Satellos Bioscience Announces Q1 2024 Financial Results and Operational Highlights

Satellos Bioscience Inc. (TSX: MSCL, OTCQB: MSCLF) (“Satellos” or the “Company”), a public biotech company developing new small molecule therapeutic approaches to improve the treatment of muscle diseases and disorders, announced today its financial results and operational highlights for the three months ended March 31, 2024. All references to currency in this press release are in Canadian dollars unless otherwise noted.

“We are excited about progress made during the first quarter as we get closer to initiating Phase 1 clinical development with SAT-3247, our novel oral drug to treat Duchenne muscular dystrophy and other degenerative muscle conditions,” said Frank Gleeson, Co-founder and CEO, Satellos. “During the first quarter we presented positive preclinical data at the MDA Clinical and Scientific Conference, conducted preclinical safety and toxicology studies, manufactured bulk quantities of SAT-3247 under GMP conditions to support development through 2025, and formulated our very first tablets of SAT-3247 for oral administration in upcoming Phase 1 and subsequent clinical trials. We look forward to submitting our regulatory package in the coming weeks seeking approval to initiate our first-in-human Phase 1 clinical study of SAT-3247 during the summer.”

PROGRAM AND BUSINESS UPDATE:

Highlights for the quarter ended March 31, 2024, along with recent developments include:

Advanced SAT-3247

During Q1, 2024, the Company engaged a contract research organization (“CRO”) to design and implement its planned Phase 1a clinical trial for SAT-3247, initiated requisite GLP toxicology studies in two species with SAT-3247, made kilogram quantities of SAT-3247 at the contract manufacturing organization it selected as its manufacturing partner, and carried out GMP manufacturing and tablet formulation of SAT-3247. The Company continues to be on track to initiate a Phase 1a clinical trial in mid-2024 to evaluate the safety and pharmacokinetic (“PK”) properties of SAT-3247 in healthy human volunteers.

Also during the first quarter of 2024, Satellos further refined its clinical development plan to incorporate an additional Phase 1b clinical trial in healthy human volunteers, planned for early 2025, intended to demonstrate SAT-3247’s pharmacodynamic (“PD”) properties, which, if successful, may provide preliminary proof of concept evidence for the potential of SAT-3247’s mechanism-of-action (“MOA”) to have an effect in humans. The Company continues with its intention to conduct a Phase 1b/2a clinical trial in Duchenne patients in 2025, which is in the planning stages.