Investing Deep Dive: Medicus Pharma Ltd. (MDCX)
Medicus Pharma's microneedle patch targets a $15B skin cancer market with a non-invasive, cost-effective alternative to surgery.
Disseminated on behalf of Medicus Pharma ValueTheMarkets, a trading name of Digitonic Ltd., was compensated by Medicus Pharma one hundred and seventy five thousand US dollars to produce and disseminate this. Digitonic Ltd. does not own a position in Medicus Pharma.
Our Investing Deep Dive series now turns to Medicus Pharma Ltd. (NASDAQ: MDCX), a biotech and life sciences company that aims to disrupt skin cancer treatment with its scalable offering. Its patented microneedle technology, strong IP, and regulatory strategy give it a distinct advantage over the surgical and topical medications currently available to a growing U.S. market of 5M+ patients annually.
About Medicus Pharma
Medicus Pharma Ltd. (NASDAQ: MDCX) is a biotech and life sciences company focused on advancing novel therapeutic assets through clinical development and commercialization. Its wholly owned subsidiary, SkinJect, is developing a dissolvable microneedle patch to treat basal cell carcinoma (BCC), the most common skin cancer worldwide1. With clinical patents secured through 2035 and a Phase 2 trial underway, Medicus aims to expand its pipeline through acquisitions and partnerships2.
Medicus Pharma's microneedle patch targets a $15B skin cancer market with a non-invasive, cost-effective alternative to surgery and FDA Fast-Track potential.
Why This Opportunity Stands Out
First-in-class microneedle patch technology: Non-invasive, painless, and cost-effective alternative to Mohs surgery, the current standard of care.
Breakthrough treatment option: 5 million+ basal cell carcinoma (BCC) cases diagnosed annually in the U.S.3
Large market opportunity: Targeting a $15 Billion+ annual market for BCC treatment.
Phase 2 trial progress: Over 50% of patients enrolled.
Encouraging Clinical Results: Interim analysis shows over 60% complete clinical clearance, reinforcing optimism about Medicus Pharma’s non-invasive treatment approach4.
Regulatory pathway advantage: Potential FDA Fast-Track designation.
Strong financial position: No long-term debt, $16M raised in 2024, sufficient cash for Phase 2 completion.
Analyst confidence: Share price targets of $10 (Maxim Group) and $12 (Brookline Capital)5 - more than 240% to 300% upside based on a $2.90 closing price on 4 March 2025.
(Note: Analyst targets are based on projections and assumptions that may not materialize).
IP Protection: University-developed technology with patents secured through 2035.
Robust Financial Position
Capital raised: Over $21 million to date
Institutional ownership: 59.2%
Insider ownership: 10.88%, with the CEO personally investing nearly $4M
No long-term debt: Strong financial flexibility
Recent financing: Raised $16M in 2024, sufficient cash for Phase 2 completion
Independent analysts, Maxim Group and Brookline Capital Markets have issued price targets of $10 & $125, reflecting potential upside based on clinical progress, expected market share, and regulatory approvals. These estimates assume successful commercialization by 2027 and represent a potential 4x return from the current share price of $2.90 on March 4, 2025. Their optimism stems from the company's ability to price its treatment at around $1,000, making it a cost-effective alternative to Mohs surgery, which typically ranges from $1,800 to $2,500 per procedure.
(Note: Analyst targets are based on projections and assumptions that may not materialize.)
Innovative Cancer Treatment
Medicus Pharma’s SkinJect patch presents a viable and convenient alternative to the current standard of care for BCC, which is Mohs surgery. While Mohs surgery is effective, it is costly, painful and can leave aesthetic concerns.
SkinJect’s skin absorption delivery method directly targets cancer cells, minimizing systemic exposure and side effects. This also means there is the potential to prevent recurrence by stimulating an immunogenic reaction. Therefore, SkinJect could provide a complementary, non-invasive alternative to Mohs surgery.
SkinJect: How it works
The SkinJect solution uses microneedle arrays to deliver a chemotherapeutic agent directly to the cancerous lesion.
Microneedle Patch Application
A small, thumb-sized microneedle patch is applied to the skin over the lesion.
The patch is painless and easy to administer in a doctor’s office.
The SkinJect patch can be applied during three weekly 30 minute office visits over 2 weeks.
Drug Delivery Mechanism
The microneedles penetrate the skin and dissolve, releasing treatment directly into the cancerous tissue.
This allows targeted chemotherapy, reducing systemic side effects.
Cancer Cell Destruction
The chemotherapy compound induces apoptosis (programmed cell death) in BCC cells.
It also stimulates an immune response to help eliminate the cancer.
Potential Immune Memory Effect
The immune activation may prevent recurrence by training the immune system to recognize and attack future BCC cells.
This could provide a long-term benefit beyond the initial treatment.
Growing Market Opportunity in Basal Cell Carcinoma
Basal cell carcinoma accounts for nearly five million new cases annually in the U.S., and this number is growing. A non-surgical treatment for basal cell carcinoma is projected to address a $7B+ market opportunity with high unmet medical need.
Clinical Unmet Needs
BCC incidence demonstrates concerning growth trajectories that SkinJect could address:
Rising Cases in the U.S.: Around 5 million annual cases2. BCC incidence rising by 4–8% each year6.
Increasing incidence in the elderly: 40-50% of Americans who live to age 65 will experience BCC or SCC at least once2.
Access Gaps: 80.4% of U.S. counties lack Mohs surgeons7.
Mohs Surgery Waiting Times: The typical waiting time for Mohs surgery, from initial consultation to surgery, is 215 days. During this time, the BCC lesion(s) can grow an average of 3mm (1.41x increase)8.
Immune Priming: SkinJect's localized compound delivery induces the patient’s immune response to prevent recurrence at the site of treatment2.
Sector Opportunity
Medicus Pharma (NASDAQ: MDCX) is positioned within a rapidly expanding global biotech industry valued at over $1.5 trillion. According to Grand View Research, the biotech market is projected to grow at a compound annual growth rate (CAGR) of 13.96% from 2023 to 20309, reflecting increased innovation, rising healthcare demands, and greater investment in life sciences. This growth environment creates a compelling backdrop for Medicus Pharma’s acquisition strategy, allowing the company to capitalize on high-potential opportunities within the sector.
The following diagram illustrates the biotech industry’s expected expansion up to 2030.
Experienced Leadership Team
Medicus Pharma is led by an experienced management team and board with around 200 years of collective expertise in drug development, biotech, big pharma, and capital markets. Some of the management and board members include:
Raza Bokhari, MD, Executive Chairman & CEO: A life sciences serial entrepreneur with a strong record of building and leading companies in this space.
Dr. Faisal Mahmud, MD, CMO: Pharmaceutical executive with 20+ years at GSK, Pfizer, BMS, Novartis, and Sanofi, specializing in clinical development and drug safety and a leader in medical affairs.
Edward Brennan, MD, FACS (Chief Scientific Officer): Experienced in R&D with 25+ years in drug development at Wyeth, GSK, and IndiPharm leading clinical programs resulting in 10 FDA approvals.
As investor-operators, they are strongly aligned with shareholder interests. The CEO personally invested nearly $4 million, and management also has a notable stake. There are no preferred shares or special deals—everyone holds the same NASDAQ-traded shares.
Reasons to Invest
First-in-Class, Patent-Protected Innovation
Medicus Pharma is developing a novel, targeted therapy for basal cell carcinoma (BCC) - the most common cancer worldwide. With strong patent protection, it offers a groundbreaking and cheaper alternative to surgery. The SkinJect patch can be applied during three weekly 30 minute office visits over 2 weeks. It is non-invasive, relatively painless, cost-effective, and aesthetically pleasing.
De-Risked Asset with Strong Clinical Progress
SkinJect delivers precisely controlled measures, ensuring effective treatment with minimal exposure. It has undergone pre-clinical, safety and tolerability studies. Phase 2 interim trial data is expected in Q1 2025, and the potential for a Type C FDA meeting in Q2 could qualify it for an expedited regulatory review process as a novel, non-invasive BCC therapy, subject to FDA requirements.
Industry Veterans with Big Pharma Backgrounds
Medicus Pharma’s management and board include industry veterans from Pfizer, Novartis, and GSK, with proven success in pharmaceutical research, regulatory approvals, and commercialization.
Strong Financial Position & Shareholder Alignment
Medicus Pharma has sufficient cash to fund operations through its Phase 2 trial. It has no long-term debt and minimal warrant overhang, ensuring financial flexibility. Its simple share structure, with no preferred shares or special deals, treats all shareholders equally. The CEO has invested nearly $4M, with the leadership team contributing over $1.5M.
Large Market Opportunity
The SkinJect patch addresses an unmet medical need with a significantly larger total addressable market (TAM) than many blockbuster cancer treatments. It also anticipates far lower development costs, with anticipated costs in the region of $75M to $100M, substantially lower than top-selling cancer therapies, which can cost billions of dollars to produce. With 5 million new cases of basal cell carcinoma each year, its market far exceeds the 300,000 to 500,000 TAM for leading pharmaceuticals targeting breast, prostate, lung, and hematologic cancers. This high demand creates room for multiple treatment options, positioning SkinJect as a strong competitor in the space.
5M+ Cases. $15B Market. A Novel Targeted Non-Invasive Solution.
Medicus Pharma’s SkinJect patch is addressing a critical unmet need in a rapidly growing market. With a strong regulatory strategy and a focus on de-risking, the company is positioned for success.
IMPORTANT NOTICE AND DISCLAIMER
PAID ADVERTISEMENT
Sources:
Skin Cancer Foundation. Basal Cell Carcinoma Overview The Most Common Skin Cancer. Accessed February 2025. https://www.skincancer.org/skin-cancer-information/basal-cell-carcinoma/
Medicus Pharma Investor Presentation, Q1 2025. Accessed February 2025. https://medicuspharma.com/investor-relations/presentations/
Medicus Pharma. Accessed February 2025. https://medicuspharma.com
ValueTheMarkets. Interim Data Update from Medicus Pharma’s Phase 2 Clinical Trial. March 6, 2025. https://www.valuethemarkets.com/news/interim-data-update-from-medicus-pharmas-phase-2-clinical-trial
Analyst Coverage from Maxim Group, 17 Dec 2024, and Brookline Capital Markets, 23 Dec 2024. Both reports were supplied by Medicus Pharma in February 2025.
(Note: Analyst targets are based on projections and assumptions that may not materialize.)Science Direct. Overview of skin cancer types and prevalence rates across continents. August 8, 2024. https://www.sciencedirect.com/science/article/pii/S2949713224000582#bib94
Neurology Advisor. Mohs Micrographic Surgery Providers Are Not Accessible in Most US Counties. https://www.neurologyadvisor.com/news/mohs-micrographic-surgery-providers-are-not-accessible-in-most-us-counties/
PubMed. Waiting time for Mohs Micrographic Surgery and the associated increase in lesion size of basal cell carcinoma. https://pubmed.ncbi.nlm.nih.gov/35794062/
Grand View Research. Global biotechnology market, 2018-2030 (US$M). https://www.grandviewresearch.com/horizon/outlook/biotechnology-market-size/global