Progress Report/Milestones Achieved
AACT has made significant progress since it’s last round of Series A financing as highlighted below:
The Company’s first US and European patents for AA150030 have been issued covering a part of our anti-cancer compound universe. The US patents office also has issued two other patents that cover 108600 and 15040 (RAS mimetics).
IND-enabling studies for AA150030 have been initiated and we expect this compound to enter Phase I clinical in the second half of 2021.
AACT is building its Senior Management team. A highly experienced Senior Vice President of Pharmaceutical Discovery will soon be hired. The Board of Directors has been expanded to include executives fromthe Pharmaceutical Industry, Clinical Oncology and an Investment professional. The Company is planning to hire an industry recognized Vice President of Clinical Sciencesand a Financial Manager.
The Company’s lead anticancer drug AA150030 is progressing towards an IND filing and Phase I clinical trials. The Company’s pre-clinical testing continues to support the remarkable safety profile of this drug.
The Company has successfully developed a new series of drugs for the treatment of Triple Negative Breast cancers, hormone-resistant prostate cancers and RAS-mutant cancers, which constitute approximately 30% of all diagnosed cancers. These drugs have been validated in animal models by independent outside laboratories.
The Company has successfully developed a new series of drugs for the treatment of Triple Negative Breast cancers, hormone-resistant prostate cancers and RAS-mutant cancers, which constitute approximately 30% of all diagnosed cancers. These drugs have been validated in animal models by independent outside laboratories.
Proposed Series B Financing
The Company is proposing to raise additional capital from the sale of Series B Convertible Preferred stock.
Use of Proceeds
Currently the company has sufficient cash to complete all of the requirements for filing its first IND for cancer and continue operations for at least one year including the anticipated costs. The current operating monthly burn rate is approximately $100,000. The annual legal costs (mostly concerning the protection of intellectual property) are estimated to be $200,000. Additional capital is being raised to undertake the Clinical Studies of AA150030. Details of usage of funds are provided in the finance section.
