Patrys Limited provided a Company update for its shareholders and the broader market. The recently completed PAT-SM6 Phase I/IIa clinical trial, in patients with refractory or relapsed multiple myeloma (MM), has successfully achieved the primary endpoint of safety and tolerability. All twelve patients, including those treated at the high dose level (6mg/kg/dose), tolerated PAT-SM6 very well.

There were no drug-related serious adverse events and no dose-limiting toxicities. These data have been reviewed and approved by the Data and Safety Monitoring Board (DSMB). Of the twelve treated patients (10 male and 2 female, median age 71 years all of whom had failed their current therapeutic regimes) four of them (33%) with end-stage, multi-resistant MM showed evidence of stable disease according to the International Myeloma Working Group criteria.

Two of these patients were stable for more than 100 days. Patients treated with PAT-SM6 also had a mean time to next therapy of 47 days which is clinically significant. A full and detailed analysis of the complete laboratory data is ongoing and will be released before the end of March 2014.

On the basis of these results and the strong preclinical package, Patrys is now preparing for the next clinical trial, a combination study of PAT-SM6 and Carfilzomib. Patrys' second programme, PAT-LM1, has now entered the scale-up manufacturing process in preparation for a future clinical trial. In addition to production, Patrys will conduct multi-species toxicology studies before embarking on a clinical programme.

The company anticipates spending approximately AUD 2 million on PAT-LM1 in 2014 and approximately a further AUD 2 million in 2015. Patrys continues to explore the clinical indication for this antibody and currently, it is anticipated that a type of blood cancer will be chosen. The company intends to publish some preclinical data later this year.

As announced to the market, survival data from the first clinical trial using PAT-SC1 in patients with gastric cancer have been published in Oncology Reports. A commercial partner is being sought for this antibody and discussions are currently ongoing. Early preclinical antibodies: In 2014 the Company anticipates securing new research collaborations with international groups to escalate the rate and quality of data generation.

Discussions are currently ongoing and further details will be provided later in 2014. The company anticipates spending approximately AUD 500,000 on these early-stage programmes in 2014.