Oscillate plc subscribed for, 21,312,460 ordinary shares in Igraine Plc, 24.64% of the enlarged share capital of the company.
Igraine plc specialises in investing in breakthrough innovative technologies and discoveries in the healthcare and life sciences sectors. With a strategy built on more than 30 years’ scientific experience and expertise worldwide.
Igraine has invested in Excalibur Medicines Ltd (“EML”), a subsidiary of Excalibur Healthcare Services Ltd. EML has secured exclusive rights to and owns the COVID-19 patents on a drug, AZD1656, which is being developed as a potential therapeutic for diabetics suffering from COVID-19.
As there are very few new therapeutics in development for COVID-19 and associated virally transmitted diseases (most research is in combining existing treatments) this has the potential to be highly attractive to big pharma and biotech buyers. Further, if the trials are successful, it is likely the drug will be effective for the general population in COVID -19 and in other respiratory diseases.
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Results from ARCADIA Phase II Clinical Trial of A Potential Therapy for COVID-19
St George Street Capital, a UK-based biomedical charity, and Excalibur Medicines Ltd., a biotechnology investment company, are pleased to announce the receipt of the final data from the ARCADIA Phase ll clinical trial which was conducted to assess a therapy that could treat diabetic patients suffering from COVID-19.
In light of the encouraging trial results, St George Street Capital and Excalibur will immediately start to undertake commercial discussions with potential licensees and/or fundraise for further clinical trials to investigate AZD1656 in a larger study. Further analysis to determine the precise nature of the biological effects of AZD1656 that explain the observed clinical outcomes will also be conducted.