Altamira Therapeutics Provides Business Update and First Half 2024 Financial Results

Core Business Update - Altamira Therapeutics is making significant progress in RNA delivery technology, particularly through its OligoPhore and SemaPhore platforms, with a focus on nanoparticle formulation and process development [3][4] - The company has reported promising in vivo data showing effective mRNA delivery that resulted in substantial tumor growth reduction in cancer models [2][4] - Altamira is advancing its flagship programs AM-401 and AM-411, targeting KRAS-driven cancers and rheumatoid arthritis, respectively, and is exploring applications in cardiac regeneration and mRNA vaccines [2][3] Financial Performance - For the first half of 2024, Altamira reported a total operating loss of $3.9 million, slightly higher than the $3.6 million loss in the same period of 2023, primarily due to increased R&D expenditures [17][19] - The net loss from continuing operations was $4.3 million, a 4% decrease compared to the previous year, with cash used in operations decreasing significantly from $8.4 million to $3.2 million [17][18] - The company expects total cash needs for 2024 to be between $5.8 million and $7.0 million, with recent financing activities raising $2.5 million [20] Product Development and Collaborations - Altamira has filed patent applications for its proprietary programs AM-401 and AM-411, aiming to enhance its intellectual property protection [7] - The company is pursuing a 'picks and shovels' strategy by licensing its RNA delivery technology to partners in the biotech and pharma industries, with collaborations already established with Heqet Therapeutics and Univercells Group [8][9] - Altamira's associate, Altamira Medica AG, is expanding the distribution of its Bentrio® nasal spray for allergic rhinitis into new territories, including Southeast Asia and Scandinavia [10][11] Research and Development Achievements - Recent publications have validated the effectiveness of Altamira's RNA delivery platforms, demonstrating significant therapeutic effects in various disease models [4][5] - The company has improved nanoparticle stability, addressing a key challenge in RNA formulation handling and transport [6] - Altamira continues to simplify its corporate structure to align with its strategic focus on RNA delivery, including the divestiture of its Bentrio activities [15][16]