Actinogen Medical releases HY2024 financial results

Actinogen Medical (ASX: $ACW) has released its interim financial results for the six months ended 31 December 2023. The company reported a net loss after tax of $11,556,659 for the half-year, with a cash and cash equivalents balance of $11,472,389 as of 31 December 2023. Actinogen Medical is making significant progress in advancing two major Phase 2 clinical trial programs, including the XanaCIDD Phase 2a Depression clinical trial and the XanaMIA Phase 2b Alzheimer's Disease trial.

Dr. Steven Gourlay, Actinogen's CEO and MD, comments on the progress

The clear priority for the next 18 months is to deliver high-quality results from our two Phase 2 clinical trials. We continue to make excellent progress recruiting participants for our XanaCIDD Phase 2a trial in patients with cognitive impairment associated with persistent major depressive disorder (MDD). Enrolment in that trial now exceeds 75%, and final results are expected to read out in Q2 2024. The first patient in the XanaMIA Phase 2b trial is due to be treated shortly, with initial results in the first half of 2025.

Outlook for Actinogen Medical

Actinogen Medical is confident about its prospects in FY2024 and beyond, believing it has successfully mitigated many drug development risks for the program. The company anticipates reporting results from the XanaCIDD Phase 2a depression trial in the second quarter of 2024, with the second major clinical milestone being the interim analysis of the XanaMIA Phase 2b trial in patients with Alzheimer's Disease, expected in H1 CY2025. Actinogen Medical is committed to proactive management of all aspects of its business to ensure the best possible outcomes for shareholders, including current clinical trials program, forward planning for future trials, eventual drug commercialization, and working intensively to mature commercial and development partnership relationships.