In addition to a potentially successful inhaled respiratory drug, SpectrumX Holdings Ltd has a commercial product that should generate significant sales in the near future. The respiratory drug is said to be effective against a wide range of infections, from pneumonia to influenza to the common cold, opening up a huge potential market.
SpectrumX Holdings Ltd. is developing an inhaled respiratory drug with blockbuster potential and has a commercial product that is expected to generate significant sales in the near future. The company plans to raise £6 million in pre-IPO funding and is expected to list on the London Stock Exchange in the third quarter at a “conservative” valuation of £50 million.
The funds raised will enable the commercial launch of Spectricept, the active ingredient in the company’s alcohol-free hand sanitizer, which is 300 times more potent than bleach. It is also being used to develop SPC-069, which will soon be tested in patients with COVID-19 but could also be used to treat a range of viral, bacterial and fungal infections. In the era of antibiotic resistance, this broad potential will be of great interest to industry.
Both innovations utilize the antimicrobial properties of a chemical called hydrochloric acid (HOCl), which is produced as an important component of our body’s immune system to eliminate unwanted bacteria and viruses. This formulation mimics the human production process of HOCl, making it resistant to contaminants.
The use of HOCl as a hand sanitizer and infection control agent is the brainchild of Hoji Alimi, president and CEO of Collidion Inc. SpectrumX licenses Alimi’s technology to Spectrum Antimicrobials, a subsidiary of Collidion.
The imminent launch of hand sanitizers in the UK could rapidly transform the business, generating sales of £9.4 million this year, then £43 million next year, then £75 million and £99 million, rising to £130 million by 2025. These are internal company forecasts and are subject to change as the group develops.
However, market tests have shown that there could be a high demand for this new generation of cleansers, which are gentler on the skin and more effective than alcohol-based products. Gary Davies, medical director at Chelsea & Westminster NHS Trust, said feedback from staff using SpectrumX HOCl has been “extremely positive.”
Once production begins in the northwest of England, Spectrum will be able to eliminate the need to import products from California, which will result in significant cost reductions. It will also allow the company to grow rapidly and expand its potential customer base.
The above figures represent the “expected near-term sales” of hand sanitizer and do not take into account the significant potential of SPC-069, a respiratory candidate that will soon enter Phase II clinical trials in Austria.
The 240 study participants will undergo a 10-day treatment, which means that the results of the study will be available relatively quickly, perhaps six weeks after the start of the evaluation, says Damien Hancox, CEO of SpectrumX.
“Anecdotally, we saw excellent improvement within 72 hours,” he adds.
With this in mind, Hancox and his team contacted the newly formed British Anti-Viral Task Force to find treatments that could be used at home to combat the more extreme effects of COVID-19.
“They are actively looking; they are currently looking for experimental treatments that are taken orally because our form of therapy is relatively unknown – and the chemistry is brand new – but we are in contact with the right people,” the SpectrumX CEO added.
The product has undergone accreditation testing by HPRA in Europe and has been evaluated as a medical/pharmaceutical product. This was done through Spectrum’s Irish subsidiary.
“Our ultimate goal is for our product to be used as an over-the-counter preventive product in pharmacies. So, if your son or daughter has a cold at school, you go to Boots or Superdrug and buy a nebulizer pre-filled with capsules of our solution,” says Hancox.
As mentioned above, the respiratory drug would be effective for a wide range of infections, from pneumonia to influenza to the common cold, opening up a huge potential market.
“It’s any type of viral or bacterial infection; anywhere in the respiratory tract (upper or lower, respiratory systems), we have the same effective mode of action,” Hancox explains. “Positive nonselectivity makes our treatment for respiratory diseases unique.”
Early milestones have been reached for SpectrumX, including the first data from the Innsbruck team’s Phase II study SPC-069, investigating the drug’s potential for the treatment of patients with COVID-19.
If the results of the study are positive, the company will submit data to support the approval of its respiratory technology for emergency use by the European Medicines Agency.
On a practical level, we will also assist in equipping Spectricept’s production facilities, which will enable a rapid increase in NHS orders (and help SpectrumX to achieve the sales figures mentioned above).
“We have a rare opportunity to quickly build a major business from the ground up,” says CEO Hancox. “We couldn’t be more excited.”
