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Roquefort Therapeutics plc (LSE:ROQ), the Main Market listed biotech company focused on developing first in class medicines in the high value and high growth oncology market, announces its audited results for year ended 31 December 2023.

Copies of the Annual Report and Financial Statements will be made available on the Company’s website at:  https://www.roquefortplc.com/results-centre

Highlights

• Signed exclusive worldwide license agreement (excluding Japan) with Randox Laboratories for 10 years to utilise Midkine antibodies in medical diagnostics
  • Highly synergetic – deal will accelerate ability to diagnose patients and therefore reduce time and costs when it reaches clinical trials

• Formed a Scientific Advisory Board to help drive drug development programs forward, comprised of experienced Professors Jo Martin, Trevor Jones and Armand Keating
• Continued pre-clinical development with encouraging positive results for all five novel patent protected pre-clinical anti-cancer medicines
• Cash at year end 31 December 2023 of £537,322

Pre-clinical highlights

• Created a new novel family of mRNA therapeutics consisting of four mRNA therapeutics targeting Midkine. Achieved positive in vivo results in anti-cancer mRNA therapeutic in breast and liver cancer where the studies demonstrated a statistically significant reduction in both cancer growth and migration
• Midkine antibody programs, targeting metastatic breast cancer and metastatic lung cancer, successfully demonstrated in vivo safety. In addition, the Company released its first in vivo results for an osteosarcoma orphan drug indication, which has an accelerated development pathway and the potential for market exclusivity
• Anti-cancer Midkine RNA oligonucleotide program targeting Midkine expressing cancers showed further pre-clinical progress having produced >90% in vitro efficacy in human liver and neuroblastoma cancer cells
• Strengthened IP position in siRNA therapeutics with a new patent filing.  Developed four siRNA sequences to strengthen portfolio.  Sequences developed in combination with a Nano particle delivery system to target high mortality cancers including colon and breast
• MK Cell program reached a significant milestone when tested in combination with Natural Killer (“NK”) cells -activation of NK cells produced up to a two-fold increase in cytotoxicity over NK cells alone in three difficult to treat cancers: ovarian cancer, acute myeloid leukaemia and multiple myeloma

Post Period End Highlights

• Continued the development of novel STAT-6 medicines in validated in vitro models of colon cancer with the results demonstrating efficacy of the four new siRNA sequences in reducing STAT-6 expression by 40-50%
• Further progress in mRNA by combining with a LNP delivery system in a validated in vivo model of liver cancer and demonstrated the safety and efficacy in reducing functional Midkine of the novel mRNA LNP combination
• Continued studies in validated models of NK cell activation and cytotoxicity and demonstrated an anti-cancer effect in leukaemia. This efficacy was superior to NK cells alone confirming that the MK Cells activate NK cells

Outlook

• The significant pre-clinical development achievements have put the Company in a position to open various out licencing discussions with big pharma as well as a private equity fund across the US, EU and Japan, where talks are ongoing
• Favourable market conditions remain with big pharma set for a large revenue shortfall owing to patent expirations and a need for new blockbuster medicines
• Focus is to secure at least one out licencing therapeutics deal and the potential to prepare at least one program for a phase 1 clinical study

Commenting on the Annual Results, Chief Executive Officer, Ajan Reginald said:

“In 2023 we delivered on our strategy by meeting our pre-clinical milestones and significantly advancing our entire portfolio. We also strengthened the portfolio with additional patents by creating a new novel family of mRNA therapeutics, which is a highly attractive new field of medicine.

“We demonstrated the Company’s deal making ability by signing our first licence agreement with Randox Laboratories in the medical diagnostics field and are pleased with its continued progress. We remain highly focused on, and are progressing, the key commercial goal to secure one or more therapeutic out-licencing transactions.”

Aunnal Report & Financial Statements- 07:00:10 26 Apr- ROQ News Article | London Stock Exchange