CHICAGO, IL / ACCESSWIRE / January 23, 2024 / Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today that it has successfully completed the acquisition of Cloudscreen®, a cutting-edge Artificial Intelligence (AI) powered platform. The acquisition is pursuant to the purchase agreement announced on October 11, 2023.
Cloudscreen is a multimodal platform specialized in drug repurposing, a process that involves uncovering new target proteins or indications for existing drugs for use in treating different diseases. The platform focuses on identifying new therapeutic uses for drugs that have already been tested for safety and efficacy. This approach also includes the exploration of abandoned drugs for potential application in treating different diseases, thereby broadening the scope of possibilities in finding effective treatments through repurposed pharmaceuticals.
Cloudscreen integrates 1D and 3D data into an AI algorithm, which comprehensively interrogates the druggable proteome (the complete set of proteins) and variome (the whole set of genetic variations), to provide accurate predictions for existing drugs towards new indications. The platform is complemented with real time in vitro validation towards effectiveness and toxicity predictions.
Cloudscreen Engine: Drug repositioning AI algorithm based on 3D & 1D structural information of drug targets
Repurposed discoveries offer several advantages compared to traditional drug development, including higher success rates of 1/10 versus 1/1000 for traditional discovery. Additionally, these discoveries benefit from heightened safety profiles and significantly shorter impact times, ranging from 2-5 years as opposed to the 10-15 years in traditional drug development, all while being substantially more cost-effective, with expenses of around $5 million on average compared to over $1.5 billion on average in traditional methods.
Cloudscreen is committed to disrupting the field of drug repurposing by addressing the significant limitations of current methodologies. Traditional approaches in this domain have predominantly relied on textual data and faced the challenge of limited protein structural information, covering only about 20% of the Proteome. This often results in contradictory information within the extensive big data sets. Cloudscreen's strategy involves the integration of 3D structural information to provide a more accurate molecular level focus, transcending the limitations of textual data. The company is also dedicated to expanding its database to include 100% of the Proteome space, thereby filling a critical gap in protein structural information. Additionally, Cloudscreen employs advanced Machine Learning (ML) algorithms to enhance the reliability and confidence in its predictive models, offering a more sophisticated and dependable solution in drug repurposing.
From 2024 to 2029, Cloudscreen is strategically focusing on developing repurposed drugs in five key therapeutic areas: obesity, rare diseases, infectious diseases, cancer, and autoimmune diseases. This ambitious initiative will be executed through a series of meticulously planned steps. It begins with simultaneous platform upgrades and active pharmaceutical ingredients (APIs) selection during 2024-2025, with API selection extending into 2026. In parallel, from 2024 to 2028, the development and utilization of AI-powered predictions will play a crucial role in identifying potential drug repurposing opportunities in these specific areas. To ensure the validity and applicability of these AI insights, expert validation will be conducted concurrently until 2029. This phase will be complemented by experimental validation from 2025 to 2029, where the theoretical predictions will be tested in practical scenarios. The final step in this comprehensive process is the preparation and filing of patents from 2025 to 2029, securing the intellectual property rights for the innovative therapeutic uses discovered. This holistic approach integrates advanced technology and expert knowledge to revolutionize drug repurposing in these critical areas of healthcare.
The global drug repurposing market is experiencing significant growth, with MarketWatch projecting its value to reach $30.6 billion by 2028, of which $10 billion relates to the EU market. This growth is being fueled by advances in computational power and the emergence of new approaches such as AI and Machine Learning, which are enabling more cost-effective solutions for drug repurposing. In the U.S. drug discovery market, ΑΙ is most commonly applied for drug optimization and repurposing, as depicted in the accompanying graph.
Cloudscreen's founders and its senior scientific team will continue to lead the research and execution of new drug repurposing projects. Each project has the potential to lead to patent filing upon successful completion of the in vitro validation.
Greg Siokas, Chief Executive Officer of Cosmos Health, stated: "Today marks another significant milestone in our ongoing transformation into a full-fledged pharmaceutical company. Drug repurposing has emerged as a key strategy for pharmaceutical companies to fuel innovation and growth. Through the acquisition of Cloudscreen, Cosmos is not just investing in drug repurposing but also, in particular, in its AI-powered applications. This strategic move positions Cosmos to potentially capture a larger share of the lucrative multi-billion dollar global drug repurposing market.
"Cloudscreen has already demonstrated impressive results. For instance, we recently announced the acquisition of rights arising from a patent for addressing certain central nervous system (CNS) cancers. This patent was made possible by Cloudscreen's AI drug repurposing platform. We anticipate carrying out multiple repurposing projects over the coming years.
"Moreover, sharing their confidence in our vision, as well as our belief that our share price is undervalued, Cloudscreen's founders have agreed to accept Cosmos stock at a price well above the current share price. Going forward, we plan to capitalize on Cloudscreen's momentum, which will further advance and accelerate our ambitious R&D aspirations. This brings us closer to our goal of spinning off our R&D division into a standalone, publicly listed biotech company, which we believe will unlock significant value for our shareholders. Overall, this represents a transformative moment for Cosmos that introduces a new dimension and source of value."
About Cosmos Health Inc.
Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 in Chicago, Illinois, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life®, Mediterranation®, bio-bebe® and C-Sept®. Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at www.cosmoshealthinc.com, www.skypremiumlife.com, www.cana.gr, and www.zipdoctor.co, as well as LinkedIn and X.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). 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.
Investor Relations
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