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PYC Therapeutics ASX Announcement January 29 , 2021 Quarterly Activities Report Highlights In 4Q 2020 , PYC continued its transformation into a multi - asset , clinical stage biotech company , with strong pipeline and corporate momentum , laying the foundation for multiple additional advancements in 2021 : Demonstrated the effectiveness of VP - 001 , PYC's lead drug candidate for the treatment of Retinitis Pigmentosa type 11 ( RP11 ) , in all patient - derived models tested together with the drug's ability to correct another critical structural deficiency in patient - derived retinal cells¹ . Expanded the pipeline from one to three product candidates rapidly moving towards clinical development , demonstrating PYC's ability to scale its technology across multiple , severe ocular indications with high unmet need¹ . Executed a A $ 41 million capital raise creating a strong cash runway and foundation to advance multiple candidates and build out U.S. operations to enable near- and mid - term execution² . Appointed Sahm Nasseri as CEO of PYC in the U.S. to expand the U.S. leadership team and hire teams to drive core U.S. functions , including preclinical , clinical development , business development , regulatory and investor engagement³ . Announcement PYC Therapeutics , ( ASX : PYC ) ( ' PYC ' or ' the Company ' ) , a biotechnology company developing a new generation of precision RNA therapeutics to change the lives of patients with inherited diseases , today provided an update on its 4Q 2020 achievements and initiatives . During the quarter , PYC advanced its pipeline , appointed a new CEO in the U.S. and announced expansion plans . The Company expects to continue this momentum in 2021 by reaching several critical milestones . VP - 001 , the Company's lead candidate , has shown potential to be the first disease- modifying therapy for patients with RP11 , a rare , inherited , retinal disease caused by mutation in the PRPF31 gene and characterized by progressive retinal degeneration and eventual blindness . In 4Q , PYC reported preclinical results demonstrating efficacy in five patient - derived models , the gold standard for preclinical efficacy assessment in genetic eye diseases . The results demonstrated VP - 001's ability to have the desired effect on the target gene ( resulting in increased expression of the target protein ) in all patient - derived models . Additionally , VP - 001 was able to correct another structural deficiency in patient- derived retinal cells that is one of the key causes of vision loss in RP11 patients . These encouraging results came after two prior VP - 001 readouts earlier in 2020 that showed 1 See ASX announcements 4 October 2020 and 12 October 2020 2 See ASX announcement 13 November 2020 3 See ASX announcement 10 December 2020 +61 8 6151 0994 pyctx.com | ABN 098 391 961 1