HAMILTON, Bermuda - Nuance Pharma has extended its exclusive license and distribution agreement with Altamira Medica Ltd. to include seven additional countries in East and South East Asia, as announced today by Altamira Therapeutics Ltd. (NASDAQ:CYTO), the parent company of Altamira Medica. This expansion, which now encompasses Singapore, Malaysia, Thailand, Philippines, Indonesia, Vietnam, and Taiwan, brings the total population in Nuance Pharma's territory to over 630 million.
The extended agreement follows the successful launch of Bentrio nasal spray in Hong Kong and the recent submission for marketing approval in Mainland China. Bentrio is marketed as a drug-free nasal spray designed to protect against airborne allergens and, in some regions, airborne viruses. The product creates a protective gel layer on the nasal mucosa, which is intended to prevent and reduce contact with airborne particles.
Thomas Meyer, Chairman and CEO of Altamira Medica, expressed satisfaction with the collaboration with Nuance Pharma, highlighting the successful launch in Hong Kong and the anticipation of making Bentrio available in additional countries. Mark G. Lotter, CEO of Nuance Pharma, noted Bentrio's unique features, including immediate protection onset, long duration, and good tolerability due to its drug-free and preservative-free formulation, which have been well-received by medical professionals and consumers.
Clinical trials, including the NASAR study involving 100 patients with seasonal allergic rhinitis, have demonstrated Bentrio's efficacy and safety. The study showed a statistically significant reduction in symptoms and an improvement in quality of life for those using Bentrio compared to a saline nasal spray control group.
Altamira Therapeutics, which holds a 49% stake in Altamira Medica, is also involved in developing RNA delivery technologies and has preclinical siRNA programs for cancer and rheumatoid arthritis.
The information in this article is based on a press release statement.
In other recent news, Altamira Therapeutics Ltd. has reported several significant developments. The biopharmaceutical firm recently announced the expansion of its exclusive distribution agreement for the Bentrio nasal spray to include Sweden and Denmark, following a successful launch in Norway. The Bentrio nasal spray, which has passed the World Anti-Doping Agency substance test, is set to be introduced in the new markets next year in partnership with Pharma Nordic AS.
Altamira Therapeutics has also made strides in cancer treatment, with notable advancements through the use of its novel SemaPhore™ nanoparticle technology. The firm's SemaPhore nanoparticles have shown promise in treating abdominal aortic aneurysm (AAA) in animal studies. Additionally, the company's AM-125 nasal spray formulation of betahistine has shown potential in treating residual dizziness in patients with benign paroxysmal positional vertigo.
These recent developments also include a significant progress in the stability of RNA nanoparticles crucial for the handling and transport of RNA formulations. The company has reported a reduction in operating expenses and an improved financial position. Altamira is focused on RNA delivery technologies and the advancement of its proprietary drug development programs. These are recent developments at Altamira Therapeutics.
InvestingPro Insights
As Altamira Therapeutics Ltd. (NASDAQ:CYTO) expands its market reach in Asia, its financial health and stock performance reflect critical aspects to consider for investors. According to recent data from InvestingPro, CYTO holds more cash than debt on its balance sheet, which can be a sign of financial stability and may provide some cushion against market fluctuations. Moreover, the company is trading at a low Price / Book multiple of 0.29 as of the last twelve months ending Q4 2023, indicating that the stock might be undervalued compared to its book value.
However, it's important to note that Altamira Therapeutics has been facing challenges in terms of profitability. The company has not been profitable over the last twelve months, with an operating income adjusted to a loss of -7.03 million USD and a return on assets standing at -55.29%. Additionally, the stock has experienced significant price volatility, with a price total return of -84.15% over the past year. This suggests that while there may be potential for value, investors should be prepared for fluctuations in stock price.
Investors interested in CYTO's performance metrics and seeking further insights can find additional InvestingPro Tips on the company's profile. These tips provide a more comprehensive understanding of the stock's potential and risks, with 12 more tips available at https://www.investing.com/pro/CYTO.
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