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Medexus Pharmaceuticals (TSX: MDP) (OTCQX: MEDXF) provided an operational business update on the commercialization of GRAFAPEX™ (treosulfan) for Injection in the United States, along with recent capital allocation and capital structure developments. The company also announced that management will participate in two upcoming investor conferences.
As of March 31, 2026, Medexus reported the following operational highlights for GRAFAPEX in the United States:
Medexus said these operating indicators align with the product-level performance expectations it described in connection with its fiscal Q3 2026 results. The company expects to provide additional information on GRAFAPEX commercialization and related financial performance with its fiscal year 2026 results, expected in June.
Ken d'Entremont, Chief Executive Officer of Medexus, said the company previously identified fiscal Q4 2026 as an important quarter in the expected GRAFAPEX commercialization trajectory. He added that the operating indicators as of March 31 are consistent with expectations that GRAFAPEX will be accretive to quarterly operating cash flows starting in the just-completed calendar Q1 2026, which is the company’s fiscal Q4 2026.
Medexus continued activity under its normal course issuer bid (NCIB) announced in November 2025. As of March 31, 2026, the company repurchased 710,100 common shares under the NCIB for an aggregate repurchase price of C$2.1 million (reported as $1.5 million).
The repurchase total includes the purchase of a block of 233,903 common shares that resulted from the issuance in March 2026 of common shares upon exercise of common share purchase warrants held by the sole underwriter of Medexus’s October 2023 bought-deal public offering. Those warrants had an exercise price of C$2.95 per common share.
Following the exercise of the warrants and the repurchase of the resulting common shares under the NCIB, and in light of the April 6, 2026 expiration of all then-unexercised common share purchase warrants issued in the 2023 offering, Medexus said no warrants to purchase common shares remain outstanding.
Brendon Buschman, the company’s Chief Financial Officer, said the repurchases under the NCIB and the April 6, 2026 warrant expiration have reduced potential dilution and simplified Medexus’s capital structure.
Medexus management will discuss the company’s business at:
Details regarding participation will be available on the Investors—News & Events section of Medexus’s corporate website.
GRAFAPEX™ (treosulfan) for Injection is an alkylating agent indicated in combination with fludarabine as a preparative regimen for allogeneic hematopoietic stem cell transplantation (alloHSCT) in adult and pediatric patients one year of age and older with acute myeloid leukemia (AML) or myelodysplastic syndrome (MDS). The product holds Orphan Drug Designation under the Orphan Drug Act, which Medexus said provides a seven-year period of regulatory exclusivity in the FDA-approved indication.
Efficacy was evaluated in MC-FludT.14/L Trial II (NCT00822393), a randomized active-controlled trial comparing treosulfan to busulfan with fludarabine as a preparative regimen for allogeneic transplantation. The trial randomized 570 patients to treosulfan (n=280) or busulfan (n=290). The major efficacy outcome measure was overall survival (OS). The hazard ratio for OS compared to busulfan was:
Medexus also listed common adverse reactions (≥20%) as musculoskeletal pain, stomatitis, pyrexia, nausea, edema, infection, and vomiting. Selected Grade 3 or 4 nonhematological laboratory abnormalities included increased GGT, increased bilirubin, increased ALT, increased AST, and increased creatinine.
The recommended treosulfan dose is 10 g/m2 daily on days -4, -3, and -2 in combination with fludarabine 30 mg/m2 daily on days -6, -5, -4, -3, and -2, and allogeneic hematopoietic stem cell infusion on day 0.
Medexus is a specialty pharmaceutical company with a North American commercial platform and a portfolio of treatments in hematology and hemato-oncology and in rheumatology and allergy.
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