What Patrys does

Patrys Limited (ASX: PAB) is a clinical-stage biotechnology company headquartered in Nedlands, Western Australia, operating two distinct therapeutic programs. The first is RLS-2202, a proprietary intravenous formulation of quetiapine being developed to treat delirium in postoperative, intensive care, and palliative care settings; this program advanced toward a Phase 1A clinical trial in 2026 with manufacturing supported by CDMO partner BioCina. The second is the deoxymabs antibody platform, comprising PAT-DX1 (a humanized antibody fragment dimer) and PAT-DX3 (a humanized full-sized IgG), which exploit unique biological properties — DNA targeting of dying cancer cells, blood-brain barrier penetration, and NETosis inhibition — to address primary and secondary brain cancers, pancreatic cancer, breast cancer, metastatic disease, and inflammatory/autoimmune conditions including ANCA-associated vasculitis. The platform is being evaluated both as a monotherapy and as an antibody-drug conjugate (PAT-DX3-MMAE), with preclinical results demonstrating 99.7% tumor growth inhibition and 80% survival in breast cancer models.

The company's core technology is derived from the humanized version of the lupus autoantibody 3E10, with granted patents covering deoxymab-nanoparticle technology (2020) and US deoxymab assets (2021). R&D is conducted in collaboration with leading Australian and international research institutions including Yale School of Medicine, Monash University, Garvan Institute of Medical Research, Telethon Kids Institute, and the Olivia Newton-John Cancer Research Institute. Manufacturing is outsourced to CDMOs, and the company maintains 11-50 employees with a lean operational structure.

Patrys generates no commercial product revenue. Its near-term business model is licensing and co-development focused, targeting out-licensing or partnership transactions with larger pharmaceutical companies for the deoxymab platform and individual candidates, while advancing RLS-2202 toward potential commercialization or partnership. Revenue is supplemented non-dilutively by Australian R&D Tax Incentive Refunds (e.g., $1.285M received December 2024) and government grants, with operating capital raised through periodic dilutive placements, rights issues, and entitlement offers on the ASX. Customer-facing activities today are limited to research collaborations and CDMO relationships rather than commercial distribution.

Name

Patrys

Legal name

Patrys Limited

Website

https://patrys.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Patrys Limited is an ASX-listed clinical-stage biotechnology company developing RLS-2202, an IV quetiapine formulation for delirium, and the deoxymabs antibody platform (PAT-DX1, PAT-DX3) targeting cancers and inflammatory diseases, with future revenue expected from licensing and co-development partnerships.

Ownership category

akta.pro rank

Product category

Clinical-Stage Biopharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical and Medicine Manufacturing (3254), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Therapeutic Peptides & Protein/Peptide Biologics (HLAAAAAH)

Keywords

• Antibody therapeutics
• Cancer therapeutics
• Delirium treatment
• Clinical-stage biopharmaceuticals
• Oncology drug development

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Therapeutic Development and Licensing: Patrys is a clinical-stage biotechnology company developing proprietary therapeutics. The company aims to generate revenue through licensing agreements, co-development partnerships, and eventual product commercialization pending regulatory approvals.
2. Strategic Partnerships and Collaborations: Pursuing out-licensing and co-development opportunities for deoxymab platform assets including PAT-DX1 and PAT-DX3, seeking partnerships with larger pharmaceutical companies for clinical development and commercialization.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Patrys is a clinical-stage biotechnology company developing two proprietary therapeutic programs: (1) RLS-2202, a proprietary IV formulation of quetiapine being advanced toward Phase 1 clinical trials for treating delirium in postoperative, intensive care, and palliative care settings; and (2) the Deoxymabs antibody platform, including the therapeutic candidates PAT-DX1 (an antibody fragment dimer) and PAT-DX3 (a humanized full-sized IgG antibody), designed to treat cancers and inflammatory diseases through DNA targeting, blood-brain barrier penetration, and NETosis inhibition. The company pursues licensing, co-development partnerships, and eventual commercialization of these proprietary therapeutics.

Product overview

Patrys is a clinical-stage therapeutic developer with two key focus areas: (1) an accelerated development program for RLS-2202, a proprietary IV formulation of quetiapine entering clinical trials for treating delirium in postoperative, intensive care, and palliative care settings; and (2) an early-stage deoxymabs antibody platform (PAT-DX1 and PAT-DX3) for developing cancer and inflammatory disease therapies. The deoxymabs platform exploits distinctive properties including DNA targeting, blood-brain barrier penetration, and inhibition of NETosis.

Differentiator

Problem solved

Functional benefit

Products and services

• RLS-2202 RLS-2202 is a proprietary IV formulation of quetiapine being developed to treat delirium, a common acute brain dysfunction characterized by confusion and agitation in postoperative, intensive care, and palliative care settings. Advanced toward Phase 1 Clinical Trial in May 2026.
• Deoxymabs Platform Deoxymabs is a versatile antibody platform exploiting DNA targeting, blood-brain barrier penetration, and NETosis inhibition properties for developing cancer and inflammatory disease therapies. The platform underpins therapeutic candidates including PAT-DX1 (antibody fragment) and PAT-DX3 (full-sized antibody) and supports antibody drug conjugate (ADC) targeting applications.
• PAT-DX1 PAT-DX1 is a dimer of a small antibody fragment derived from a humanized version of the binding domain from the original mouse deoxymab antibody 3E10, targeting cancer cells via DNA binding and DNA Damage Repair inhibition. Demonstrated ability to cross the blood-brain barrier and inhibit brain cancer growth in glioblastoma and triple negative breast cancer brain metastases models.
• PAT-DX3 PAT-DX3 is a humanized, full-sized IgG antibody optimized to improve therapeutic potential. Expected to have clinical utility for treating primary and secondary brain cancers due to its ability to cross the blood-brain barrier (with 3-4x greater brain tissue concentration vs control antibodies). Serves as the basis for the PAT-DX3-MMAE antibody drug conjugate delivering targeted therapeutic payloads to tumors.

Quantifiable outcome

• PAT-DX1 showed 26% reduction in pancreatic tumor growth and 47% increase in median survival in animal models
• +5 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• BioCinacoreStrategic or Co-development Partner · 17 March 2026BioCina has initiated a comprehensive manufacturing program for Patrys' proprietary injectable therapeutic (RLS-2202) aimed at alleviating delirium. This CDMO partnership supports the clinical development of Patrys' lead therapeutic candidate.
• Monash UniversitycoreStrategic or Co-development PartnerCollaboration with Monash University assessing the impact of deoxymabs PAT-DX1 and PAT-DX3 on vasculitis. The research is evaluating potential therapeutic applications for inflammatory diseases.
• Yale School of MedicinecoreStrategic or Co-development PartnerCollaborative research with Dr James Hansen at Yale School of Medicine on PAT-DX1, including blood-brain barrier crossing studies and efficacy in brain cancer models. Dr Hansen led key research published in Journal of Clinical Investigation - Insight.
• Garvan Institute of Medical ResearchcoreStrategic or Co-development PartnerCollaboration with Associate Professor Marina Pajic at Garvan Institute conducting preclinical studies showing PAT-DX1 efficacy in pancreatic cancer models, demonstrating 26% tumor reduction and 47% survival improvement.
• Olivia Newton-John Cancer Research Institute (ONJCRI)coreStrategic or Co-development PartnerResearch collaboration with Professor Robin Anderson's team at ONJCRI evaluating PAT-DX1 and PAT-DX3 in preclinical models of breast cancer and metastatic disease, supported by $100,000 Victorian State Government VMRAF grant.
• Telethon Kids InstitutecoreStrategic or Co-development PartnerResearch collaboration led by Professor Terrance Johns at Telethon Kids Cancer Centre investigating PAT-DX1 and PAT-DX3 in high-grade glioma models in combination with standard of care treatments. Supported by Cure Brain Cancer Foundation funding.
• Imagion Biosystems LimitedminorStrategic or Co-development PartnerCollaboration established to develop new, improved imaging agents for brain cancers using Patrys' deoxymab antibodies for targeted detection and diagnosis.
• MTPConnectminorStrategic or Co-development PartnerMTPConnect coordinates the Australian biotech delegation including Patrys for the BIO International Convention 2026, providing networking and partnering opportunities with international industry leaders.
• Invest and Trade WAminorGTM or Marketing PartnerWestern Australian government trade body leading the WA delegation at BIO International Convention 2026, supporting Patrys' international visibility and partnership development.
• WA Life Sciences Innovation HubminorGTM or Marketing PartnerSupporting the WA delegation at BIO 2026 to showcase local biotech companies and connect with international partners, investors, and customers.

Scale indicators17 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Actinogen Medical: ASX-listed clinical-stage Australian biotech developing CNS therapeutics (Xanamem). Comparable as a small-cap Australian biotech in CNS/neurology clinical development with similar size and out-licensing orientation.
• Bionomics: ASX-listed clinical-stage Australian biotech developing CNS therapeutics. Comparable as an Australian clinical-stage biotech with a CNS focus (BNC210 for anxiety) and partnership-driven commercialization model.
• PharmAust: ASX-listed clinical-stage Australian biotech developing oncology and CNS therapeutics. Comparable due to similar small-cap Australian clinical-stage profile and lean operational footprint.
• Kazia Therapeutics: ASX-listed clinical-stage Australian oncology biotech developing therapeutics for brain cancers. Highly comparable as a small-cap Australian biotech focused on CNS oncology with an out-licensing/partnership-led business model.
• Opthea: ASX/NASDAQ-listed clinical-stage biotech developing therapeutics targeting VEGF pathway. Comparable as a small-cap Australian biotech with biological therapeutic candidates in clinical development.
• Imugene: ASX-listed clinical-stage immuno-oncology biotech with multiple therapeutic candidates in development. Comparable as an Australian clinical-stage biotech advancing multiple oncology programs through partnerships and licensing.
• Noxopharm: ASX-listed clinical-stage Australian biotech developing therapies in oncology and inflammation. Comparable due to parallel focus on cancer and inflammatory disease mechanisms from a similar size and stage.
• Antisense Therapeutics: ASX-listed clinical-stage Australian biotech. Comparable as a small-cap Australian clinical-stage biotech with similar out-licensing/partnership-led strategy; Patrys' Chairman Dr Gittleson also chairs Antisense Therapeutics.

Emerging players

• Imagion Biosystems: ASX-listed Australian biotech developing cancer diagnostics/imaging agents; previously partnered with Patrys using deoxymab antibodies. Comparable due to intersecting use of deoxymab technology for brain cancer imaging and overlapping Australian biotech ecosystem.

Broad incumbents

• CSL Limited: Australia's largest biopharma and global plasma/therapeutics leader. Relevant as Patrys' Chairman Dr Charmaine Gittleson is a former CSL CMO, and as a model for large-pharma commercial outcomes Patrys' licensing strategy targets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/patrysltd
• LinkedInlinkedin.com/company/2261413

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Patrys