset, OxaliTEX.
Given SEC (Security Exchange Commission) restrictions, I cannot further elaborate at this time as the company is undergoing a quiet period, on the capital market front. However, soon I hope to share some news with all our IQX investors.
OncoTEX continues to work with the University of Texas at Austin and MD Anderson Cancer Center research and development group to advance and deliver to patients both of the above technologies and the resultant drugs. The TEX Core platform represents extremely valuable intellectual property for the Group, as the IP portfolio consists of approximately twenty (20) patents and is expected to grow further.
I would like to thank all the investors, the board, and our staff for their dedication during the past year.
Dr George Syrmalis
Chair and Group CEO
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