Chemomab Therapeutics announces positive Phase 2 results for CM-101 in treating PSC.
From GlobeNewswire: 2024-08-21 07:00:00
Chemomab Therapeutics Ltd. announced positive Phase 2 results for CM-101 in treating PSC, showing safety and anti-fibrotic, anti-inflammatory, and anti-cholestatic activity. The results pave the way for advancing to a Phase 3 pivotal trial. A successful PIPE financing raised $10 million, extending cash runway through early 2026 and ensuring progress towards key clinical milestones in 2025. The company is in discussions with potential partners to further accelerate development of CM-101. The Phase 2 SPRING trial demonstrated CM-101’s effectiveness in reducing liver stiffness in PSC patients after just 15 weeks of treatment. The trial met primary and key secondary endpoints, showcasing CM-101’s potential as a disease-modifying therapy for PSC. Positive results from the trial have sparked interest from investors and potential biopharma partners looking to collaborate on advancing CM-101 in PSC and other fibrotic diseases. The results have laid the groundwork for transitioning to a Phase 3 trial, expected to commence after an End-of-Phase 2 meeting with the FDA. Key milestones in early 2025 include additional data from the open label extension portion of the SPRING trial and finalization of the Phase 3 trial design. The success of the Phase 2 trial highlights CM-101 as a promising treatment for PSC and other fibro-inflammatory diseases, attracting interest from new and existing investors like OrbiMed, HBM Partners, and Sphera. The company’s financial position remains strong, with cash, cash equivalents, and short-term bank deposits totaling $12.8 million as of June 30, 2024, after the recent PIPE financing. In the second quarter of 2024, research and development (R&D) expenses decreased to $2.9 million, while general and administrative (G&A) expenses declined to $0.8 million. The company’s net loss for the quarter was $3.6 million, with existing liquidity resources expected to fund operations through early 2026. Forward-looking statements indicate a positive outlook for Chemomab’s continued progress in developing CM-101 as a pioneering therapy for PSC and other fibrotic diseases.
Read more at GlobeNewswire:: Chemomab Therapeutics Announces Second Quarter 2024