AlphaTON Capital Corp (Nasdaq: ATON) and its wholly owned oncology-focused subsidiary Tarus Therapeutics, LLC, operating as Cyncado Therapeutics (Cyncado), today announced a non-binding Letter of Intent (LOI) between Australia’s Asbestos and Dust Diseases Research Institute (ADDRI) and Tarus Therapeutics, LLC to conduct an investigator-initiated clinical trial evaluating TT-4, Cyncado’s selective A2B receptor antagonist, in mesothelioma. The Australian trial is planned to enroll approximately 50 patients and will be run in addition to Cyncado’s U.S. mesothelioma activities, subject to a definitive agreement and customary approvals.
Highlights
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ADDRI to sponsor an investigator-initiated clinical trial of TT-4 in mesothelioma in Australia (planned enrollment of 50 patients)
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Addresses the urgent need after first-line therapy, where there is no widely accepted second-line standard and outcomes remain poor
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Builds on previously shared preclinical findings supporting evaluation of TT-4 in mesothelioma
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Cyncado to provide TT-4 and limited support under a definitive agreement
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Part of an international program running alongside Cyncado’s planned U.S. activities
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Led by A/Prof Steven Kao (Chris O’Brien Lifehouse/ADDRI) and Dr Melvin Chin (Sir Charles Gairdner Hospital/NCARD)
“ADDRI’s leadership in asbestos-related disease makes Australia a compelling setting for a TT-4 investigator-initiated trial,” said Peter Molloy, Chief Executive Officer, Cyncado Therapeutics. “We are building an international mesothelioma program to move quickly, generate decision-quality data, and bring better options closer to patients.”
“We exist to improve outcomes for people living with asbestos and dust-related diseases,” said Kim Brislane, Chief Executive Officer, ADDRI. “Australia faces a significant mesothelioma burden. An IIT lets our clinical community evaluate A2B antagonism through a rigorous, patient-focused protocol, and contribute high-quality data that can inform care in Australia and abroad.”
About the Investigators
A/Prof Steven Kao (Chris O’Brien Lifehouse / ADDRI) – Thoracic medical oncologist and mesothelioma specialist who oversees trials at Chris O’Brien Lifehouse; ADDRI research fellow with a PhD focused on mesothelioma; principal investigator on multiple mesothelioma studies and co-author of peer-reviewed work on biomarkers and treatment response.
Dr Melvin Chin (Sir Charles Gairdner Hospital / NCARD) – Clinician-scientist in Western Australia dedicated to mesothelioma care and research; leads and recruits for thoracic oncology trials across the WA network; active NCARD investigator on blood-based biomarkers and immunotherapy response; frequent contributor to peer-reviewed mesothelioma publications.
Mesothelioma at a glance
Mesothelioma is an aggressive, asbestos-linked cancer with poor prognosis: IO has improved first-line outcomes, but most patients relapse. There’s no established second-line standard, making clinical trials a priority, particularly in Australia, which has one of the highest per-capita burdens.
About the Asbestos and Dust Diseases Research Institute (ADDRI)
ADDRI is an independent, not-for-profit research institute based at Concord Hospital, Sydney, committed to reducing and ultimately eliminating the impact of asbestos and dust-related diseases. ADDRI is the World Health Organization Collaborating Centre for the Elimination of Asbestos-Related Diseases, supporting research, prevention and patient services in Australia and internationally.
About AlphaTON Capital Corp
AlphaTON Capital is a specialized digital asset treasury company focused on building and managing a strategic reserve of TON tokens and developing the Telegram ecosystem. The Company implements a comprehensive treasury strategy that combines direct token acquisition, validator operations, and strategic ecosystem investments to generate sustainable returns for shareholders. Through its operations, AlphaTON Capital provides public market investors with institutional-grade exposure to the TON ecosystem and Telegram’s billion user platform while maintaining the governance standards and reporting transparency of a Nasdaq-listed company.
Led by Chief Executive Officer, Brittany Kaiser and Chief Investment Officer, Enzo Villani, the company’s activities span network validation and staking operations, development of Telegram-based applications, and potential strategic investments in TON-based decentralized finance protocols, gaming platforms, and business applications. AlphaTON Capital is incorporated in the British Virgin Islands and trades on Nasdaq under the ticker symbol ATON.
AlphaTON Capital, through its legacy business, is also advancing potentially first-in-class therapies that target known checkpoint resistance pathways to potentially achieve durable treatment response and improve quality of life for patients. AlphaTON Capital actively engages in the drug development process and provides strategic counsel to guide development of novel immunotherapy assets and asset combinations.
About Cyncado Therapeutics
Tarus Therapeutics, LLC (operating as Cyncado Therapeutics), a clinical stage, wholly owned subsidiary of AlphaTON Capital Corp, is developing potentially best-in-class small molecule adenosine receptor antagonists targeting A2A and A2B receptors to overcome immune suppression in oncology. The Company’s lead program, TT-4, is an oral, ultra-selective A2B receptor antagonist with an initial focus on mesothelioma, advancing toward first-patient dosing in Q1 2026. Cyncado is also developing dual-antagonist strategies designed to achieve comprehensive blockade of adenosine-mediated immune evasion, potentially unlocking synergistic anti-tumor effects and durable patient responses.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. All statements other than statements of historical fact, including statements regarding the Company’s business strategy, plans and objectives, future operations, clinical development timelines, TON ecosystem growth, therapeutic development outcomes, regulatory approvals, and statements preceded by, followed by, or including words such as “believe,” “expects,” “anticipates,” “intends,” “estimates,” “will,” “may,” “plans,” “potential,” “targets,” or similar expressions, are forward-looking statements.
These forward-looking statements are subject to substantial risks and uncertainties, including but not limited to: signing a definitive agreement for and implementing the Australian trial; clinical trial outcomes and regulatory approvals; uncertainty of the Company’s investment in TON and digital assets; regulatory and legal risks associated with digital assets; risks related to Telegram’s platform and the TON ecosystem; market volatility; competitive risks in both digital assets and therapeutics development; and other factors described in “Item 3 – Key Information-Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended March 31, 2025, and subsequent reports filed with the Securities and Exchange Commission.
Although the Company believes the expectations reflected in these forward-looking statements are reasonable, actual results may differ materially. The Company undertakes no obligation to update publicly or revise any forward-looking statements, except as required by law.
Contact Information
Investor Relations
AlphaTON Capital Corp
AlphaTON@icrinc.com
(203) 682-8200
Media Inquiries
Richard Laermer
RLM PR
AlphaTON@rlmpr.com
(212) 741-5106 X 216
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