Medicus Pharma Ltd. (NASDAQ: MDCX) has successfully raised $11.2 million through two separate public offerings to advance its innovative microneedle patch technology for treating basal cell carcinoma, marking a significant milestone in the development of non-invasive cancer therapeutics.
The Philadelphia-based biotech company completed a $7.0 million public offering in June 2025, followed by a $4.2 million Regulation A offering in March 2025. The combined proceeds will primarily fund Phase 2 proof-of-concept clinical trials for the company's doxorubicin tip-loaded dissolvable microarray needle skinpatch, known as D-MNA.
Promising Phase 1 Results Drive Investment
The funding comes on the heels of encouraging Phase 1 results that demonstrated both safety and efficacy signals. The company's Phase 1 safety and tolerability study (SKNJCT-001), completed in March 2021, met its primary objective while revealing notable therapeutic potential. Six participants experienced complete response on histological examination of the resected lesion, providing early evidence of the treatment's effectiveness.
"The study also describes the efficacy of the investigational product D-MNA, with six (6) participants experiencing complete response on histological examination of the resected lesion," according to the company's announcement.
Advanced Clinical Development Program
Medicus Pharma, through its wholly-owned subsidiary SkinJect Inc., is currently conducting multiple Phase 2 studies to further validate its microneedle patch technology. The company is running a randomized, controlled, double-blind, multicenter clinical study (SKNJCT-003) across the United States and Europe, with patient recruitment underway at nine US sites.
The Phase 2 study is designed to evaluate two dose levels (100 and 200 μg) of D-MNA compared to placebo (P-MNA) in subjects with nodular basal cell carcinoma, with plans to randomize up to 60 patients. Additionally, the company has commenced a separate randomized, controlled, double-blind, multicenter clinical study (SKNJCT-004) in the UAE.
Innovative Treatment Approach
The D-MNA patch represents a novel approach to treating basal cell carcinoma, the most common form of skin cancer. The patented dissolvable microneedle technology delivers chemotherapeutic agents directly to tumor cells in a non-invasive manner, potentially offering patients an alternative to traditional surgical interventions.
SkinJect Inc. is described as "a development stage, life sciences company focused on commercializing novel, non-invasive treatment for basal cell skin cancer using patented dissolvable microneedle patch to deliver chemotherapeutic agent to eradicate tumors cells."
Strategic Use of Proceeds
The company plans to use the net proceeds strategically across multiple development pathways. Beyond funding the ongoing Phase 2 trials, Medicus Pharma may expand its exploratory Phase 2 clinical trial to a pivotal trial and extend its studies to cover other non-melanoma skin diseases. Any remaining proceeds will support general corporate purposes and working capital.
Broader Pipeline Expansion
In addition to its core microneedle patch program, Medicus Pharma announced in April 2025 its intention to acquire Antev Ltd., a UK-based late clinical-stage biotech company developing Teverelix, a next-generation GnRH antagonist for cardiovascular high-risk prostate cancer patients and patients with first acute urinary retention episodes due to enlarged prostate. However, this transaction remains subject to due diligence, definitive agreements, and regulatory approvals.
The successful completion of these offerings positions Medicus Pharma to advance its innovative approach to skin cancer treatment while potentially expanding its therapeutic portfolio through strategic acquisitions.
