Q BioMed Announces Strontium89 Initial Uptake and Momentum in US and Europe
Q BioMed Inc. (OTCQB: QBIO) has reported the positive initial commercial uptake of Strontium89, its FDA-approved drug for metastatic cancer treatment. Following its Q1 launch, the drug has seen strong enthusiasm from physicians despite the COVID-19 pandemic's impact on cancer care. Strontium89 will be reimbursed by Medicare and Medicaid starting October, encouraging more hospital treatments. Q BioMed is also expanding internationally with a 'Named Patient' program and expects to see revenue increase significantly from Q2 onwards. The company is exploring further clinical trials for potential therapeutic uses.
- Successful launch and initial commercial uptake of Strontium89.
- Strong interest from physicians in Strontium89 despite COVID-19 challenges.
- Medicare and Medicaid reimbursement for Strontium89 starting in October, promoting hospital treatments.
- International 'Named Patient' program receiving robust response from physicians worldwide.
- Plans for clinical trials to expand indications for Strontium89 beyond palliative care.
- None.
NEW YORK, Sept. 15, 2020 /PRNewswire/ -- Q BioMed Inc. (OTCQB: QBIO), a commercial stage biotech company, announces initial commercial uptake of Strontium89, its FDA approved drug for the non-opioid treatment of metastatic cancer in the bone.
Q BioMed announced the US-based launch of Strontium89 (Strontium Chloride Sr-89 Injection, USP), in Q1 of this year. The COVID-19 pandemic slowed the diagnosis and treatment of cancer in many patients throughout spring and into summer, and severely limited the industry's access to physicians due to restrictions on access and availability. Despite these challenges, the reintroduction of Strontium89 has received a warm response and enthusiasm from physicians who are pleased that it is once again available for the benefit of their patients.
There are now free-standing clinics in at least 8 states that are undergoing the required operational steps to become a 'Strontium89 practice', including having it on their radioactive materials license, with several clinics already up and running with patients being treated. Beginning in October, treatment with Strontium89 in the hospital out-patient setting will be fully reimbursed by Medicare and Medicaid, at which point Q BioMed expects to see hospitals more actively treat patients as well.
Q BioMed is deploying a robust multi-channel marketing campaign, driving awareness amongst its target audiences, both on the physician and the patient side. The Company will exhibit Strontium89 at several conferences including ASTRO (American Society of Therapeutic Radiation Oncology) and ONS (Oncology Nursing Society) and will begin speaker programs later this fall. Virtual and live sales calls have been ongoing since June within the confines of COVID-19 access and expanded field force efforts are planned for Q4 2020.
In September, Q BioMed launched its international 'Named Patient' program that enables physicians worldwide to order Strontium89 for their patients in need, and the response to this program has been robust with orders already taken in the UK and orders pending from at least 7 other countries. The regulatory registration process for full commercial access in the EU has commenced, with pan-EU approval expected by end of year. In parallel, Q BioMed is midway through the registration process in many other countries, with approvals expected to begin in October and continue through Q1 of 2021.
"We anticipate revenues from Strontium89 to continue to ramp up significantly from our baseline in Q2 as we build capacity and demand worldwide. Looking towards 2021, we are assessing several potential clinical trial programs that may expand the indication beyond palliation into a therapeutic use that may increase patient survival, accessing the much larger therapeutic market," stated Q BioMed CEO Denis Corin.
About Q BioMed Inc.
Q BioMed Inc. is a biotech acceleration and commercial stage company focused on licensing and acquiring undervalued biomedical assets in the healthcare sector. Q BioMed is dedicated to providing these target assets the strategic resources, developmental support, and expansion capital needed to ensure they meet their developmental potential, enabling them to provide products to patients in need.
Please visit http://www.QBioMed.com and sign up for regular updates.
Forward-Looking Statements:
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under, and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.
Please visit http://www.QBioMed.com and sign up for regular updates.
Q BioMed Media Contact:
Denis Corin
CEO
Investor Relations:
Keith Pinder
+1(404) 995-6671
ir@qbiomed.com
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SOURCE Q BioMed Inc.
FAQ
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