Curative Biotechnology, Inc. Files 2021 First Quarter Financials and Issues Letter to Shareholders
Curative Biotechnology (CUBT) released its Q1 quarterly report for the period ending March 31, 2021. Key highlights include a significant increase in cash reserves from $160,607 to $564,546 and a reduction in debt from $528,893 to $75,373. The company successfully converted Series A and B Preferred shares to Common, strengthening its equity structure. The management team has expanded, adding seasoned professionals to direct its therapeutic development efforts, particularly in rare diseases including rabies and glioblastoma. Curative Biotech is set to file an IND with the FDA for a new retinal degeneration treatment by year-end.
- Cash on hand increased from $160,607 to $564,546.
- Debt decreased significantly from $528,893 to $75,373.
- Conversion of Series A and B Preferred shares to Common enhances equity.
- Successful recruitment of experienced management team to lead therapeutic development.
- CUBT is not yet generating revenues, indicating financial risk.
Boca Raton, FL, May 25, 2021 (GLOBE NEWSWIRE) -- Curative Biotechnology, Inc. (OTC: CUBT) (“Curative Biotech” or the “Company”), a development-stage biomedical company targeting novel treatments for rare diseases, filed its Q1 quarterly report for the period ending March 31, 2021. The Q1 report can be viewed in its entirety at:
https://backend.otcmarkets.com/otcapi/company/financial-report/284975/content.
Highlights of the Company's first quarter, 2021 include:
- Increase in Cash on Hand from
$160,607 t o$564,546 - Reduction in debt from
$528,893 t o$75,373 - Conversion of Series B Preferred shares to Common
- Conversion of Series A Preferred shares to Common
In addition, our chairman, Paul Michaels, released the following Letter to Shareholders:
To Curative Biotech shareholders:
In the past 15 months since we began building a clinical development enterprise, we have made great progress in assembling an experienced management team supported by a stellar Scientific and Clinical Advisory Board. I have spent four decades in biotech identifying value in promising biotech assets and attracting the attention of joint venture partners, completing transactions that influenced companies such as Celgene Corporation, Sumitomo Pharmaceuticals, Nobelpharma Co., Ltd, Teva Pharmaceuticals and Gilead.
Strong Management Team
Our first hire was Richard Garr as CEO & General Counsel who brings over 17 years of experience as a Director and Chief Executive Officer and President of Neuralstem Inc. (now Seneca Biopharma, Inc.) where he had the responsibility and oversight for all operations of a world leading regenerative medicine company, including worldwide business development, joint ventures, and licensing.
Ronald Bordens, Ph.D., joined the management team as our Executive Vice President of Technical Operations and Manufacturing. Ron is an industry veteran scientist with over 40 years of deep experience in the biotechnology and pharmaceutical industries. His pharmaceutical industry experience includes drug discovery, drug development and research technology with a focus on bioanalytical research, biomarkers, and leadership development during his 26-year career at Schering-Plough Research.
Clinical and Scientific Advisory Board
We have assembled a world class Clinical and Scientific Advisory Board to help oversee the development of our three first in human therapeutics.
Michael Grace, Ph.D., Chairman of the SAB has over 30 years of executive and technical experience in both research and development of protein therapeutics and peptides within the biotechnology industry at Schering-Plough, Bristol Myers Squibb, NPS Pharma and Advaxis Inc. He has contributed to or personally led the development to commercial approval of nine (9) drugs by FDA and EMA including PEG-IntronTM, OrenciaTM, NulojixTM, YervoyTM, GattexTM and NatparaTM. His experience encompasses all aspects of drug development from discovery, process development, and analytical development, to quality control and regulatory affairs.
Our Company recently announced the additions of Dr. Kapil Bharti and Dr. Dimiter Dimitrov to the Scientific and Clinical Advisory Board.
Kapil Bharti, Ph.D., from the National Eye Institute (NEI) at the National Institutes of Health (NIH) is the lead inventor on the U.S. and Worldwide patent applications licensed exclusively to Curative Biotech to repurpose Metformin into an eye drop to treat degenerative eye diseases including both wet and dry macular degeneration, diabetic retinopathy, and Stargardt’s disease. Dr. Bharti earned his Ph.D. from J.W. Goethe University, Frankfurt, Germany, graduating summa cum laude. He did his post-doctoral work at NIH, where he published numerous papers on pigment cell biology, transcription regulation and the developmental biology of the eye. Dr. Bharti has won a number of awards including the first Earl Stadtman Tenure Track Investigator at NEI, NIH Directors award, and NEI Directors Dr. Karl Kupfer Visionary award for his pioneering research on developing ocular cell therapies. From his seat on the Advisory Board Dr. Bharti will be able to help direct the clinical development of his invention.
Dimiter Dimitrov, Ph.D., earned his degrees at the University of Sofia, Sofia, Bulgaria, and subsequently joined the National Cancer Institute (NCI) of the National Institutes of Health (NIH) in 1990. He left for the University of Pittsburgh in 2017 to start the Center for Antibody Therapeutics, where he serves as director. Dr. Dimitrov’s major long-term goal is the development of clinically useful therapeutics and vaccines based on human monoclonal antibodies in different formats including engineered antibody domains, chimeric antigen receptors, bispecific antibodies and antibody drug conjugates. He has authored or coauthored more than 370 articles, several books, and is the inventor or coinventor of more than 100 inventions, patent applications or patents. Dr. Dimitrov is the lead inventor on the Antibody Drug Conjugate patent exclusively licensed to Curative Biotech from the National Cancer Institute to treat glioblastoma. From his position on the Advisory Board, he will be able to help direct the clinical development of his invention.
Promising Drug and Therapy Pipeline
The Company has three primary therapeutic development programs, with the first being acquired from Mid-Atlantic BioTherapeutics, Inc. (MABT) and including worldwide rights for the development of IMT504, a novel, patented immunotherapy to treat symptomatic rabies. IMT504 is being developed to treat patients whose disease has progressed beyond the stage where it can be treated by the existing approved rabies vaccines. IMT504 has been granted orphan drug designation in the US, which can provide significant benefits including tax credits, market exclusivity and waiver of certain FDA fees. Rabies is one of only a small number of diseases which qualify for the FDA Tropical Disease Priority Review Voucher (PRV) Program that is granted to sponsors of approved tropical disease product applications that meet certain criteria. This program has the potential to assist Curative Biotech and MABT in advancing IMT504 to the marketplace.
The second program was acquired from the National Cancer Institute (NCI), part of the National Institutes of Health (NIH), for use of a novel monoclonal antibody (mAB) drug conjugate to treat brain cancer (glioblastoma).
In January 2021, we executed an Exclusive Patent License Agreement to practice inventions contained within a number of patent applications with the National Eye Institute (NEI), of the National Institutes of Health (NIH), including the repurposed use of Metformin to treat Retinal Degeneration (RD)without the necessity of eye injections. This potential therapy holds great promise for multiple indications. With decades of safety data from the approved drug, Metformin, we may be eligible for the 505 B 2 pathway at the FDA, specifically created to accelerate development for new formulations and/or routes of administration of already approved drugs. We are working on this reformulation, and expect to file an IND with the FDA to begin human trials by the end of the year. Significantly, this License Agreement also contains worldwide rights.
Launch of New Corporate Website and Corporate Name and Trading Symbol Change
In support of our recent corporate name and trading symbol change, we launched a comprehensive website to support our efforts in the biotechnology industry and provide information to our shareholders, prospective patients and other stakeholders. From press releases to periodic updates through the "CEO's Blog", https://CurativeBiotech.com/news-and-media/ceos-blog we expect to be more active in shareholder updates as we progress towards clinical development of our pipeline and build upon our potential partner network.
Move to Fully Reporting Status
In Q1 we have retained a PCOAB audit firm, Daszkal Bolton LLP, to fulfill the regulatory requirements to file with the SEC to become a "Fully Reporting" company and expect this process to be completed in the near future.
In summary, I am very pleased with the significant progress we have achieved over the past year. We have a pipeline of promising treatments in three distinct therapeutic categories--cancer, degenerative eye disease and late stage rabies. Curative Biotech has attracted the attention of significant partners: Mid-Atlantic BioTherapeutics, the National Eye Institute of the NIH, and the National Cancer Institute. We have been successful in expanding our Scientific and Clinical Advisory Board to include world renown researchers and leaders in their fields. Their involvement will be crucial in optimizing our pathway to begin clinical trials.
The management team at Curative Biotech is looking forward to continuing to keep all of our stakeholders updated on a continuing basis as we progress in all of these areas. Regards,
Paul Michaels
Chairman & President
Curative Biotechnology Inc.
About Curative Biotechnology, Inc. http://CurativeBiotech.com
Curative Biotechnology is a development-stage biomedical company focusing on novel treatments for rare diseases. Curative Biotech is focused on therapies with potentially accelerated development paths as a result of either the disease, the nature of the therapeutic itself, or the stage of clinical development. At the heart of the Company is a clinical product development engine that rests on our unique S.O.A.R. filter (Science, Opportunity, Acceleration, Rare Disease.) At Curative Biotech, we envision a world where all patients have a therapeutic option.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. CUBT is not yet generating revenues. Although forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subjected to known, unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements, including but not limited our ability to generate sufficient market acceptance for our products and services, our ability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with OTC Markets from time to time which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Contact:
Curative Biotechnology, Inc.
ir@curativebiotech.com
866-890-CUBT (2828)
SOURCE: Curative Biotechnology, Inc.
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