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