Medicus Pharma Announces Results from Pre-Specified Expanded Phase 2 SKNJCT-003 Data Analysis Demonstrating Positive Dose-Response
Rhea-AI Summary
Medicus Pharma (NASDAQ: MDCX) reported a pre-specified expanded analysis of its Phase 2 SKNJCT-003 study in nodular basal cell carcinoma showing a dose-dependent response. The 200µg D-MNA cohort achieved 55% histologic complete response at Day 57 and 64% clinical clearance. Safety remained favorable with no drug-related serious adverse events or systemic doxorubicin toxicity. The company says the dataset supports a registrational pathway and informs dose, lesion selection, and timing for future studies.
Positive
- 200µg histologic CR 55% at Day 57
- Clinical clearance 64% for 200µg cohort at Day 57
- Clear dose-response with stronger separation at Day 57
- No drug-related SAEs and no systemic doxorubicin toxicity reported
Negative
- Refined efficacy set reduced to 69 patients from 90 randomized
- Device-only arm showed early biological activity, complicating attribution of effect
News Market Reaction – MDCX
On the day this news was published, MDCX gained 20.95%, reflecting a significant positive market reaction. Argus tracked a peak move of +16.9% during that session. Our momentum scanner triggered 27 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $3M to the company's valuation, bringing the market cap to $18.70M at that time. Trading volume was above average at 1.6x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Momentum scanner flagged mixed peer moves: TLPH up 9.65% and CPIX down 5.77%, while MDCX was flagged as moving up. With only one peer in the same direction and no same-day peer news, today’s catalyst appears company-specific.
Previous Clinical trial Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 17 | ODD application | Positive | +17.0% | Filed Orphan Drug Designation application for SkinJect in Gorlin Syndrome. |
| Apr 06 | Phase 2 protocol | Positive | +9.8% | Submitted optimized Phase 2 Teverelix protocol for acute urinary retention. |
| Apr 01 | SkinJect data clarify | Positive | -8.5% | Clarified SKNJCT-003 topline, highlighting 200µg D-MNA as lead dose. |
| Mar 30 | KOL validation | Positive | -9.6% | KOL validation of SKNJCT-003 with ~80% overall response in 200µg cohort. |
| Mar 18 | Topline review chat | Positive | +0.4% | Fireside chat to review positive Phase 2 SkinJect topline dataset. |
Clinical and regulatory updates often produce volatile but mixed reactions, with several positive SkinJect and Teverelix milestones followed by both strong gains and notable selloffs.
Over the last few months, Medicus has issued multiple clinical trial updates spanning SkinJect and Teverelix. Events include an Orphan Drug Designation application for SkinJect on Apr 17, 2026, an optimized Phase 2 Teverelix protocol on Apr 6, 2026, and several clarifications and KOL validations of SKNJCT-003 data in March and April. The current expanded Phase 2 analysis continues this pattern of iterative data refinement and regulatory positioning around SkinJect’s 200µg regimen.
Historical Comparison
In the past six weeks, MDCX released five clinical-trial updates averaging a ±1.81% move, with both rallies and selloffs on SkinJect data, underscoring choppy reactions to similar milestones.
Clinical news shows a progression from initial SKNJCT-003 topline results to KOL validation, dataset clarifications, Orphan Drug Designation filing, and now refined Phase 2 analyses positioning the 200µg SkinJect regimen for potential registrational discussions.
Market Pulse Summary
The stock surged +20.9% in the session following this news. A strong positive reaction aligns with prior instances where clinical milestones, such as Orphan Drug Designation and protocol submissions, yielded sizable gains. However, past SkinJect updates also saw sharp pullbacks despite favorable data, and the company maintains sizable at-the-market capacity up to $50,000,000. Investors have historically treated such clinical wins as trading catalysts rather than consistently re-rating the stock.
Key Terms
phase 2 medical
randomized, double-blind medical
doxorubicin medical
microneedle array medical
histological clearance medical
complete response medical
orphan drug designation regulatory
expanded access ind regulatory
AI-generated analysis. Not financial advice.
200µg Cohort Achieves
PHILADELPHIA, May 06, 2026 (GLOBE NEWSWIRE) -- Medicus Pharma Ltd. (NASDAQ: MDCX) ("Medicus" or the "Company"), a biotech/life sciences company focused on advancing the clinical development programs of novel and potentially disruptive therapeutics assets, today announced results from a pre-specified expanded dataset analysis demonstrating positive dose response from its Phase 2 SKNJCT-003 study evaluating safety and efficacy of Doxorubicin Microneedle Array (D-MNA) to treat nodular basal cell carcinoma (BCC) of the skin, the most common type of skin cancer.
These additional pre-specified analysis, build upon the previously reported positive topline results, provide expanded biological, histologic, and safety insights that further strengthen SkinJect’s therapeutic profile and future registrational discussions with the U.S. Food and Drug Administration (FDA). These additional findings are also consistent with prior Phase 1 clinical observations in the SKNJCT-001 study in March 2021, and interim analysis of SKNJCT-003 in March 2025, reinforcing reproducibility across studies.
SKNJCT-003 Study Design Overview (NCT06608238)::
The SKNJCT-003 (NCT06608238) clinical study was designed as a randomized, double-blind, three-arm Phase 2 study evaluating two dose levels of microneedle-mediated delivery of doxorubicin compared with a device-only control in patients with nodular basal cell carcinoma. It was a multi-center study designed to enroll 90 participants presenting with nodular type basal cell carcinoma. The participants were randomized 1:1:1 into three groups:
- Device-controlled group receiving P-MNA
- Low-dose group receiving 100µg of D-MNA
- High-dose group receiving 200µg of D-MNA
Expanded central pathology reconciliation demonstrated that 69 participants met intended nodular BCC inclusion criteria, while 21 participants were identified as superficial or mixed subtype lesions.
The Results from Pre-specified Expanded Analysis of 69 participants are summarized below:
| Dose | # of patients(n) | Day 29 post-treatment | # of patients(n) | Day 57 post-treatment | ||||||
| 35 | Clinical Clearance | Histological Clearance (CR) | 34 | Clinical Clearance | Histological Clearance (CR) | |||||
| Device-only | 12 | 42 | % | 25 | % | 14 | 29 | % | 29 | % |
| 100ug D-MNA | 12 | 42 | % | 25 | % | 9 | 44 | % | 33 | % |
| 200ug D-MNA | 11 | 46 | % | 27 | % | 11 | 64 | % | 55 | % |
The expanded analysis demonstrates a progressive and dose-dependent improvement, with the strongest separation emerging at Day 57.
“We are encouraged by these additional findings in the expanded analysis, which we believe meaningfully strengthens the clinical and regulatory foundation of the SKNJCT-003 Program” stated Dr. Raza Bokhari, Chairman and CEO of Medicus. “We are confident that this dataset moves us from Proof-of-concept to a clear registrational path, and we believe Skinject has the potential to fundamentally change the current approach of treating patients with BCC, addressing a major un-met medical need”.
From Positive Topline Dataset to Positive Dose-Response:
The Company previously reported topline results from the population of 90 randomized patients, which demonstrated a positive topline and decision-grade dataset. The 69-patient refined efficacy analysis further strengthens the regulatory alignment of the study as the Company advances toward End-of-Phase 2 (EOP2) discussions with the FDA.
The topline dataset showed that:
- The 200µg cohort achieved the highest observed activity at Day 57
- Clearance rates improved from Day 29 to Day 57, consistent with continued biological activity over time
The pre-specified expanded dataset analysis builds on this foundation by:
- Revealing a clear and consistent dose-response relationship across endpoints
- Demonstrating stronger separation between the 200µg cohort and control, particularly at Day 57
- Strengthens differentiation between drug-driven efficacy and device-only biological activity
Importantly, this expanded central pathology verified dataset provides a more precise and clinically interpretable view of treatment effect, with the 200µg cohort at Day 57 emerging as the leading dose with the most robust and consistent efficacy signal.
These findings suggest that many treated lesions may in the future be able to avoid immediate surgical intervention, representing a potentially meaningful shift in the treatment paradigm for BCC. Given the short treatment and excision timeline evaluated, these results are particularly encouraging and may suggest clinically meaningful anti-tumor activity within a highly practical therapeutic window.
Collectively, this dataset may support future registration-intent or NDA-enabling development discussions, including optimized patient population, lesion subtype, dose regimen, and treatment-to-excision interval.
D-MNA continued to demonstrate a highly favorable safety and tolerability profile, was generally well tolerated with no drug-related serious adverse events, no evidence of systemic doxorubicin toxicity, and predominantly mild localized treatment-site reactions, supporting repeatable lesion-directed administration consistent with prior Phase 1 observations.
Reinforcing Drug-Driven Therapeutic Effect:
The device-only arm also demonstrated early biological activity consistent with microneedle-induced local immune response, but it did not show sustained or deepening efficacy over time. In contrast, the 200µg D-MNA cohort demonstrated progressive improvement from Day 29 to Day 57, resulting in clear separation across both clinical and histological endpoints. This pattern is consistent with drug-driven therapeutic effect, rather than a device-only response.
Independent Investigator Validation Supports Clinical and Regulatory Read-Through
These findings are further supported by independent investigator validation from a leading academic dermatologist and clinical investigator.
Dr. Babar K. Rao, MD, FAAD, Principal Investigator of the SKNJCT-003 study, is an internationally recognized academic dermatologist, dermatopathologist, and clinical investigator in skin oncology. He serves as Professor of Dermatology and Pathology at Rutgers Robert Wood Johnson Medical School and holds academic appointments at Weill Cornell Medical College.
Dr. Rao has evaluated the dataset and noted that he believes it demonstrates a clinically meaningful rapid onset efficacy, clear differentiation between drug and device effect and a profile that supports continued development and regulatory progress. Dr. Rao noted the consistency between visual, histologic, and central pathology findings is highly encouraging and provides growing confidence that SkinJect® is producing meaningful biologic anti-tumor effects. Notably, clinically meaningful anti-tumor responses were observed within weeks, potentially differentiating D-MNA from many existing non-surgical therapies that often require substantially longer treatment durations. This analysis also improves the understanding of the patient populations and treatment parameters most likely to optimize future clinical outcomes.
The Company believes these findings further de-risk advancement of the 200µg regimen and informs the design of subsequent development studies, including assessment timing, lesion selection, and endpoint strategy.
For further information, contact:
Carolyn Bonner, President and Chief Financial Officer
(610) 636-0184
cbonner@medicuspharma.com
Anna Baran-Djokovic, SVP Investor Relations
(305) 615-9162
adjokovic@medicuspharma.com
About Medicus Pharma Ltd.
Medicus Pharma Ltd. (Nasdaq: MDCX) is a precision-guided biotech/life sciences company focused on accelerating the clinical development programs of novel and potentially disruptive therapeutics assets. The Company is actively engaged in multiple countries across three continents.
Company’s key therapeutics assets are:
SkinJect™, a novel localized immuno-oncology precision product focused on non-melanoma skin diseases, especially basal cell carcinoma (BCC) and Gorlin Syndrome, a rare autosomal dominant disease also called nevoid BCC syndrome, collectively representing a ~
Teverelix®, a next generation GnRH antagonist is a first-in-market product for cardiovascular high-risk advanced prostate cancer patients and patients with acute urinary retention relapse (AURr) episodes due to enlarged prostate, collectively representing a ~
The Company is actively engaged in following collaborations:
Skinject™ Platform Expansion
In August 2025, the Company announced its entry into a non-binding memorandum of understanding (MoU) with Helix Nanotechnologies, Inc. (HelixNano), a Boston-based biotech company focused on developing a proprietary advanced mRNA platform, in respect of their shared mutual interest in the development or commercial arrangement contemplated by the MoU. The MoU is non-binding and shall not be construed to obligate either party to proceed with a joint venture or any further development or commercial arrangement, unless and until definitive agreements are executed, and there can be no assurance that such definitive agreements will be executed.
The Company is exploring co-development of thermostable infectious disease vaccines combining HelixNano’s proprietary mRNA technology with the Medicus microneedle array delivery platform.
Patient Access and Advocacy
In October 2025, the Company announced a strategic collaboration with the Gorlin Syndrome Alliance (GSA) to advance compassionate access to SkinJect for patients suffering from Gorlin Syndrome, also known as nevoid basal cell carcinoma syndrome.
In collaboration with the Gorlin Syndrome Alliance, Medicus is pursuing an Expanded Access IND program to provide Gorlin Syndrome patients with multiple or inoperable BCCs access to SkinJect™, the Company’s investigational D-MNAs, under physician supervision.
AI Enabled Clinical Development
In December 2025, the Company signed a non-binding letter of intent to collaborate with Reliant AI Inc., a decision-intelligence company specializing in generative AI for the life sciences, to develop an AI-driven clinical data analytics platform to support capital-efficient and time-efficient clinical development through data-driven dynamic clinical-site selection, pharmacodynamic (PD) informed patient stratification, and enrollment forecasting. The initial phase of the collaboration is expected to support the upcoming Teverelix clinical study planned for 2026. There can be no assurance that a definitive agreement will be executed or that the proposed collaboration will proceed as contemplated.
Cautionary Notice on Forward-Looking Statements
Certain information in this news release constitutes "forward-looking information" under applicable securities laws. "Forward-looking information" is defined as disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action and includes, without limitation, statements regarding the Company’s ability to continue as a going concern, statements regarding the Company’s leadership and prospects, the collaboration with GSA including the potential benefits thereof for GSA, those suffering with Gorlin Syndrome and Medicus (including as it relates to the development of SkinJect™), ability to be approved for the Registrational IND Program to enable those suffering with Gorlin Syndrome to access SkinJect™ under physician-supervised treatment protocols, Orphan drug designation for Skinject the development of Teverelix and expectations concerning, and future outcomes relating to, the development, advancement and commercialization of Teverelix for AURr, high CV risk prostate cancer, women’s health indications like endometriosis, and the potential market opportunities related thereto, the MOU, including the potential signing of definitive agreements between Medicus and HelixNano and the development of thermostable infectious diseases vaccines by combining HelixNano’s proprietary mRNA vaccine platform with Medicus’s proprietary microneedle array (MNA) delivery platform, the Company’s aim to fast-track the clinical development program and convert the SKNJCT-003 exploratory clinical trial into a pivotal clinical trial, and approval from the FDA and the timing thereof, including with respect to the Company’s submission for approval in the FDA Commissioner's National Priority Voucher program, plans and expectations concerning, and future outcomes relating to, the development, advancement and commercialization of SkinJect through SKNJCT-003 and SKNJCT-004, and the potential market opportunities related thereto, the Company’s expectations regarding reported efficacy findings, the overall response rate and potential changes thereto, and whether there will be material changes to its reported SKNJCT-003 topline results and to secure an EOP2 meeting with the FDA in the first half of 2026, entry into definitive documents with Reliant and the expected terms thereof, engaging in proposed Medicus-sponsored studies currently contemplated in the Reliant non-binding letter of intent and the expected benefits thereof, the expansion of SKNJCT-003 into the United Kingdom and the potential benefits therefrom, the advancement of the SKNJCT-004 study and the potential results of and benefits of such study. Forward-looking statements are often but not always, identified by the use of such terms as "may", “on track”, “aim”, "might", "will", "will likely result", “could,” “designed,” "would", "should", "estimate", "plan", "project", "forecast", "intend", "expect", "anticipate", "believe", "seek", "continue", "target", “potential” or the negative and/or inverse of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including those risk factors described in the Company's annual report on form 10-K for the year ended December 31, 2025, and in the Company's other public filings on EDGAR and SEDAR+, which may impact, among other things, the trading price and liquidity of the Company's common shares. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof and thus are subject to change thereafter. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
