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Bioceltix in the final EMA dialogue phase: BCX-CM-J could become Europe's first veterinary cell-therapy drug for dogs
Wrocław-based Bioceltix S.A. (KRS 0000744521) entered Q2 2026 in the final EMA dialogue phase on BCX-CM-J – potentially Europe's first veterinary cell-therapy drug based on mesenchymal stem cells, for dogs with osteoarthritis. Responses to the EMA's final questions are due in May 2026; a CVMP recommendation and marketing authorisation are possible in Q3/Q4 2026. A pre-commercial biotech: it closed 2024 with a PLN 14.9m loss on zero revenue and PLN 33.6m of cash at year-end. Trigon DM maintains a buy rating with a PLN 127.2 price target.
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Captor Therapeutics: PLN 36m of cash at 30 September 2025, runway to mid-2026 – clinical data versus the cash clock
Wrocław-based Captor Therapeutics S.A. (KRS 0000756383) – a pre-commercial biotech specialising in targeted protein degradation (TPD) – closed Q3 2025 with PLN 36m of cash and grants securing funding to mid-2026. CT-01 (hepatocellular carcinoma) entered Phase I, with the first patient dosed at the Barcelona Clinic Liver Cancer. CT-03, an MCL-1 degrader, is close to clinical entry. Without a new R&D partnership or share issue in 2026, the company will need additional financing.
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Mabion in 2026: Polish monoclonal-antibody maker, mWIG40 issuer from Konstantynów Łódzki, Novavax COVID-19 antigen contract
Mabion S.A. (KRS 0000340462), headquartered at ul. Gen. Mariana Langiewicza 60 in Konstantynów Łódzki, is a Polish biotech specialising in monoclonal-antibody production (key project: MabionCD20, a rituximab biosimilar) and in CDMO (Contract Development and Manufacturing Organization) work. Its main international contract is manufacturing the COVID-19 vaccine antigen for Novavax. Founded in 2007 by Maciej Wieczorek and listed on the WSE since 2010, the company is an mWIG40 constituent, with a three-member management board and a five-member supervisory board.
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Medicalgorithmics 2026: first positive quarterly EBITDA (Q4 2025: +PLN 1m), revenue of PLN 31m (+29% YoY), US up 452% YoY
Warsaw-based Medicalgorithmics S.A. (KRS 0000372848), maker of the flagship PocketECG remote heart-rhythm monitoring system, closed 2025 with revenue of PLN 31m (+29% YoY) and reached its first positive quarterly EBITDA in Q4 2025 (+PLN 1.0m), with the net loss narrowing to PLN 11.7m. Q4 alone: revenue of PLN 10.2m (+74% YoY, +42% QoQ), including PLN 4.8m from the US market (+452% YoY), and around 135,000 ECG studies (+70% YoY). 2025 milestones: FDA approval for the DRAI algorithms, a USD 5.9m Canadian contract for over 2,000 Kardiobeat.ai devices, partnerships with Wellysis (Samsung) and CardioScan (Australia), and the first VCAST contracts (Sweden, Turkey).