Genflow Biosciences PLC Announces Company Update
20 September 2023 - 2:07PM
Genflow Biosciences Plc (“Genflow” or “the Company”) (LSE:GENF)
(OTCQB:GENFF), today announced the receipt of written comments from
the Federal Agency for Medicines and Health Products (FAHMP)
of Belgium. The Company is pleased with the advice received from
the FAHMP to commence clinical trials of its drug, GF-1002, with
patients suffering from NASH [*] (rather than in healthy
volunteers). This follows promising results from the
Company’s research in in-vitro human cells and in-vivo rodent
studies.
The Company’s NASH clinical trials are scheduled
to begin in approximately 18 months following dialogue and
subsequent agreement with the European Medicine Agency.
Eric Leire, CEO of Genflow, commented; "We are
thrilled that the FAHMP has recommended Genflow to commence Phase
I/II clinical trials in NASH patients rather than with healthy
volunteers. We hope that this will provide a first signal of
efficacy in humans more speedily. We will continue to seek guidance
and recommendations from the FAHMP to develop an appropriate
program in conducting our proposed clinical trial in humans.
We are hopeful that these trials will showcase
the ability of longevity gene-therapy assisting patients with
life-limiting illnesses.
The current financial outlook for the Company
remains positive as it is in a secure financial position. Genflow
Biosciences has sufficient cash reserves until March 2025 and
continues to seek further non-dilutive funding in the form of
research grants.”
Internal Debt Restructuring
In order to comply with the updated requirements
of the existing grant from the Wallonia region, and to be eligible
for future grant funding, Genflow recently undertook an internal
debt re-organization.
This was completed by means of the benefit of
the receipt of the existing loans between the Company and its
ultimate subsidiary entity, Genflow Biosciences SRL (“Genflow BE”),
being assigned to Genflow Biosciences, Inc (“Genflow US”), the
Company’s immediate subsidiary. This was then followed by a capital
restructure within Genflow BE, resulting in an increase to this
entity’s net assets within the parameters and requirements of the
possible grant providers. The overall debt position within the
Group, therefore, remains unchanged.
Whilst this does not provide any assurances
relating to the granting of non-dilutive funding in the Company’s
favor, it allows the Company to be considered for the same.
The information communicated in this
announcement is inside information for the purposes of Article 7 of
Regulation 596/2014.
Footnote:
[*] NASH is an acronym for Non-Alcoholic
Steatohepatitis. The Company is seeking to reverse ageing fibrotic
livers to normal functionality. NASH affects an estimated 35
million people globally and is one of the leading causes of chronic
liver disease and liver transplants.
For further information please contact:
Genflow Biosciences Plc |
|
Dr Eric LeireChief Executive |
+32 477 495 881 |
Harbor Access |
|
Jody KaneInvestor Relations |
+1 475 477 9402 |
About Genflow Biosciences
Genflow is a UK-based biotechnology company
established in 2020. The Company is developing gene therapies
designed to target the aging process and to reduce and delay the
incidence of age-related diseases. This will be done through novel
therapeutics targeting aging in humans by using adeno-associated
virus ("AAV") vectors to deliver copies of the Sirtuin-6 ("SIRT6")
gene variant that is found in centenarians into cells.
Its mission is to increase our understanding of
the factors that control and impact lifespan. Genflow researches,
develops, and commercialises therapeutic solutions to lengthen
health span, the amount of time we live in good health, creating
biological interventions that enable longer and healthier lives.
Genflow is dedicated to the development and commercialisation of
novel therapeutics targeting aging in dogs and humans. By treating
aging, Genflow can contribute to a decrease in healthcare costs and
lessen the emotional and societal burden that comes with an aging
population.
To learn more visit www.genflowbio.com
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