DALLAS - Lantern Pharma Inc. (NASDAQ:LTRN), a company leveraging artificial intelligence (AI) in cancer therapy development, has been granted a Japanese patent for its drug candidate LP-284, designed for certain blood cancers. The Japan Patent Office issued the certificate for the molecule, which is currently in a Phase 1 clinical trial for relapsed or refractory non-Hodgkin’s lymphoma and specific sarcomas.
This new patent complements the U.S. patent awarded in April 2023 and is part of Lantern's strategy to safeguard its intellectual property on a global scale. The company anticipates securing similar protections in Europe, China, Australia, Canada, and Korea.
LP-284, developed with the assistance of Lantern’s RADR® AI platform, has the potential to benefit 40,000 to 80,000 blood cancer patients annually and targets a global market estimated at $4 billion USD. The drug candidate has already been administered to patients in a U.S. clinical trial that began in 2023, following FDA approval of an investigational new drug application.
Mantle cell lymphoma (MCL), one of the targeted conditions for LP-284, has an incidence rate of up to 5,800 cases per year in Japan and, combined with double hit lymphoma (DHL), approximately 9,000 diagnoses annually in the U.S. and Europe. Nearly all MCL patients experience relapse, positioning LP-284 as a potentially improved treatment option.
The company's AI-driven approach has resulted in a pipeline of therapies, including a Phase 2 clinical program and multiple Phase 1 trials. LP-284 has also received Orphan Drug Designation by the U.S. FDA for the treatment of high-grade B-cell lymphomas and MCL.
Lantern Pharma's broader mission involves using AI to expedite oncology drug discovery and development, aiming to reduce costs and timelines. The company's RADR® platform analyzes billions of oncology data points to identify promising drug candidates and patient populations.
This announcement is based on a press release statement from Lantern Pharma Inc.
In other recent news, Lantern Pharma, a biopharmaceutical company leveraging artificial intelligence in cancer drug development, gained approval for a Phase 2 clinical trial of its drug LP-300 in Japan and Taiwan. The trial, named the Harmonic™ trial, focuses on treating non-small cell lung cancer in never-smokers, a patient group that constitutes about a third of all lung cancer cases in East Asia.
The therapeutic, LP-300, has been well-tolerated in over 1,000 individuals across multiple clinical trials and is intended to inhibit tumor growth by interacting with Tyrosine Kinase gene pathways.
In other recent developments, Lantern Pharma reported its financial results for the fourth quarter and full year of 2023. Despite a strong cash position of approximately $41.3 million, the company reported a net loss of $4.2 million for Q4 and $15.96 million for the full year. Research and development expenses rose to $11.9 million in 2023 due to increased research and payroll costs.
The company's AI platform, RADR, has surpassed 60 billion data points and is on track to exceed 100 billion by year's end.
Lantern Pharma also disclosed plans to launch clinical trials for Starlight Therapeutics, a development for CNS cancers, in the second half of the year. The market potential for its LP-184 indications is estimated to be between $10 billion to $12 billion-plus.
These are the recent developments that have been taking place at Lantern Pharma.
InvestingPro Insights
In the wake of Lantern Pharma Inc.'s (NASDAQ:LTRN) recent patent approval in Japan for its LP-284 drug candidate, a look at the company's financial health and market performance can offer investors additional context. According to InvestingPro data, Lantern Pharma holds a market capitalization of $60.14 million and has a notably high Price / Book ratio of 1.68 as of the last twelve months leading into Q1 2024. These figures reflect the company's valuation in relation to its net assets, which can be a useful gauge of how the market is currently valuing the company's potential.
Notably, the company's stock price has experienced significant volatility, with a 47.11% price uptick over the last six months, yet a 27.4% decline over the last three months, indicating a potentially turbulent market sentiment. This is consistent with one of the InvestingPro Tips, which highlights that the stock price movements of Lantern Pharma are quite volatile.
While Lantern Pharma is making strides in expanding its intellectual property footprint, the company's financial metrics suggest challenges ahead. The firm has an adjusted P/E ratio of -3.44, which underscores that it is not currently profitable. Additionally, the company is rapidly burning through cash, which is a critical factor for investors to consider, especially for a biotech firm in the costly phase of clinical trials.
Investors interested in a deeper dive into Lantern Pharma's financials and stock performance can find additional InvestingPro Tips, which provide a comprehensive analysis of the company's prospects. There are 11 more InvestingPro Tips available for LTRN, offering nuanced insights into the company's financial status and market potential. For those looking to access these valuable tips, visit https://www.investing.com/pro/LTRN and remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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