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- Recently-listed biotech company Nyrada (NYR) has reported some encouraging results from a recent preclinical trial of its anti-cholesterol drug, currently known as NYX-PCSK9i
- The drug is designed to lower the level of bad cholesterol in the body, decreasing the risk of strokes and heart attacks
- While conventional FDA-approved treatments already exist, they need to be administered through expensive ongoing injections
- Nyrada’s recent results prove its drug has the potential to be made into a pill while bringing about the same effect as other approved treatments
- Shares in Nyrada are trading over 54 per cent higher this afternoon, currently at an all-time high 27 cents each
Recently-listed biotech company Nyrada (NYR) has reported some encouraging results from a recent preclinical trial of its anti-cholesterol drug, currently known as NYX-PCSK9i.
The Noxopharm (NOX) subsidiary said the treatment has been proven to be as effective as conventional FDA-approved treatments Repatha and Praluent in white blood cells.
The treatment was proven to be able to increase the level of low-density lipoprotein (LDL) receptors in the cells, which are crucial in treating high cholesterol. When the body has too much LDL, “bad” cholesterol can build up in artery walls and lead to heart attacks and strokes. LDL receptors bind to the cholesterol to keep LDL levels normal.
Thus, by increasing the level of LDL receptors in the body, Nyrada’s treatment directly lowers the amount of cholesterol build-up.
A lucrative market
According to Nyrada, biotech giant Amgen’s approved Repatha treatment pulled in US$661 million over 2019 (roughly A$950 million, based on an average exchange rate of US$0.70-to-A$1 for 2019), which was 20 per cent higher than the year before.
Similarly, Safroni’s Paluent treatment hit sales of US$228 million (roughly $330 million) over 2019.
As such, the market for anti-cholesterol drugs is clearly already established.
Of course, this begs the question: if there are existing approved treatments for high cholesterol, why is Nyrada trying to make a new one?
The answer comes down to a cholesterol-lowering agent called Mevastatin. Nyrada’s treatment was confirmed to lower cholesterol both with and without the addition of Mevastatin, which means, according to the company, the potential exists to develop the treatment in a pill form.
Currently, anti-cholesterol treatments are carried out through expensive ongoing injections.
Professor Gillies Lambert, a member of Nyrada’s Scientific Advisory Board, said today’s preclinical results represent an “exciting scientific milestone” in the creation of the new anti-cholesterol drug.
“Nyrada plans to develop an oral medication PCSK9 inhibitor for patients with high cholesterol giving them a more convenient option than regular injections,” Gillies said.
Nyrada CEO James Bonnar chimed in, saying the company’s treatment could be a major competitor to Repatha and Praluent.
“Having a drug candidate that works as well as the two market-leading monoclonal PSCK9 antibodies in a human cell model is a huge achievement,” James said.
“It represents a big step forward in our mission to develop the first-ever small molecule PCSK9 inhibitor to treat high cholesterol and provide a compelling cost-competitive and convenient treatment alternative to Repatha and Praluent,” he said.
“This advance will also be welcomed by the 70 per cent of patients at risk of cardiovascular disease who take a statin but are still unable to reach their target LDL cholesterol level, and those patients who are statin-intolerant,” he added.
Next steps
While Nyrada did not say when the drug will advance to the next stage of development, company management said it is seeking out some non-dilutive funding and collaboration opportunities for the development of the drug.
Nyrada had $6.1 million in the bank at the end of March 2020 and reaffirmed today its operations and supply chains have been unaffected by the COVID-19 crisis.
Shares in Nyrada are 54.29 per cent higher this afternoon, currently at an all-time high 27 cents each.
