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Actinogen Medical Ltd (ASX:ACW) said its net loss after tax for the six months to December 2024 decreased by 29% to $8,168,979 – compared to $11,556,659 in the HY24 – largely based on the ramping up of development activity for lead molecule Xanamem, intended for treatment of Alzheimer’s disease and depression.
Research and development costs – mainly relating to clinical trials – accounted for the main expenditure item, with these costs being $4.58 million.
Actinogen reported a busy and successful year in terms of these trials, including ongoing progress in screening and enrolment for its XanaMIA phase 2b/3 Alzheimer’s disease (AD) trial, and positive findings yielded from its completed XanaCIDD phase 2a major depressive disorder (MDD) trial.
Results from the latter included positive findings on depressive symptoms – with this supporting the theory that controlling cortisol can have clinical benefits.
The company is now looking to follow this up with a Phase 2b trial.
Other achievements during the period included the granting of a unique International Nonproprietary Name (INN) ’emestedastat’ to Xanamem by the World Health Organization, and the publishing of an academic paper in peer-reviewed journal, Clinical Pharmacology in Drug Development, related to its clinical trials.
Actinogen was also the recipient of a $9M Research & Development tax incentive rebate in November 2024, with its funding secured to mid-to-late 2026.
CEO and managing director Dr Steven Gourlay said it had been a busy six months.
“The first half of the 2025 financial year has seen ongoing strong business momentum for Actinogen with positive findings in patients with depression that validate Xanamem’s mechanism of action and 10 mg dose,” he said.
“We continue to step up recruitment in the XanaMIA Alzheimer’s trial with growing confidence in a positive outcome while putting the necessary ancillary activities in place to assess and meet regulatory requirements for future marketing approvals.”
Actinogen shares closed at 3.7c today; a fall of 9.76% through Monday.
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