SATELLOS BIOSCIENCE INC - MSCLF STOCK NEWS

Satellos Bioscience, a biotech company developing small molecule therapeutics for muscle diseases, announced the results of its Annual and Special Meeting of Shareholders held on May 14, 2024. All nominees listed in the Circular dated April 10, 2024, were elected as directors with over 99% of votes cast. Shareholders approved a potential reverse stock split in the range of 1-for-5 to 1-for-20, re-appointment of MNP LLP as auditors, a new Equity Incentive Plan, an advanced notice bylaw, and amendments to existing bylaws. 54.43% of common shares were represented at the meeting. The detailed voting results are available on Sedar+.

Satellos Bioscience announced its Q1 2024 financial and operational results.

Key highlights include preclinical advancements and GMP manufacturing for SAT-3247, with Phase 1 clinical trials on track to start mid-2024.

The company reported a cash balance of $33.2 million as of March 31, 2024, down from $39.6 million at the end of 2023.

Net loss for Q1 2024 was $6.9 million, significantly higher than the $1.7 million loss in Q1 2023, due to increased R&D and G&A expenses.

Satellos also received Orphan Drug status from the FDA for SAT-3247 and plans to present at the PPMD conference in June 2024.

Satellos Bioscience Inc. (MSCLF) to present at 2024 Bloom Burton & Co. Healthcare Investor Conference. CEO Frank Gleeson to provide corporate presentation on small molecule therapeutic approaches for muscle diseases.

Satellos Bioscience Inc. (TSX: MSCL, OTCQB: MSCLF) reported significant progress in transitioning from a discovery-stage to a preclinical company in 2023, aiming to advance its lead drug candidate, SAT-3247, into first-in-human studies in 2024. The company engaged a CRO for Phase 1 clinical trial design, initiated GLP toxicity studies, and GMP manufacturing for SAT-3247. Positive preclinical data presented at a conference showcased SAT-3247's potential to regenerate muscle tissue, with AAK1 identified as the molecular drug target. Satellos also secured Orphan Drug Designation for SAT-3153 and submitted similar applications for SAT-3247. A $55 million equity offering in 2023 bolstered the company's capital markets strategy, leading to a graduation to the Toronto Stock Exchange in 2024. The leadership team was expanded, and the company reported a cash balance of $39.6 million as of December 31, 2023, providing runway through 2025 for SAT-3247 development.

Satellos Bioscience Inc. (MSCLF) announces CEO's participation in investor conferences to discuss new small molecule therapeutic approaches for muscle diseases.

Satellos Bioscience Inc. (MSCLF) will attend the Leerink Partners Global Biopharma Conference 2024 to host investor meetings, focusing on new small molecule therapeutic approaches for muscle diseases.

Satellos Bioscience Inc. announces positive preclinical data showing SAT-3247 can improve skeletal muscle function in multiple mouse models of muscle degeneration, demonstrating potential for treating diseases like Duchenne muscular dystrophy and facioscapulohumeral muscular dystrophy.

Satellos Bioscience Inc. announced a late-breaking oral and poster presentation at the 2024 Muscular Dystrophy Association Conference. The presentations focus on small molecule therapeutic approaches targeting muscle diseases, including Duchenne. Dr. Phil Lambert, the Chief Scientific Officer, will present SAT-3247, an oral inhibitor targeting AAK1 for muscle regeneration. The Company aims to improve muscle treatment through innovative therapies.

Satellos Bioscience Inc. (MSCLF) announced the commencement of trading on the Toronto Stock Exchange under the symbol 'MSCL'. The uplisting reflects the company's progress from preclinical to clinical-stage development. Shareholders do not need to take any action for the listing.