April business update - the business strategy
We are well into 2023 and are progressing with our plans. We have good made progress on our clinical trails, we are doing well with our manufacturing setup and we have outlined an updated business strategy.
Business Strategy: Focused business model: There is a large unmet need for acute pain treatment of children. An example is that off label use of medication is the rule rather than the exception and that 79% of the emergency rooms in Scandinavia use physical restraint on children. In Europe, an estimated 20 million children are exposed each year to acute and procedural pain. The number is similar for the US. EMA is addressing this paediatric need by offering companies a 10 years of market exclusivity, in exchange for developing evidence-based medicine for children.
Annual General Meeting: On March 23 2023, the Annual General Meeting was held, basically approving the Annual Report for 2022. Subsequently the Board of Directors appointed a new Chairman of the Board. Martin Olin has been a member of the board of directors since 2020 is now chairman of the board, Martin is CEO of BerGenBio and was previously CEO of Symphogen. Adam Steensberg, the previous chairman of the board, will continue as board member.
What does reposition mean: Cessatech develops CT001, a nasal spray which is a needle-free administration when treating acute pain in children - this is an example of repositioning. Repositioning is a common way to develop and improve medical products. We use a nasal spray because it is easier to use for the medical personal but primarily because children generally prefer a nasal spray over a needle. Repositioning of medical products means that an existing product is re-developed and used in a new way. The likelihood of success for a repurposed drug depends on several factors, such as the safety profile, efficacy in the new indication, and the size of the target patient population. In general, repurposed drugs have a higher likelihood of success than new drugs because they have already undergone some level of testing in humans and have an established safety profile. A recent study showed that repurposed drugs had a success rate of 30% compared to 10% for new drugs. Repurposing existing drugs can be attractive as the process is often less risky, more cost effective and can be undertaken in less time. Some very well-known examples of repurposing drugs are sildenafil (Viagra), Aspirin, Minoxidil (Rogaine), Zidovudine, Metformin...
