PYC Therapeutics Highlights Progress in Its Transformation to a US Clinical-Stage Company and 2021 Corporate Objectives – BioSpace

PERTH, Australia and NEW YORK, Feb. 22, 2021 /PRNewswire/ --PYC Therapeutics (ASX: PYC), a biotechnology company developing a new generation of precision RNA therapeutics to change the lives of patients with inherited diseases, today announced updates to its programs and outlined its 2021-2022 corporate objectives. PYC is initially targeting inherited ocular diseases, for which it has three preclinical candidates in development.

"This year we are focused on transforming PYC Therapeutics into a U.S.-based, clinical-stage biotechnology company, including making significant advances in moving our three preclinical inherited ocular disease programs toward the clinic and leveraging our RNA platform to create new development candidates in both ocular and neurodegenerative diseases," said Sahm Nasseri, U.S. Chief Executive Officer of PYC Therapeutics. "We have previously highlighted the importance of building out PYC in the U.S. and I am pleased with our progress and external engagements we have been able to have over the last few months. These engagements with banks, potential future investors as well as potential partners have validated the importance and relevance of PYC's technology as well as our choice in initial drug development programs. RNA therapeutics and ophthalmology remain top areas of interest in the very active US biotech capital markets. On this foundation, I believe we are very well positioned to deliver on the promise of our science to advance RNA medicines that have the potential to change the lives of patients with inherited diseases."

2021 Objectives and Program Updates

Corporate Initiatives: In late 2020, PYC began its transformation from an Australia-based, discovery-focused organization into a U.S.-based, clinical-stage biotechnology company that is well positioned to deliver on several key milestones during 2021.

Inherited Ocular Diseases:These programs aim to employ PYC's proprietary cell penetrating peptides (CPPs) to deliver rationally designed RNA therapeutics into retinal cells to treat diseases caused by a specific gene mutation or a missing or defective protein.

Central Nervous System (CNS) Diseases:These programs aim to employ PYC's proprietary CPPs to deliver rationally designed RNA therapeutics to treat neurodegenerative diseases.

Mr. Nasseri continued: "This is a truly exciting and transformational time for PYC, as we build upon the extensive foundation laid in 2020. Our pioneering research team led by Prof. Fletcher is rapidly validating our unique approach to correcting inherited retinal diseases, while also exploring the area of neurodegenerative diseases. With the capital to support our pipeline goals and recruit top talent in the U.S., along with the strong U.S. market potential of our candidate therapies, we believe we are well positioned to enable significant value inflections in 2021 and 2022."

About PYC TherapeuticsPYC Therapeutics (ASX: PYC) is a development-stage biotechnology company pioneering a new generation of RNA therapeutics that utilize Cell Penetrating Peptides (CPPs), a revolutionary delivery technology designed to overcome the major challenges of current gene-based therapies. PYC believes its CPP technology provides safer, more effective access for a wide range of potent and precise drug cargoes to the highest value drug targets that exist inside cells. The Company is leveraging its leading-edge science to develop a pipeline of novel therapies with an initial focus on inherited eye diseases for which it has unveiled three preclinical stage assets. PYC's discovery and laboratory operations are located in Australia and the Company recently launched and expansion into the U.S. for its preclinical, clinical, regulatory and business development operations. For more information, visit pyctx.com, or follow us on LinkedIn and Twitter.

Forward looking statementsAny forward-looking statements in this ASX announcement have been prepared on the basis of a number of assumptions which may prove incorrect and the current intentions, plans, expectations and beliefs about future events are subject to risks, uncertainties and other factors, many of which are outside the Company's control. Important factors that could cause actual results to differ materially from assumptions or expectations expressed or implied in this ASX announcement include known and unknown risks. Because actual results could differ materially to assumptions made and the Company's current intentions, plans, expectations and beliefs about the future, you are urged to view all forward-looking statements contained in this ASX announcement with caution. The Company undertakes no obligation to publicly update any forward-looking statement whether as a result of new information, future events or otherwise.

This ASX announcement should not be relied on as a recommendation or forecast by the Company. Nothing in this ASX announcement should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

1Zheng Y, He M, Congdon N. The worldwide epidemic of diabetic retinopathy. Indian J Ophthalmol. 2012;60(5):428-431.

CONTACTS:INVESTORSDeborah Elson/Matthew DeYoungArgot Partnersdeborah@argotpartners.com matthew@argotpartners.com

MEDIALeo VartorellaArgot Partnersleo@argotpartners.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/pyc-therapeutics-highlights-progress-in-its-transformation-to-a-us-clinical-stage-company-and-2021-corporate-objectives-301232228.html

SOURCE PYC Therapeutics

Read more:

PYC Therapeutics Highlights Progress in Its Transformation to a US Clinical-Stage Company and 2021 Corporate Objectives - BioSpace