Top 3 Canadian Biotech Stocks of 2023

Market cap: C$12.91 million; year-to-date gain: 66.67 percent

Satellos Biosciences is a regenerative medicine company developing novel small-molecule therapeutics for muscle regeneration, targeting a root cause of degenerative skeletal muscle diseases. Based on its proprietary discovery platform, MyoReGenX, Satello’s lead program is SAT-3153, an oral therapeutic drug aimed at restoring the human body’s muscle repair and regeneration process.

In early March, Satello announced further results from preclinical studies for SAT-3153 for the treatment of Duchenne muscular dystrophy. Chief Technology Officer Dr. Phil Lambert said the findings "build further confidence in SAT-3153’s potential as a treatment for Duchenne and other muscle disorders." The company is now moving on to the next steps, which include establishing the preferred oral dosing paradigm and working towards its investigational new drug (IND) submission, which includes the necessary pre-IND studies; it will be able to initiate human clinical trials later on.

Market cap: C$146.49 million; year-to-date gain: 54.86 percent

With a focus on immuno-oncology, BriaCell Therapeutics is developing therapies for cancer management. Its lead drug candidate, Bria-IMT, is targeting third-line advanced breast cancer with fast-track status from the US Food and Drug Administration. Phase I/IIa safety and efficacy clinical trials have shown similar or superior results to other advanced or approved drugs.

In February, BriaCell shared positive survival data for a group of 11 patients with advanced metastatic breast cancer who were enrolled in the company's ongoing Phase II clinical trial testing for Bria-IMT in combination with Incyte's (NASDAQ:INCY) retifanlimab. At the time of the release, nine of the 11 patients remained alive, some of whom BriaCell President and CEO William V. Williams said "may have only had weeks or months to live prior to (the) treatment."

Market cap: C$131.75 million; year-to-date gain: 37.31 percent

Defence Therapeutics is developing next-generation vaccines and antibody-drug conjugates using its proprietary ACCUM platform, which enables the precision delivery of vaccine antigens or antibody-drug conjugates in their intact form to target cells.

The biotech company announced in late March that it is conducting a final pre-clinical study aimed at validating the efficacy of AccuTOX, its lead drug candidate, as an injectable for solid tumors when combined with immune-checkpoint inhibitors. This is in preparation for a Phase I cancer clinical trial planned at the City of Hope National Medical Center and Beckman Research Institute.