- Australian biotech company Biotron (BIT) shares have dropped today after releasing its second-quarter report
- The company has been developing compounds to combat HIV-1, Hepatitis B and COVID-19
- Over the quarter, Biotron spent just over $1 million in operating activities over the quarter and had $5.1 million at the end of the period
- Recently, a manuscript containing data from its HIV-1 trial was published in a prestigious international journal
- On the market today, Biotron is down 5.06 per cent and is trading at 7.5 cents per share
Biotron (BIT) shares have dropped today after releasing its second quarter report.
The Australian bio-tech company has been developing compounds to combat HIV-1, Hepatitis B and COVID-19.
Over the quarter, Biotron spent just over $1 million in operating activities over the quarter and had $5.1 million at the end of the period.
COVID-19
During the quarter, Biotron continued testing compounds against SARS-CoV-2, the causative agent of the COVID-19 outbreak. The testing came after the first round of positive results were announced in September.
As explained last year, Biotron has a number of compounds in its library that have previously shown good activity against a range of coronaviruses, dating back to severe acute respiratory syndrome (SARS-1).
The company is now expanding its screening program to include a new series of recently designed and synthesised compounds. If this goes as planned, the compounds can be then progressed to testing on animals.
HIV-1 program
Biotron has continued to further explain the mechanism of action for its flagship compound BIT225.
Last year, Biotron confirmed BIT225 helps enhance the immune response to HIV-1.
The compound is also the first of its kind to both ‘unmask’ HIV-infected-cells and increase the immune response to the deadly virus, allowing it to be destroyed.
In the recent quarter, a manuscript containing data from its phase two trial was published in a prestigious international journal.
Biotron is now mapping out the next stage of clinical development for the drug.
“The current pandemic highlights the importance of novel approaches such
as Biotron’s viroporin compounds which have the potential to target a broad range of existing and emerging viruses,” the company told the market.
Hepatits B program
Biotron’s Hepatitis B virus (HBV) program is another important early-stage campaign for Biotron. The company continues to design, synthesise and test new compounds with the aim of finding a lead candidate.
“Biotron is working with other experienced groups to access key assays and continues to make good progress,” the company added.
On the market today, Biotron is down 5.06 per cent and is trading at 7.5 cents per share at 2:42 pm AEDT.