About Us: Overview
Allarity Therapeutics: Personalized Cancer Care. Realized.
Allarity Therapeutics is a late clinical-stage, precision medicine company actively advancing a pipeline of in-licensed oncology therapeutics for patients with difficult-to-treat cancers.
Allarity’s clinical program includes six anti-cancer assets in mid- to late-stage clinical development. Our programs and partnerships leverage our proprietary, highly accurate Drug Response Predictor (DRP®) technology to refine patient selection and improve clinical outcomes. Our DRP® technology has been broadly validated across an extensive array of therapies and tumor types with a high degree of accuracy for matching the right patient to the right drug. By identifying those patients who will and who will not respond, the DRP® companion diagnostics have the potential to transform cancer therapeutic development across many indications by increasing clinical success rates with trials involving a fewer number of patients, and improve patient outcomes by matching them to the right drug. Publicly traded on the NASDAQ First North, Allarity Therapeutics (ALLR) is headquartered in Horsholm, Denmark, with US operations, and is committed to enhancing patient outcomes through improved decision-making and personalized cancer care.
Our Approach to Value Creation
Step 1: Identifying clinical drug candidates with hidden potential
We start the journey of value creation by scouting for drug candidates with a documented acceptable safety profile and clinical efficacy data, but that failed to meet defined clinical trial endpoints as a result of study protocols failing to select the right patients. There are many options of drug candidates that meet this criteria as the vast majority (95%) are placed on the shelf during development. Our search focuses on drug or drug types for which we’ve already developed, or can easily develop, a DRP® companion diagnostic.
Step 2: In-licensing candidates with clear signals of efficacy and favorable safety profiles
So far, Allarity has been able to acquire six drug candidates for our portfolio with terms including low up front fees, reasonable milestone and royalty payments, and access to existing clinical-grade drug supply. Our drug programs come from world-leading pharmaceutical companies, which we regard as an acknowledgement of the external trust in our ability to create significant value based on drug candidates that have previously failed to be matched against an optimal patient group.
Step 3: Focused further development
After acquiring a new drug candidate, we employ a DRP® companion diagnostic to focus the continued development for those patients who are expected to benefit most. We then conduct a Phase 2 proof-of-concept (POC) study using the DRP® companion diagnostic. If the data supports advancing the program, we proceed to a DRP®-guided Phase 3/pivotal trial.
Step 4: Exiting programs with significant upside potential
In the final step of our business model, we exit drug programs through out-licensing, asset sale transfer, or M&A activity to global or regional pharmaceutical companies based on the results of DRP®-guided phase 2 trials. As a result of our proven ability to utilize a DRP® companion diagnostic to improve patient benefit for a drug program, we expect to receive substantial upside from program exit, which could include cash payments, royalties, etc.
History of Allarity Therapeutics
Allarity was originally founded as Medical Prognosis Institute A/S in 2004 by then-Professor Steen Knudsen, who has a background in computational biology. Since 1996, Knudsen has been part of building the Center for Biological Sequence Analysis at DTU, Denmark’s Technical University. Based on bioinformatics, his research explored the potential of using gene chips in fighting cancer.
To bring the potential benefit to cancer patients, marketing approval was needed. Knudsen founded the Medical Prognosis Institute A/S (MPI) for this purpose in 2004 as a spin out from DTU and with DTU Innovation A/S as the primary investor.
The first focus of MPI was to identify which specific clinical uses of gene chips were most promising to be commercialized. Supported by surveys among oncological experts, and the need for a sufficient number of patients, Steen Knudsen chose in 2005 to focus on prognostics for lung cancer.
In further research, Steen Knudsen made an important discovery. By comparing data from the U.S. National Cancer Institute (NCI), MPI could predict which patients would get a positive effect from chemotherapy. In 2006, MPI submitted a patent application, which was approved by the American patent authorities in 2013.
In 2012, Peter Buhl Jensen became the CEO to enhance the oncology focus and prepare the organization for accelerated clinical development. The company was renamed Oncology Venture A/S. The initial strategy was as a service provider to sell DRP® to pharma/biotech to be used for drug development. In more recent years, Allarity focused on drug development, including strategy and business model for establishing cooperation agreements with drug development and biotech companies regarding research, development and commercialization of drug candidates.
In 2019, a new Executive Management team came into office. Steve Carchedi joined the company as new CEO and was also elected to the Board of Directors. The change of the Executive Management team was accompanied by strategic refocusing of the Company’s pipeline and development work towards advancement of its three priority programs, as well as monetization and a near-term return on investment for these assets.