Who, What and When, MultiCell Technologies (NASDAQ MCET.OB)
MultiCell Immunotherapeutics specializes in developing primary liver cell immortalization technologies to produce cell-based assay systems for use in drug discovery by leveraging patented technology and expertise to develop therapeutics to treat serious diseases including multiple sclerosis, type-1 diabetes, and infectious disease.
Market Opportunity: According to the National Cancer Institute (NCI), in 2008 there were approximately 21,400 new cases of primary liver cancer and intrahepatic bile duct cancer in the US and approximately 18,400 of those cases resulted in death. Hepatocellular carcinoma, resulting from Hepatitis B and Hepatitis C infection, is the most common cancer in some parts of the world, with more than 1 M new cases diagnosed each year. The NCI had also reported that hepatocellular carcinoma is associated with cirrhosis of the liver in 50% to 80% of patients.
Focus: MCET.OB’s novel technologies … have … been shown to modulate both the innate and adaptive immune systems, enabling the creation of advanced drug candidates that stimulate or suppress the immune system via disease-specific targeting of the immune system.
- Their therapeutic pipeline includes MCT-125, directed at treating chronic fatigue in MS patients; MCT-175, targeting relapse-remitting MS; MCT-275, for the treatment of type-1 diabetes; and MCT-465, addressing influenza A infection. MultiCell also specializes in developing primary cell immortalization technologies to produce cell-based assay systems for use in drug discovery and for the production of therapeutic proteins.
Bottom Line: While significant progress has been made in developing cancer therapies that result in cytoreduction and thus tumor regression, the control of cancer over a longer interval and especially of metastatic disease, remains a key goal for the scientific community.
- Primary liver cancer is rarely discovered early, and often does not respond to current treatment. Tumor tissues are composed of a mixture of cells with some tumor cells exhibiting stem cell-like properties (cancer stem cells). Cancer stem cells are thought to play a role in a tumor’s resistance to therapy,
- Cancer stem cells are believed to be responsible for cancer relapse by being less sensitive to conventional therapies. Cancer stem cells may offer a unique opportunity to identify and develop a new generation of more effective anticancer agents (both small molecule therapeutics and bio-therapies),
- Revenue for the 3 months ended 8/31/09 was $44,179; all of the revenue is from license revenue under agreements with Corning, Pfizer, and Eisai while operating expenses were $257,238. Other income (expense) amounted to a net expense of $7,329 for quarter. In 2009, other income (expense) was principally composed of interest expense on the 4.75% debentures, including amortization of discount, plus interest on notes payable to related parties. The net loss for the Q was $220,388,
- So, why hasn’t MCET.OB raised any money to define sustainability and viability and where are any recent Q filings,
- MCET must raise additional capital to initiate Phase IIb clinical trials for MCT-125, their therapeutic product for the treatment of fatigue in multiple sclerosis patients. Until they are successful in raising additional funds, they may have to prioritize their therapeutic programs and delays may be necessary in some of their development programs,
- According to statistics MCET.OB trades at $0.013 with a market cap of $3.68 M with 272.74 M shares outstanding and a float of 261.47 M shares but, has only $391 K in cash and $$79.16 K in debt. Also MCET has no institutional holders and is 7.70 % held by insiders,
- The last news was in 8/09 when MultiCell announced that it had been granted patent 7,566,567 by the US Patent and Trademark Office covering its Fa2N-4 and Ea1C-35 immortalized human hepatocyte cell lines.
- It sounds like a one man band and very lucky to be still in … existence!