Medicus Pharma Ltd. (MDCX)

Medicus Pharma Ltd. (formerly Interactive Capital Partners Corporation, incorporated in Ontario in 2008) is a clinical stage, multi-strategy biotech company. It advances select therapeutic assets through Phase 2 proof-of-concept and then pursues out-licensing or strategic partnerships with established pharmaceutical companies better positioned to run late-stage development and commercialization. The company also identifies, evaluates, acquires and in-licenses assets and businesses, and says it is active in multiple countries across three continents. Its current structure came from a September 2023 reverse takeover business combination with SkinJect Inc. Its shares have traded on Nasdaq under "MDCX" since its November 2024 U.S. initial public offering, alongside public warrants under "MDCXW". The shares were voluntarily delisted from the TSX Venture Exchange in February 2025.

The company is focused on two businesses. SkinJect, a wholly owned subsidiary, is developing doxorubicin-containing dissolvable microneedle arrays (D-MNA), a localized immunogenic therapy for non-melanoma skin cancers, especially basal cell carcinoma (BCC), and for Gorlin Syndrome. In August 2025, the company acquired 98.6% of Antev, which is developing Teverelix, a next-generation GnRH antagonist. Teverelix is aimed at advanced prostate cancer patients with high cardiovascular risk and at patients with recurrent acute urinary retention episodes. Antev's former shareholders may receive up to about US$65 million in contingent consideration tied to Phase 2 and FDA NDA milestones. The company estimates the BCC opportunity at about $2 billion and the Antev opportunities at about $6 billion combined.

The D-MNA program has completed a Phase 1 study of 13 patients. That study met its primary safety and tolerability objective, and the central reader found six complete responses. The Phase 2 study SKNJCT-003, a randomized, double-blinded, three-arm study of 100 µg and 200 µg D-MNA against a device-only control in nodular BCC, completed enrollment of 90 U.S. patients in December 2025. It has also received UK approvals to expand. A second Phase 2 study, SKNJCT-004, is enrolling up to 36 patients at four sites in the United Arab Emirates, with recruitment under way at Cleveland Clinic Abu Dhabi. In September 2025, the FDA agreed that the company can rely on the 505(b)(2) regulatory pathway for D-MNA. The company has also applied for an FDA Commissioner's National Priority Voucher.

The target market is BCC, the most common human cancer, with an estimated 5.4 million U.S. cases a year. Surgical removal is the standard treatment and can be costly and leave visible scarring. D-MNA is intended as an alternative to the currently available surgical and non-surgical treatments. SkinJect holds an exclusive license from the University of Pittsburgh, dated April 2016 and amended in 2020 and 2024. It covers drug-delivery microneedle products for cancers and pre-cancerous lesions, excluding in-transit melanoma, and runs until the last licensed patent claim expires, projected for November 2035. The product candidate is regulated by the FDA under its IND, with oversight now moving to the Division of Dermatology and Dentistry. The text does not identify suppliers, manufacturing sites, competitors or headquarters.