The Albany Gazette - Medicus Pharma to Highlight Rationale for CD228V Co-Development and License Agreement

PHILADELPHIA, PA / ACCESS Newswire / November 9, 2026 / Medicus Pharma Ltd. (NASDAQ:MDCX) ("Medicus" or the "Company"), a precision guided, biotech/life sciences company focused on advancing the clinical development programs of novel and potentially disruptive therapeutic assets, today outlined key highlights for its third quarter 2026 financial performance and business update conference call at 11:30 a.m. Eastern Time today, following the filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

Management will explain the scientific and clinical rationale for the Company's CD228V agreement with Pfizer Inc. ("Pfizer"), the proposed transaction between its wholly owned subsidiary, SkinJect, Inc. ("SkinJect"), and an undisclosed special purpose acquisition company ("SPAC") (the "Transaction" or the "Business Combination") and the Company's approach to capital efficiency.

Medicus' strategy is to concentrate incremental development investment on CD228V, pursue a separate public listing and dedicated financing for SkinJect® and preserve Teverelix®'s readiness for partnering. The Company believes this approach can advance its precision oncology focus while preserving Medicus shareholders' participation in the potential value of its broader portfolio.

Conference Call Details

Date and time: Monday, November 9, 2026, at 11:30 a.m. ET

Dial-in (U.S./Canada, toll-free): 1-833-890-6070

Dial-in (international): 1-412-504-9736

Webcast: Access the live webcast

Participants will include Raza Bokhari, MD, Executive Chairman and Chief Executive Officer; Carolyn Bonner, President and Chief Financial Officer; and Faisal Mehmud, MD, Chief Medical Officer.

CD228V Agreement Rationale, Melanoma Focus and ADC Opportunity

Dr. Raza Bokhari, Executive Chairman and CEO, is expected to describe how Medicus' review of the clinical evidence for the predecessor molecule, SGN-CD228A, Pfizer's refinement of the ADC construct and a focused initial development strategy informed the Company's decision to enter the CD228V co-development and license agreement.

Clinical foundation. The decision was informed by Medicus' review of clinical data from Seagen's open-label Phase 1 study of SGN-CD228A, which enrolled 88 patients with advanced solid tumors, including melanoma and non-small cell lung cancer. This data provided preliminary clinical observations and insights into the CD228 target, safety and biomarkers. Detailed findings from that study have not yet been publicly disclosed.

Construct rationale. CD228V (PF-08046031) is a second-generation, clinical-stage antibody-drug conjugate directed against CD228, also known as melanotransferrin. The molecule uses Pfizer's established vedotin linker-payload platform, with changes to the linker and the amount of payload carried by each antibody. Medicus understands that these refinements were designed to improve the balance between drug exposure, tolerability and anti-tumor activity. Vedotin technology has clinical and regulatory precedent in FDA-approved ADC therapies.

Focused melanoma strategy. Medicus intends to prioritize melanoma that has relapsed, become refractory or resisted immunotherapy. Based on its assessment of the predecessor clinical evidence from SGN-CD228A and the potential benefit of Pfizer's linker-payload reconstruction, the Company believes CD228V has the potential to achieve an objective response rate exceeding 30% in melanoma. This potential remains to be demonstrated in clinical trials of CD228V. Any future monotherapy registration strategy would depend on durable responses, an acceptable safety profile and applicable regulatory requirements.

The ADC opportunity. Medicus is emerging as part of approximately 30 clinical-stage ADC developers across the globe. At one end of this field are established companies with approved products and extensive development capabilities; at the other are companies with programs still in clinical research and development. The CD228V agreement also places Medicus amongst a handful of companies advancing Seagen-linked ADC assets through Pfizer collaborations. The rights, economics and clinical maturity of those relationships differ.

The Company believes that worldwide rights, a defined initial clinical objective and evidence generated through development could support future licensing, co-development and other strategic opportunities.

Rationale for the Proposed SkinJect SPAC Transaction

The proposed SkinJect® Transaction is intended to establish a separately listed company with its own access to public capital markets and dedicated financing for Gorlin syndrome development, while Medicus seeks to retain majority economic and voting ownership of the combined company. The Company believes this structure could support SkinJect®'s advancement while allowing Medicus to concentrate incremental investment on precision oncology.

The non-binding letter of intent ("LOI") with the SPAC contemplates an approximately $135 million pre-money enterprise valuation for SkinJect. Under the proposed terms, the SPAC would acquire 100% of SkinJect in exchange for newly issued common shares of the combined company. Concurrent equity financing is contemplated at closing of the Transaction to support the SKNJCT-005 study in Gorlin syndrome and preparation and submission of a potential New Drug Application (NDA).

The Company currently projects approximately $3 million over the next two years for that program. This is a projected program cost, subject to execution and regulatory requirements. Medicus will continue allocating essential resources to maintain program readiness as the proposed Transaction progresses.

The Company currently anticipates completing the proposed Transaction during the first half of 2027. The LOI is non-binding, and there can be no assurance that definitive agreements will be signed, financing will be secured, Medicus will retain majority ownership, or the Transaction will close within that timeframe or at all.

Capital Efficiency and Portfolio Execution

Medicus intends to align organizational costs and development spending with its portfolio priorities. Incremental capital will be directed toward CD228V, with essential resources allocated to maintain Teverelix®'s value and partnering readiness and pursue the proposed SkinJect®Transaction. Management anticipates a substantial reduction in operating expenses in the coming quarters.

For Teverelix®, Medicus is seeking partners with the capabilities and resources to advance opportunities in urology, advanced prostate cancer and women's health. The optimized prostate cancer protocol remains subject to FDA feedback. Maintaining program readiness while pursuing partnerships is intended to preserve the asset's potential value within the Company's capital allocation strategy.

Financial Performance Supporting the Strategic Update

Ms. Carolyn Bonner, President and CFO, is expected to describe the Company's financial results for the third quarter and nine months ended September 30, 2026. During the nine-month period, Medicus raised approximately $42.6 million through equity and secured debt financings, net of issuance costs. After approximately $6.4 million in debt repayments, net cash provided by financing activities was $36.2 million. This capital supported the CD228V license and development across the portfolio.

Selected financial results in U.S. dollars in millions for periods ended September 30

Nine-month operating expenses included $9.6 million of research and development expense and a $10.0 million acquired in-process research and development charge.

On September 30, 2026, Medicus held $5.0 million in cash and cash equivalents and $8.1 million in restricted cash, for a combined total of $13.1 million. Cash and cash equivalents on December 31, 2025, were $8.7 million.

For further information contact:

Carolyn Bonner, President and Chief Financial Officer
(610) 636-0184
[email protected]

Anna Baran-Djokovic, SVP Investor Relations
(305) 615-9162
[email protected]

About Medicus Pharma Ltd.

Medicus Pharma Ltd. (Nasdaq:MDCX) is a precision-guided biotech/life sciences company focused on advancing the clinical development programs of novel and potentially disruptive therapeutic assets. The Company is actively engaged in multiple countries across three continents.

The Company's current therapeutic assets are:

CD228V ADC, an investigational antibody-drug conjugate molecule utilizing Pfizer's established vedotin linker-payload platform, directed against melanotransferrin (CD228), a cell-surface protein expressed across multiple solid tumor types, such as melanoma, squamous non-small cell lung cancer (NSCLC), head and neck squamous cell carcinoma (HNSCC), and esophageal cancer.

SkinJect®, an investigational novel localized immuno-oncology precision product focused on basal cell carcinoma (BCC) lesions in Gorlin Syndrome patients, a rare autosomal dominant disease also called nevoid BCC syndrome.

Teverelix®, an investigational next-generation GnRH antagonist, is being developed as a first-in-market product for cardiovascular high-risk advanced prostate cancer patients, patients with acute urinary retention relapse (AURr) episodes due to enlarged prostate and symptomatic endometriosis.

Medicus' strategy is to advance select programs through Phase 2 proof-of-concept and key clinical and regulatory inflection points that substantially reduce development risk and increase their attractiveness to potential pharmaceutical partners. By generating decision-grade clinical, regulatory and operational datasets, the Company seeks to create opportunities for strategic collaborations, regional licensing transactions and broader commercialization partnerships with established pharmaceutical companies. As data matures across its programs, Medicus intends to continue building differentiated development packages designed to maximize asset value while maintaining capital efficiency and development focus.

Important Information and Where to Find It

This press release is provided for informational purposes only and contains information with respect to a potential Business Combination described herein. If the parties enter into definitive documentation regarding the Business Combination, it is anticipated that SPAC and/or Medicus will file relevant materials with the Securities and Exchange Commission (the "SEC"), including, as may be applicable, a registration statement on Form S-4, that includes a preliminary proxy statement/prospectus, and when available, a definitive proxy statement and final prospectus. Promptly after filing any Medicus definitive proxy statement with the SEC, Medicus will mail the definitive proxy statement and a proxy card to each shareholder entitled to vote at any applicable special shareholder meeting relating to the Business Combination. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT SPAC OR MEDICUS FILE WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SPAC, MEDICUS, SKINJECT AND THE BUSINESS COMBINATION. Any definitive proxy statement, preliminary proxy statement and other relevant materials in connection with the transaction (if and when they become available), and any other documents filed by SPAC or Medicus with the SEC, may be obtained free of charge at the SEC's website (www.sec.gov).

Participants in the Solicitation

Medicus, SkinJect and their respective directors and executive officers may be deemed participants in the solicitation of proxies from Medicus' shareholders with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests in Medicus and SkinJect will be included in any proxy statement for the Business Combination and be available at www.sec.gov. Information about Medicus' directors and executive officers and their ownership of Medicus' common shares is set forth in Medicus' proxy statement for its 2026 annual general and special meeting of shareholders, filed with the SEC (File No. 001-42408) on May 4, 2026. Additional information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement pertaining to the proposed Business Combination when it becomes available. These documents can be obtained free of charge at the SEC's website (www.sec.gov).

The SPAC and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Medicus in connection with the proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination will be included in any proxy statement for the proposed Business Combination when it becomes available.

No Offer or Solicitation

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities in any jurisdiction, or the solicitation of any vote, consent or approval in any jurisdiction in respect of the proposed Business Combination, nor shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. This press release does not constitute either advice or a recommendation regarding any securities. No offering of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.

Cautionary Notice on Forward-Looking Statements

Certain information in this news release constitutes "forward-looking statements" or "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other applicable securities laws (collectively, "forward-looking statements"). "Forward-looking statements" are defined as disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action and includes, without limitation, statements regarding the Company's financial performance and business outlook, the proposed Business Combination contemplated by the non-binding LOI, including the anticipated terms, structure and timing thereof, the anticipated capitalization and ownership of the combined company, including Medicus' intention to retain majority economic and voting ownership of the combined company, the satisfaction of closing conditions, the anticipated completion of the proposed Business Combination during the first half of 2027 or at all, the anticipated benefits of the proposed Business Combination to Medicus and its shareholders, the proposed concurrent equity financing, including the amount, terms and anticipated use of proceeds thereof, the ability of the parties to complete due diligence and to negotiate and execute definitive agreements, the development of SkinJect® and the potential benefits thereof for those suffering with Gorlin Syndrome, the planned initiation, timing, design, conduct and results of the SKNJCT-005 registrational study in patients with Gorlin Syndrome, the projected cost of the SkinJect® development program, the Company's decision to develop SkinJect® exclusively for patients with Gorlin Syndrome, the timing and outcome of the FDA's review of the Company's Orphan Drug Designation and Rare Pediatric Disease Designation applications for SkinJect®, the development of Teverelix® and expectations concerning, and future outcomes relating to, the development, advancement and commercialization of Teverelix® for AURr, cardiovascular high-risk advanced prostate cancer ("APC"), women's health indications like endometriosis, the FDA's feedback regarding the Company's Phase 2b/3 registration-intent protocol for Teverelix® in APC, the proposed design of the Phase 2b/3 registration-intent program, the potential to reduce the overall planned APC clinical development program from approximately 1,500 patients to approximately 600 patients, the establishment of a defined, capital-efficient and partner-ready registrational pathway for Teverelix® without Medicus independently funding an additional APC clinical development study, Medicus' intent and ability to out-license or otherwise strategically partner the Teverelix® APC program, the anticipated completion of GMP-grade manufacturing, quality-release and other clinical study readiness steps, whether the proposed cardiovascular-focused registrational strategy, including the 12-month non-calcified coronary plaque endpoint assessed using non-invasive coronary CCTA and the evaluation of Teverelix® effects on APC patients at increased cardiovascular risk, could support registration, the Company's capital-efficient portfolio strategy and the anticipated benefits thereof, the anticipated reduction in the Company's operating expenses, the Company's view that SkinJect® and Teverelix® are partner-ready programs, the Company's co-development and license agreement with Pfizer with respect to CD228V, the Company's strategy relating thereto and the anticipated benefits thereof, including whether Pfizer elects to fund any development activities for CD228V and whether the parties enter into a definitive agreement in respect thereof, the Company's ability to identify, negotiate and complete partnerships, licensing, co-development or other strategic transactions and the timing, terms and anticipated benefits thereof, the Company's plans and expectations relating to the development, manufacture and commercialization of CD228V across human therapeutic indications, including the Company's intention to focus initial development on melanoma with potential subsequent development in squamous non-small cell lung cancer (NSCLC), head and neck squamous cell carcinoma (HNSCC) and esophageal cancer, the Company's plans to prioritize clinical proof-of-concept for CD228V in melanoma, including relapsed, refractory or immunotherapy-resistant disease, the potential for CD228V to achieve an objective response rate exceeding 30% in melanoma and to support a future monotherapy registration strategy, the potential for biomarker research to guide development, the potential for evidence generated in melanoma to support evaluation of CD228V in additional CD228-expressing solid tumors, the timing, design, conduct and results of any future clinical study of CD228V, and the potential market opportunities related to CD228V, SkinJect® and Teverelix® and the Company's other therapeutic assets. Forward-looking statements are often, but not always, identified by the use of such terms as "may", "on track", "aim", "might", "will", "will likely result", "could," "designed," "would", "should", "estimate", "plan", "project", "forecast", "intend", "expect", "anticipate", "believe", "seek", "continue", "target", "goal", "strive", "prioritize", "pursue", "intended", "potential" or the negative and/or inverse of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including those risk factors described in the Company's annual report on Form 10-K for the year ended December 31, 2025, as amended, and its quarterly report on Form 10-Q for the quarter ended September 30, 2026, and in the Company's other public filings on EDGAR and SEDAR+, which may impact, among other things, the trading price and liquidity of the Company's common shares. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof and thus are subject to change thereafter. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

SOURCE: Medicus Pharma Ltd

View the original press release on ACCESS Newswire

(O.Robinson--TAG)