San Diego, California--(Newsfile Corp. - November 28, 2024) - Thiogenesis Therapeutics, Corp. (TSXV: TTI) (OTC: TTIPF) ("Thiogenesis" or the "Company") a clinical-stage biotechnology company developing novel thiol compounds, that includes precursors to cysteamine and that have potent antioxidant and anti-inflammatory properties for the treatment of inherited mitochondrial diseases and metabolic conditions, is pleased to announce that it has attained Depository Trust Company ("DTC") eligibility status in the U.S. DTC eligibility allows electronic settlement of the Company's common shares necessary to create an active market for the Company in the U.S. which is in line with Thiogenesis' future plans for a U.S. listing.
Capital Event Management ("CEM") Conference
As part of the Company's U.S. listing strategy, Thiogenesis is expanding its investor relations outreach by recently participating in the CEM conference at the JW Marriott in Miami, Florida on November 22 - 24, 2024. The CEM conference provided the opportunity for small-cap companies to present to high net worth individuals, small-cap investment advisors, and institutional investors in a 1-on-1 setting in addition to general networking opportunities with a group of investors over 3 days.
Issuance of Shares Upon Exercise of Finders Options
On November 18, 2024, the Company issued 521,800 shares of its common stock resulting from the exercise of Finder's Options, at an exercise price of $0.50 per share, adding an additional $260,900 to its treasury. The Finder's Options were set to expire on November 18, 2024. The Finder's Options were issued in November 2022 as compensation for placing investors in a $5.3 million financing. Thiogenesis' cash and cash equivalents was $4.15 million as of September 30, 2024.
About Thiogenesis
Thiogenesis Therapeutics, Corp. (TSXV: TTI) is a clinical-stage biopharmaceutical company operating through its wholly owned subsidiary based in San Diego, CA. The Company is publicly traded on the TSX Venture Exchange. Thiogenesis is developing sulfur-containing prodrugs that act as precursors to previously approved thiol compounds, with the potential to treat serious pediatric diseases with unmet medical needs. Prodrugs are drugs that contain previously approved active ingredients and are modified so that they only become active when metabolized.
Thiogenesis' lead compound, TTI-0102, was developed to address the challenges facing thiol-based drugs, including their short half lives, adverse side effects and dosing limitations. As a prodrug that only becomes active after oral administration, it provides a well-tolerated and sustained release of cysteamine that can last over 24 hours. For regulatory purposes, prodrugs can use existing third-party safety data in regulatory submissions in the streamlined 505 (b)(2) regulatory pathway in the U.S. and its equivalent hybrid system in Europe, to proceed into human efficacy clinical trials. The Company's initial target indications include the mitochondrial diseases MELAS and Leigh syndrome, and the metabolic disease pediatric MASH.
Forward-Looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward- looking statements") within the meaning of Canadian securities laws including, without limitation, statements with respect to the future investments by the Company. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although the Company believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions, or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company's actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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