Quarterly Cash Flow Report
- Michael J. Fox Foundation grants Alterity $US495K for Parkinson’s disease research evaluation
- Strengthening profile at investment, scientific and clinical conferences
- Dr David Stamler appointed Chief Executive Officer
- Cash balance as at 31 March 2021 of A$32.8M
Alterity Therapeutics Limited (ASX: ATH, NASDAQ: ATHE) (“Alterity” or “the Company”) releases its Appendix 4C Quarterly Cash Flow Report and update on company activities for the quarter ending 31 March 2021 (Q3 FY21).
The company’s cash position was $32.8M with operational cash outflows of $5.1M, in line with company expectations and reflecting ongoing preparation for the Phase 2 clinical trial for Alterity’s lead drug candidate ATH434 in Multiple System Atrophy (MSA) patients.
In accordance with ASX Listing Rule 4.7C, payments made to related parties and their associates included at item 6.1 of the Appendix 4C incorporates directors’ fees, consulting fees, remuneration and superannuation at commercial rates.
During the quarter, Alterity continued to make important advances in its Phase 2 program.
Most of the company’s efforts were focused on the bioMUSE Natural History study in MSA patients being conducted at Vanderbilt University Medical Center. This study will provide important information and insights to inform patient selection and design of the Phase 2 trial, which is scheduled to begin later this year. The study has now recruited 80% of the original target population and the company is evaluating the feasibility to expand enrollment.
The Michael J. Fox Foundation awarded Alterity US$495,000 to evaluate the pharmacologic profile of ATH434 to determine the optimal dose of the drug in future Parkinson’s disease clinical trials. It was the second grant the company has received from the Michael J. Fox Foundation for ATH434.
The profile of Alterity continues to strengthen with the company regularly invited to present at investor conferences and the leading clinical and scientific events around the world. In January and then again in March, Alterity CEO Dr David Stamler presented at life science and healthcare conferences hosted by HC Wainwright attended by institutional fund managers, HNW and other investors. Alterity also participated in the Biotech Showcase, a satellite event at the world’s largest healthcare conference hosted by JP Morgan.
In February, the company presented at the 7th Annual International Congress of Multiple System Atrophy, the pre-eminent conference for scientists and clinicians focused on MSA. Alterity’s presentation featured as part of the Congress’ poster presentation and provided further data on ATH434. The new results included data on blood pressure following change in body position which demonstrated that ATH434 does not lower blood pressure when people move to the standing position. This is an important safety finding considering impaired maintenance of blood pressure is a key issue with MSA.
In January, Alterity announced the appointment of Dr David Stamler to the role of Chief Executive Officer. Dr Stamler is based in San Francisco and joined the Company in June 2017 as Chief Medical Officer and Senior Vice President Clinical Development. Mr. Geoffrey Kempler, who founded the company in November 1997, has stepped down from the role of CEO and continues as Non-Executive Chairman.
Authorisation & Additional information
This announcement was authorised by David Stamler, CEO of Alterity Therapeutics Limited.