On October 8, 2026 Medicus Pharma Ltd. (NASDAQ: MDCX) ("Medicus" or the "Company"), a precision guided, biotech/life sciences company focused on advancing novel and potentially disruptive therapeutic assets, reported a shareholder update celebrating its third anniversary, highlighting three years of progress, focused on execution and capital efficient drug development. The Company has advanced its transformation into a precision oncology-led biotechnology company, with a portfolio of select novel assets, anchored by CD228V, an investigational antibody-drug conjugate molecule utilizing Pfizer’s established vedotin linker-payload platform, SkinJect for basal cell carcinomas in patients with Gorlin syndrome and Teverelix for development opportunities in urology and women’s health.
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This transformation, outlined in our recent strategic update, reflects progress in clinical advancement, strategic acquisitions, and investment in the people and capabilities needed to execute. From a company centered on SkinJect, we have built a portfolio with multiple potential paths to clinical and commercial value.
Our progress has occurred alongside stock-price volatility and pullback. We must make a concerted effort to explain more clearly, when we can, how the investments made to date position Medicus and support that explanation with measurable results.
Building the Foundation for Potential Long-Term Value
Our strategy is to identify promising therapeutic assets with existing scientific and clinical foundations and concentrate incremental investment on milestones that can strengthen their development prospects and partnering value.
Over these three years, we have assembled a board and management team and established the clinical, regulatory, financial, and governance capabilities needed to advance our programs. Commencing in October 2023, our progression from the TSX Venture Exchange to Nasdaq in November 2024, broadened our access to public capital markets. Approximately $90 million raised through equity and debt financing supported clinical development, strategic acquisitions, and organizational operations, while retaining resources for ongoing requirements.
That investment has given Medicus a broader portfolio and the capacity to pursue more complex development opportunities. Its ultimate return will depend on the clinical evidence we generate, the partnerships we secure, and the discipline with which we manage future spending.
CD228V and the Opportunity in Targeted Cancer Therapy
Antibody-drug conjugates, or ADCs, combine an antibody that recognizes a target on cancer cells with a potent cancer-killing payload. Their promise lies in directing treatment toward tumor cells, although the balance between antitumor activity and toxicity depends on the target, molecular design, and clinical setting.
CD228V brings together a less crowded solid-tumor target, second-generation molecular engineering, and an existing clinical and manufacturing foundation. It targets melanotransferrin, also known as CD228, a cell-surface protein associated with melanoma and expressed across several other solid tumors. Its expression and potential for internalization make it an attractive target for delivering an ADC payload.
Our initial priority is melanoma, particularly relapsed, refractory, or immunotherapy-resistant disease, where additional treatment options are needed. We intend to integrate biomarker work into development to better understand which patients may benefit.
We believe CD228V also has potential beyond melanoma, including in CD228-expressing lung, head and neck, and esophageal cancers. CD228V is early in development, and neither its efficacy nor an improved safety profile has been established; no approved therapy has yet validated CD228 as a treatment target.
We believe the combination of target biology, molecular design, and development readiness gives CD228V a compelling place in our portfolio. Our goal is to translate that foundation into evidence that can support further development and attract partners with complementary capabilities.
SkinJect and a Focused Gorlin Syndrome Strategy
We completed the SKNJCT-003 Phase 2 study, evaluated its findings, and identified the 200-microgram dose for further development. The FDA subsequently authorized initiation of SKNJCT-005, our planned registrational study in patients with Gorlin syndrome, an autosomal dominant rare disease.
Patients with Gorlin syndrome face a lifetime burden of recurrent basal cell carcinomas and repeated procedures. We believe this population provides a focused setting in which to evaluate SkinJect as a localized treatment option.
The completed work has informed dose selection and defined the next study, providing a clearer basis for allocating resources and evaluating potential partnerships. Additional clinical evidence and regulatory review remain necessary.
Teverelix and Partner Ready Development Opportunities
The acquisition of Antev in August 2025 expanded our portfolio into urology and women’s health through Teverelix, an investigational, next generation, GnRH antagonist. We subsequently strengthened its underlying economics by reducing the royalty rate and refined its priorities to acute urinary retention relapse prevention and symptomatic endometriosis, alongside a partnership-led strategy in advanced prostate cancer patients with high cardiovascular risk profile.
Our recent submission of an optimized registrational protocol for advanced prostate cancer is intended to incorporate previously FDA-cleared dose-optimization work into a proposed integrated development program. Subject to FDA review, this approach is designed to give potential partners a clearer plan for advancing the asset.
The Next Phase of Execution
Our priorities are to advance selected clinical and regulatory milestones, align organizational costs with those priorities, and pursue licensing, co-development, and other strategic opportunities. Partnerships could contribute non-dilutive development funding and expertise while reducing the capital Medicus would otherwise need to provide. Their timing, terms, and completion remain uncertain.
For our shareholders, we continue to strive to help make the connection between our portfolio and potential value more tangible. We are committed to explain the significance of each milestone, the resources required to reach it, and the decisions it enables. The measure of our progress should be stronger clinical evidence, clearer development pathways, and transactions that support continued advancement.
We remain confident in the purpose of our work and committed to responsible capital allocation. We have built a company with a broader scientific opportunity than when we began. Our mission is to demonstrate what that opportunity can deliver for patients and shareholders.
(Press release, Medicus Pharma, OCT 8, 2026, View Source [SID1234673283])