The second quarter of the year has been marked by a shift in the way we work. Dicot is a company that is used to working remotely with our partners around the world. But under the current circumstances, we have had to switch to a more digital way of working from home, which has worked very well.
Our production partner in India, Anthem Bioscience, has been affected by the pandemic and was therefore closed during April and part of May. Consequently, the project was delayed by several months. However, Anthem has resumed operations since mid-May and the extract that was produced by Ardena in Södertälje at the beginning of the year was sent to Anthem during the summer and is now the starting material for the drug substance to be produced this autumn.
The first study at Pelvipharm, where the effect on erection in an animal model was studied, is completed. The final report will be published in early September and further studies are planned to provide information on the mechanism of action. The collaboration with our partner Pelvipharm has been outstanding and the level of professionalism continues to be very high.
In April, a retrospective study was initiated on the use of folk medicine as a traditional natural remedy for sexual dysfunction in Madagascar. Our drug candidate Libiguin® was discovered through studies of active components in the roots of a tree growing in Madagascar. During April and May, more than 200 men using a drink prepared by the root and bark were interviewed and an overwhelming majority of the men were very satisfied with the drink and its results. This strengthens our hopes that the effect of Libiguin® is more long-lasting than existing treatments. No severe side effects have been reported by the men who in many cases have used the drink regularly for many years.
In April Dicot’s board of directors decided to carry out a rights issue earlier than planned to ensure successful implementation of the preclinical program. The decision was also affected by the ongoing pandemic. The rights issue was decided in the Annual General Meeting in May and carried out in June in a very successful manner. In total, the issue was oversubscribed to 326 percent and provides the company with capital for continued preclinical work.
During the spring, we have also focused on strengthening our communication. Our website now has a patient tab where we inform about sexual dysfunctions and there is the opportunity to ask questions anonymously to our clinical expert Dr Elin Gahm. As a step towards reaching the international market for sexual dysfunction, an English version of the website has also been launched.
I feel grateful for the positive implementation of the issue and the solid trust that our shareholders have shown - it strengthens us for the future. The work continues to progress for us to proceed to clinical studies. In conclusion I would also like to thank our partners and employees.
Uppsala in August 2020, Göran Beijer, CEO