We know that AD-214 is being readied for Phase 2 clinical...

We know that AD-214 is being readied for Phase 2 clinical studies but in what indication? It would appear to be a daft question because we all know that AD-214 is in clinical development in Idiopathic Pulmonary Fibrosis IPF and by extension Interstitial Lung Disease ILD. However, a funny thing happened on the way to the clinic for we know that in the May 2023 presentation, planning is underway for Phase 2 IV clinical trials in lung or kidney fibrosis.

Kidney fibrosis? I was pretty sure we were addressing the unmet need in IPF with the potential for AD-214 to be be evaluated in multiple indications of fibrotic disease including the kidney and eye. Slide 19 nonetheless sets out the AdAlta pipeline with AD-214 completing Phase 1 and available to license in both lung fibrosis and kidney fibrosis. The science has advanced and is in fact well documented but AD-214 advancing towards Phase 2 in kidney fibrosis has kind of being under the radar.

The science can be reviewed in the paper, A single-domain i-body, AD-114, attenuates renal fibrosis through blockade of CXCR4 published in January 2022 and reference is also made to a national medical grant of $768k run over 4 years to fund research to evaluate AD-114 to treat chronic kidney disease.

Now that kidney fibrosis has appeared on the radar screen its possible that we are looking at multiple incoming partnerships. Reverting to the slides its worth noting that whereas the market opportunity in IPF is US$4b, the market opportunity in kidney fibrosis is US$10b. The even bigger opportunity is in the eye but we won't even go there.