A good starting point in the presentation is slide 26 which summarises the current position vis-à-vis AD214 as a potential therapeutic in idiopathic pulmonary fibrosis: efficacy has been validated in an IPF mouse model and safety and receptor occupancy has been established in a Phase 1 clinical trial.
We actually knew that back in March 2021 so we have been driving around the block for a couple of years. One could ask why and to the best of my understanding there was heightened concern that the drug was rapidly distributed to the liver with the result that higher drug doses were required to negate the liver sink effect. The heightened concern appears to have been fuelled by pre-clinical imaging studies that separately arose from the development of a radiolabelled version of AD-214. The studies had been intended to inform dose levels and optimal routes of administration but may instead have thrown up a red herring.
So, it was necessary to continue driving around the block until further analysis could point the way forward. Interestingly, one might have picked up in answers to questions from the Investor Briefing that the new Phase 1 extension will not be using the radiolabelled version of AD-214.
The excitement is that the clinical journey is back on track and I would hazard to guess that there are a couple of potential co-drivers in the passenger seat. If we arrive at the destination we undoubtedly will be cheered on by IPF patients but the excitement for shareholders is likely to occur sometime before recently awarded options from the capital placement have expired.
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(20min delay)