EDINBURGH - TC BioPharm (Holdings) PLC (NASDAQ: TCBP), a clinical-stage biotechnology company, announced today its plans to initiate Proof of Concept preclinical studies for its leading therapeutic candidate, TCB 008, targeting the treatment of monkeypox.
TCB 008 is an allogeneic cell therapy composed of activated and expanded gamma delta T (GDT) cells, which are expected to be effective in treating the viral infection. The company is seeking collaborations with a top Infectious Disease Center or University to expedite the Proof-of-Concept and preclinical trials due to the urgency presented by the highly contagious nature of monkeypox.
CEO Bryan Kobel stated, "We continue to look at avenues to expand the therapeutic applications for TCB008 and moving into rapid response for aggressive viral infections is an arena we believe our therapeutic can be immediately impactful."
TC BioPharm aims to deliver a frozen/thawed product that could not only help prevent death and prolonged infection in patients but also potentially mitigate the spread of the disease, addressing a significant global health concern.
Monkeypox, also known as mpox, is an infectious disease caused by the Orthopoxvirus genus, with two distinct clades, I and II. In 2022-2023, a global outbreak was attributed to the clade IIb strain. The disease is characterized by skin rashes, fever, and other symptoms, and is transmitted through physical contact with infected individuals or materials, or with animals carrying the virus.
TC BioPharm is recognized for its innovation in gamma-delta T cell therapies, with ongoing clinical trials for cancer treatments, including a Phase 2b/3 pivotal trial for acute myeloid leukemia using its proprietary CryoTC technology.
The company's announcement contains forward-looking statements and acknowledges potential risks and uncertainties that could affect the actual outcomes, as detailed in its SEC filings and reports.
This news is based on a press release statement from TC BioPharm.
In other recent news, TC BioPharm, a clinical-stage biotechnology firm, has made significant strides in its operations, securing compliance with Nasdaq's Minimum Stockholders' Equity Requirement, ensuring its continued listing on the Nasdaq Global Select Market. The company has also initiated preclinical studies for its therapeutic candidate TCB 008, aimed at treating monkeypox. Partnering with a prominent Infectious Disease Center or University, the company seeks to expedite the research process.
TC BioPharm has also reported progress in its ACHIEVE Phase 2b clinical trial, administering higher dose levels to six patients. The company secured a European patent for its modified gamma-delta T cell therapies aimed at treating cancer and viral indications. Financially, TC BioPharm raised $2 million through a direct offering of shares and warrants and secured approximately $3.9 million from the exercise of warrants, with H.C. Wainwright & Co. acting as the exclusive placement agent.
Additionally, TC BioPharm implemented a one-for-10 reverse American Depositary Shares (ADS) split, overseen by The Bank of New York Mellon (NYSE:BK). The company also expressed its intention to acquire a biotechnology firm specializing in Chimeric Antigen Receptor T-cell therapies for cancer treatment, subject to satisfactory negotiations, adequate financing, and necessary third-party approvals. These are the recent developments at TC BioPharm.
InvestingPro Insights
As TC BioPharm (Holdings) PLC (NASDAQ: TCBP) embarks on preclinical studies for its innovative monkeypox treatment, the financial landscape presents a mixed picture according to InvestingPro data. The company's market capitalization stands at a modest $4.3 million, reflecting the scale of its operations within the biotechnology sector. Despite significant returns over the past week and month, with a one-week price total return of 40.93% and a one-month price total return of 95.52%, the company's long-term performance tells a different story. Over the past year, the stock has experienced a precipitous decline, with a one-year price total return of -92.15%.
The financial metrics further reveal that TC BioPharm is grappling with challenges. The company's price-to-book ratio for the last twelve months as of Q1 2024 is 3.03, which may raise questions about its valuation relative to its net assets. Moreover, the company has not been profitable over the past year, with a basic and diluted EPS (Continuing Operations) of -164.31 USD. This is consistent with one of the InvestingPro Tips, which highlights that TC BioPharm is quickly burning through cash, an important consideration for potential investors.
Another InvestingPro Tip suggests that the company suffers from weak gross profit margins and its short-term obligations exceed its liquid assets, indicating potential liquidity challenges. Investors interested in the biotech sector and TC BioPharm's progress in developing treatments for viral infections may want to consider these financial health indicators.
For a more comprehensive analysis, TC BioPharm has a total of 11 InvestingPro Tips available, providing a deeper dive into the company's financial and operational performance. These insights can be invaluable for those considering an investment in the company or monitoring its progress in the competitive biotech industry.
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