Spago Nanomedical: The first patient is dosed with Spago’s lead candidate Tumorad-01 - Redeye

Tumorad-01 has entered the clinical stage, a significant milestone for Spago Nanomedical’s lead radiopharmaceutical oncology program Tumorad. Spago’s study is initiated in Australia, which is positive in our view, and, given the short time from approval to FPI, suggests no issues with finding patients. We expect Spago to add patients and centres from now on, and we expect early safety and biodistribution data from a handful of patients in this open phase 1 (evolving to phase 2a in the next stage) study before mid-2024. We also expect full results from late 2024 to early 2025, with possibility to include early signs of efficacy.

The study is designed for up to 30 patients (fewer patients will be sufficient given favorable safety can be demonstrated) and probably at least three cancer centres in Australia. If successful, Spago’s 177Lu-SN201 candidate will likely be positioned in a treatment niche where the price level is distinctly high, and the industrial activity has remained intense over the past 12 to 24 months. Tumorad-01 is, in our view, partly de-risked by the positive results from the SpagoPix-program in breast cancer. The news comes on top of Spago securing a SEK 30.6m fundraising gross ahead of any additional funds from warrants. Our Base Case is under review.

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