Windtree Therapeutics

Windtree Therapeutics is a biotech company focused on developing and advancing late-stage interventions for cardiovascular disorders. The company employs new scientific and clinical approaches to develop treatments related to compounds that can activate SERCA2a, a protein found in cardiac muscle cells. 

As of August 2023, the company had four drug candidates in the pipeline: 

1) istaroxime, its primary candidate, which was being developed as a first-of-its-kind treatment for acute heart failure and early cardiogenic shock and was in Phase II clinical trials, 

2) rostafuroxin, a precision drug product that targets hypertensive patients with specific genetic profiles and was in Phase IIb clinical trials, 

3) a pre-clinical SERCA2a activator drug candidate that can be taken orally, and 

4) KL4 surfactant peptide candidate and Aerosurf to treat preterm infants with respiratory distress syndrome, which was in Phase IIb clinical trials. 

Key Customers and Partnerships

In August 2022, the company entered into a global licensing agreement with Lee’s Pharmaceutical and Zhaoke Pharmaceutical to develop and commercialize its KL4 surfactant peptide candidate and Aerosurf. 

CIn January 2024, Windtree Therapeutics entered into a licensing agreement with China-based Lee's Pharmaceutical for the development and sale of Windtree's istaroxime, a drug candidate for heart failure and shock, as well as other potential therapeutic treatments, in Greater China.

Funding and Financials

The company began trading on the venture market in May 2017 under the ticker symbol “WINT.” In April 2023, the company raised USD 12.42 million via a public offering of 3.7 million common shares and 3.7 million shares from common warrants, at a combined pricing of USD 2.93 per share. The company used the funds raised to extend enrollment in and completion of a Phase II clinical trial for istaroxime in cardiogenic shock, with the remainder used for working capital and other general corporate purposes. 

The company did not generate any revenue in the three months ended March 2023. However, it reported a significant improvement in the net loss by 49% YoY to USD 4,111 million. Its cash and cash equivalent as of March 2023 was at USD 4,235 million compared to USD 6,172 million in Q4 2022.