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WPD Pharmaceuticals Inc
Symbol WBIO
Shares Issued 111,520,388
Close 2020-04-08 C$ 0.99
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WPD Pharmaceuticals clarifies NR on WP1122

2020-04-09 15:43 ET - News Release

Mr. Mariusz Olejniczak reports

WPD PHARMACEUTICALS CLARIFIES NEWS ON LICENSED DRUG CANDIDATE

WPD Pharmaceuticals Inc., at the request of the Investment Industry Regulatory Organization of Canada (IIROC) has clarified its press release released yesterday regarding the independent research on its WP1122 drug compound.

In the prior press release, WPD disclosed that independent research found 2-deoxy-D-glucose (2-DG) to reduce replication of SARS-CoV-2, the virus that causes COVID-19, by 100 per cent in in vitro testing. WPD has licensed rights to a portfolio of drug candidates, including WP1122, through its licence partner, Moleculin Biotech Inc., for use in 31 countries. WP1122 is referred to as a prodrug of 2-DG whereby chemical elements are added to 2-DG to improve its delivery in vivo.

The company is not making any express or implied claims that this product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 coronavirus) at this time.

WPD has not conducted its own research into 2-DG and its efficacy in fighting viral infections. Its chief scientific officer has started the process of preparing protocols for its own research into whether WP1122 can be an effective treatment for viruses, as per its press release dated March 24, 2020, announcing its collaboration with CNS. The publication mentioned in its prior press release is a peer-reviewed scientific journal. The company accepts it as the results of one study, but we must undertake its own research and trials to determine whether WP1122 can achieve results in a clinical setting. WPD is in process of preparing a preclinical development plan, clinical development plan and grant application for the use of WP1122 in COVID-19 to confirm these findings.

WPD does not have a bio-safety level 3 (SBL-3) laboratory, needed to conduct research on viruses. The company outsources its research and development to contract research organizations (CRO) which have the required level of safety protocols and equipment. It does have scientific staff who will oversee the preclinical and clinical research and any manufacturing. The company selected a CRO based on its standard protocols. It has not as yet selected a CRO to conduct the research into WP1122 for the coronavirus and research and clinical trials have not yet begun, although the company understands and is trying to react quickly to the urgent need in the marketplace. Details of any clinical testing will be negotiated with the CRO and, at this time, it cannot give any date as to when results might be announced.

About WPD Pharmaceuticals Inc.

WPD is a biotechnology research and development company with a focus on oncology, namely research and development of medicinal products involving biological compounds and small molecules. WPD has 10 novel drug candidates with four that are in clinical development stage.

We seek Safe Harbor.

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