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AUM Biosciences, a Singapore-based biotech firm focused on precision oncology therapeutics, aims to be a key player in the precision oncology space globally, its top executive said.
“We aspire to be a key player in the precision oncology space globally and spearhead the reversal of cancer resistance regardless of geographical boundaries,” Chairman and Chief Executive Officer Vishal Doshi told TechNode Global in an interview.
“Our immediate focus is on developing our exciting portfolio of oncology therapeutics – AUM001, AUM601 and AUM302. AUM001 has already initiated a global Phase II clinical trial and is expected to have some data readouts in the upcoming months,” he said.
The longer-term plan for AUM is to continue with its goal of building a portfolio of assets and developing them in the most efficient manner to ultimately benefit the patients who have significant unmet need, he added. “A portfolio approach is a very validated approach towards making AUM a global pharmaceutical company developing leading science in the coming years.”
AUM announced in October last year it plans to go public on Nasdaq via a special purpose acquisition company (SPAC) merger with Mountain Crest Acquisition Corp.
AUM said the transaction reflects a pre-money equity value of $400 million for AUM. The transaction is also expected to provide approximately $69 million of cash held in Mountain Crest’s trust account, assuming no redemptions.
In the interview ahead of the company’s de-SPAC, Doshi also shared about the challenges and opportunities as the precision oncology space, the company’s immediate plan following its listing. He also shared his views on the biotech landscape in Southeast Asia and gave several suggestions for for companies, governments, and investors for the biotech industry in Southeast Asia.
Below are the edited excerpts:
What are the challenges and opportunities in store as the precision oncology space is set to grow exponentially and why does the western-focused model put Asia on a backfoot?
Between 2020 and 2031, the size of the global precision oncology market is expected to increase almost threefold, to nearly $130 billion. As the precision oncology space continues to grow exponentially, there are both opportunities and challenges in store.
Asia Pacific is projected to witness significant growth in this space, driven by the rising incidence of cancer cases and the region’s receptivity towards new innovations. However, there are larger gaps within the oncology space that precision oncology is helping to solve. These gaps include drug development, accessibility, and availability.
One of the biggest challenges in drug development is the high cost that goes into developing drugs, with only out of 10 drugs making it past clinical trials and regulatory approvals. This translates to higher drug costs that are then passed on to patients.
Furthermore, only a small percentage of approved drug treatments are made available in Asia, with the industry operating on a Western-focused model that prioritizes drug development across the US and Europe. This leaves Asia on the back foot in terms of
drug accessibility and availability.
In addition, the traditional Western-focused model fails to take into account that Asian cancers are different due to genetic and environmental factors that can influence the response to therapies. This has resulted in an underserved Asian market, where patients
may not receive the right treatment to achieve better health outcomes.
To address these gaps in drug development, accessibility, and availability, there needs to be a shift towards a more inclusive approach that incorporates the needs and perspectives of Asian patients and healthcare providers. This will require collaboration between stakeholders across the healthcare ecosystem, including researchers, clinicians, regulatory agencies, as well as biotechnology and pharmaceutical companies.
We are committed to bridging these gaps. With our ‘Asia to Global’ strategy, we are leading the way for innovation in Asia’s precision oncology space. By developing innovative therapies that are accessible and affordable for patients with cancer, we aim to improve outcomes and reduce the burden of cancer in Asia and beyond.
What is AUM’s strategy and how are they using new technologies to bridge these gaps?
The call to conquer resistance to cancer therapies is urgent. Hence, our core strategy at AUM is to get smarter about drug development which is why we stand by our “No Biomarker, No Drug” mandate.
What is no biomarker, no drug? To better grasp this concept, we must first understand what a biomarker does. According to the FDA, biomarker is a characteristic that is objectively measured and evaluated as an indicator of normal biologic processes, pathogenic processes, or pharmacologic responses to a therapeutic intervention. Therefore, biomarkers can provide us with data that helps us make critical and informed development decisions in early-phase cancer trials.
When selecting patients for clinical trials, we use biomarkers to identify patients who are most likely to respond to our therapies. This strategy ensures that the risk of drugs failing at later stages of the drug development phase is reduced, hence decreasing the time, cost, and size of our clinical trials while optimising patient outcomes.
[SPAC Merger] What this means for AUM’s business and differentiated offerings, especially with increased attention by investors?
Worth $400 million in pre-money equity value and $69 million in gross proceeds, this transaction opens doors for us to continue innovating disruptive precision oncology therapeutics to reverse cancer resistance and spearhead the Asian oncology space.
Despite the doom and gloom of the current economy, this SPAC merger was a decisive step from our side, showcasing our strong business fundamentals. Biotechnology is a milestone and science driven business. We are very confident of our science supported by strong upcoming milestones in the next 24 months.
AUM announced earlier that it plans to become a Public Company via Merger with Mountain Crest Acquisition Corp. How is the progress going? Any update on the timeline?
At the moment, we are unable to provide any specific updates due to regulatory reasons.
What is AUM’s immediate plan after the merger? What’s the longer-term plan?
We aspire to be a key player in the precision oncology space globally and spearhead the reversal of cancer resistance regardless of geographical boundaries. Our immediate focus is on developing our exciting portfolio of oncology therapeutics – AUM001, AUM601 and AUM302. AUM001 has already initiated a global Phase II clinical trial and is expected to have some data readouts in the upcoming months.
Earlier, we received a USFDA Orphan Drug designation for AUM601, which is a great endorsement for us to further advance our science to the next stage. AUM302 also received USFDA Orphan Drug designation and a pediatric review designation for the treatment of Neuroblastoma.
This is great endorsement of the world class science we have as part of our portfolio. We will also be working on achieving the right milestones for this portfolio which will drive value for our investors.
The longer-term plan for AUM is to continue with its goal of building a portfolio of assets and developing them in the most efficient manner to ultimately benefit the patients who have significant unmet need. A portfolio approach is a very validated approach towards making AUM a global pharmaceutical company developing leading science in the coming years.
Generally, how is the biotech landscape in Southeast Asia? Is there a huge gap between countries within the region?
Southeast Asia is one of the most diverse regions in the world. Moreover, the biotech landscape is certainly developing with significant differences between countries within the region. One of the biggest factors contributing to these differences is infrastructure, with some countries having more advanced research and development capabilities than others.
That being said, there are certainly countries that standout and are leading the way in the biotech space, and Singapore is definitely one of them. With a well-established healthcare system, world-class research facilities, and a collaborative government, Singapore has become an attractive place for biotech companies like AUM Biosciences.
Additionally, with a lucrative financial and investment ecosystem, Singapore also has the potential to become a biotech investment hub for the region and globally.
How does the biotech companies compete with other biotech companies from other regions? As people often see biotech firms from US and Europe to be more advanced? Is such a perception still hold?
While the biotech companies from the US and Europe have traditionally been viewed as more advanced and innovative, it is important to recognize that they have started earlier in establishing research and innovation in scientific discoveries and drug developments.
However, Asia-based biotech companies have the potential to compete with their global counterparts.
One of the key advantages of being an Asia-based biotech company is that the region is highly receptive towards new developments in biotechnology. Although the Asian biotech market is a relatively new space and fragmented due to the diversity of the region, there
is immense potential for growth, especially in countries like Singapore. With a deep pool of skilled talent, strong manufacturing capabilities, and a thriving research ecosystem, the biotech landscape in Singapore is rapidly evolving.
At AUM, we are leading the change as a global biotech company originated from Singapore that is pushing the boundaries of innovation in drug development. Our veteran team of scientists and researchers are focused on developing novel therapies for cancers with significant unmet medical need, and we are making progress in this field.
Any suggestions for companies, governments, and investors for the biotech industry in Southeast Asia? How to improve the industry?
Collaboration between governments, investors, and biotech companies is key to unlocking the potential of the biotech industry in Southeast Asia. As the industry is currently faced with critical challenges such as the availability and regulatory approval of drugs, the joint efforts of multiple stakeholders is crucial in overcoming these obstacles in the biotech space.
Governments and investors have a crucial role to play in supporting the research and development of new drugs and clinical trials by providing funding and incentives to drive growth in the biotech sector.
By working closely with these stakeholders, biotech companies can bring new, innovative drugs to the market faster and at a lower cost. the benefits of collaboration are clear: greater innovation, reduced costs, and accelerated growth in the biotech industry.
Overall, regulatory approval and availability of drugs are vital to the success of the biotech industry in Southeast Asia. Governments, investors, and biotech companies must work together to overcome these challenges, and to drive innovation and growth in this critical sector. We are fully committed to this collaborative approach, and to creating a brighter future for biotech in Southeast Asia.
Singapore’s AUM Biosciences plans to go public via SPAC merger