Satellos appoints Mark Nawacki to board, advances DMD drug trials

Satellos Bioscience Inc. (TSX: MSCL, OTCQB: MSCLF) reported third-quarter financial results and announced the appointment of Mark Nawacki to its board of directors.

The Toronto-based biotechnology company appointed Nawacki, co-founder and former CEO of Searchlight Pharma, to its board in November. Nawacki brings over two decades of pharmaceutical and mergers and acquisitions experience. He co-founded Searchlight Pharma in 2015 and led the company until May 2024, when it was acquired by Apotex.

Satellos submitted an Investigational New Drug application to the U.S. Food and Drug Administration in September to initiate a Phase 2 clinical trial of SAT-3247 in children with Duchenne muscular dystrophy. The company also filed parallel regulatory applications in the United Kingdom, Europe, Serbia, Australia, and Health Canada. Satellos expects to enroll the first patient in the Phase 2 study by the end of 2025.

The company dosed the first patient in its long-term follow-up study (LT-001) of SAT-3247 in adults with Duchenne muscular dystrophy. Initial results from patients returning from the Phase 1b trial are expected during the first quarter of 2026.

Data presented at the World Muscle Society congress showed Phase 1b participants demonstrated a 118.6% mean improvement in maximum grip strength in the dominant hand and 97.9% in the non-dominant hand. Participants also showed a 5.8% mean improvement in respiratory function.

For the third quarter ended September 30, 2025, Satellos reported a net loss of $5.8 million, or $0.03 per share, compared to a net loss of $6.6 million, or $0.06 per share, in the same period of 2024. The company ended the quarter with cash and cash equivalents of $34.6 million, down from $48.5 million at December 31, 2024.

Research and development expenses increased to $4.0 million from $2.4 million in the prior year quarter, primarily due to increased clinical trial costs. General and administrative expenses rose to $2.0 million from $1.3 million.

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