Half-Year Financial Report Overview

Actinogen Medical Limited (ASX: $ACW) has released its Appendix 4D Half-Year Financial Report for the period from 1 July 2023 to 31 December 2023. The report reveals a focus on advancing the clinical trials of Xanamem, a unique inhibitor of the 11ß- HSD1 enzyme, for the treatment of Alzheimer's Disease (AD) and Major Depressive Disorder (MDD). The company also announced the receipt of a $4.8 million Research & Development (R&D) tax incentive rebate.

Executive Commentary

The principal activity of Actinogen Medical during the half year was the ongoing development of Xanamem, with significant progress made in advancing two major Phase 2 clinical trial programs. The company received approval for a UK Innovation Passport for Xanamem in the treatment of Alzheimer's disease, and enrollment in the XanaCIDD Phase 2a Depression clinical trial exceeded 75% of the planned 160 trial participants. Additionally, the company received a $4.8 million R&D tax incentive rebate and completed the development of an improved synthetic process of Xanamem drug substance. Strategic changes and additions to the executive and operational teams were initiated, and the company successfully completed a $10 million capital raising in September.

Financial and Strategic Outlook

Actinogen Medical's financial report for the half year ended 31 December 2023 reflects a strong focus on advancing the clinical trials of Xanamem for the treatment of Alzheimer's Disease and Major Depressive Disorder. The company's strategic priorities include accelerating clinical development in cognitive impairment, forward planning, and creating value from partnerships. The company remains confident about its prospects in FY2024 and beyond, with upcoming major clinical milestones and ongoing activities in manufacturing, regulatory, and clinical planning. The report also highlights the company's ability to raise further funding and its commitment to proactive management of all aspects of its business to ensure the best possible outcomes for shareholders.