In a promising new chapter, Algorae Pharmaceuticals (ASX: 1AI), formerly known as Living Cell Technologies (ASX: LCT), has debuted its new name in a Memorandum of Understanding (MoU) with the University of New South Wales (UNSW).
The MoU outlines a framework for a Master Services Research Agreement (MSRA) between both parties to develop an Artificial Intelligence (AI) platform to be named AlgoraeOS. The platform will build upon a sophisticated AI model trained for pharmaceutical prediction already developed by data specialists within the UNSW Data Science Hub.
In partnership with UNSW, Algorae intends to enhance its AI model for creating new drug candidates for clinical research. The platform will utilise advanced machine learning and AI techniques to analyse vast datasets, improve ongoing projects, and identify new drug possibilities through predictive modelling. The project will be led by Associate Professor Fatemeh Vafee, who is the Deputy Director of the UNSW Data Science Hub and a member of the UNSW AI Institute.
Dr. Vafee has set up the Biomedical AI Laboratory at the UNSW Faculty of Science and is in charge of a graduate program called Med-Tech.AI, which focuses on AI-powered medical technologies, ranging from diagnostics to treatments.
The premise of using AI for drug discovery is to speed up the development of new therapies, reduce costs, and increase the success rate of bringing drugs to market. It complements traditional research methods and could revolutionise how pharmaceutical companies approach drug development.
It can analyse complex data like clinical, biological, molecular, and genetic info, quickly pinpointing precise drug targets. Machine learning, deep learning, and neural networks predict interactions, assess toxicity, and enhance compound designs, guiding efficient research. AI also streamlines research, aiding study design and repurposing existing drugs for new uses.
Algorae is a pharmaceutical company dedicated to finding new treatments for medical conditions with unmet needs. Its current drug candidates include NTCELL for Parkinson’s disease and the AI-116 combination drug for dementia.
The UNSW partnership isn’t Algorae’s first venture in collaboration with Australian universities. In early September, Algorae (under LCT) announced partnership with La Trobe University for preclinical studies on its combination drug AI116 which contains cannabidiol and another off-patent drug. The collaborative research intends to assess the effectiveness of AI-116 and compare it to current dementia treatments, and is being led by Principal Investigator Professor Garrie Arumugam at the LTU Centre for Cardiovascular Biology and Disease Research.
In the full year ending 30 June 2023, the Company observed a revenue spike from $3k in FY22 to $42k in FY23. Net loss after tax (NLAT) was increased to $2.1m compared to $1.95m loss observed in FY22. Algorae concluded the financial year with $4.1m cash at bank with no past due trade receivables, bad debts or doubtful debts.
Clara is a Business Reporter for The Sentiment.
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