Processa Pharmaceuticals Issues Letter to Shareholders Highlighting Corporate Strategy, Drug Pipeline, and Outlook

HANOVER, MD, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Processa Pharmaceuticals, Inc. (Nasdaq: PCSA) (“Processa” or the “Company”), a clinical-stage pharmaceutical company now focused on developing the next generation of chemotherapeutic drugs to improve the efficacy and safety for patients suffering from cancer, announces that CEO George Ng has issued a letter to shareholders.

Dear Processa Pharmaceuticals Shareholders:

Following Processa’s business pivot to focus on oncology drug product development, I was recently appointed as Processa’s CEO, and I thought it would be helpful for investors to get a corporate update from a new voice at the Company. I joined Processa not with the intent to change the Company’s current strategic course, but rather, I intend to apply my background and expertise to complement the strong clinical and regulatory development backgrounds of the current Processa team. Earlier in 2023, the strategic decision was made to focus on development of the Company’s Next Generation Chemotherapy (NGC) agents. That will not change under my direction, and much of my experience is in oncology and leading business transactions.

Even with the advent of immuno-oncology and other oncology drugs and treatments, chemotherapy drugs still remain an important and viable treatment option (as Straits Research estimated the chemotherapy market was $9.5B in 2022 and will grow at 7.1% CAGR through 2031). However, many issues and limitations are associated with the use of chemotherapy. Many patients simply cannot tolerate a chemotherapy dose high enough to benefit from its use due to chemotherapy’s toxic side effects. This requires the oncologist to reduce the dosage level or stop chemotherapy treatment entirely. In many cases, efficacy suffers when the planned dosing can’t be tolerated by the patients and lowering dosage levels to mitigate the drug’s toxicity just isn’t sufficient to justify the lower quality of life patients experience.

I think Processa can address these shortcomings with chemotherapy by providing patients with potentially safer and more effective chemotherapy treatments through the pursuit of our Next Generation Chemotherapies (NGCs). Moreover, if we are successful at reducing the typically dose limiting side effect profiles of chemotherapy, we may be able to open chemotherapy to broader patient populations, potentially including the pediatric and elderly populations that have historically been unable to tolerate typical chemotherapy treatments, and expand the chemotherapy market.