From GlobeNewswire: 2025-03-17 16:05:00

FibroGen Inc. has announced the sale of FibroGen China to AstraZeneca for about $160 million, extending its cash runway into 2027. They plan to initiate a Phase 2 monotherapy trial of FG-3246, an antibody-drug conjugate targeting CD46 in metastatic castration-resistant prostate cancer, and expect to close the sale by mid-2025. Topline results from Phase 2 are expected in 2H 2025. The company reported total revenue of $3.1 million for Q4 2024, compared to $3.6 million in Q4 2023, with a net loss of $8.7 million for the quarter. At the end of 2024, FibroGen had $51.0 million in cash, with a total of $121.1 million in cash, cash equivalents, and accounts receivable. Upon closing the sale of FibroGen China, they expect to have enough funds to operate into 2027.

FG-3246, a potential first-in-class antibody-drug conjugate, and FG-3180, a CD46-targeted PET imaging agent, are key focus areas for FibroGen. They anticipate initiating a Phase 2 monotherapy dose optimization study of FG-3246 in metastatic castration-resistant prostate cancer by mid-2025, with results from Phase 2 of an investigator-sponsored study expected in 2H 2025. FibroGen also plans to meet with the FDA in 2Q 2025 to discuss the development of roxadustat for anemia associated with lower-risk myelodysplastic syndrome in the U.S. Roxadustat, an oral medication, is the first in a new class of medicines that promote red blood cell production and is in clinical development for chemotherapy-induced anemia. FibroGen continues to evaluate the development plan for roxadustat in anemia associated with lower-risk myelodysplastic syndrome in the U.S.

FibroGen’s financial results for Q4 2024 showed total revenue of $3.1 million, compared to $3.6 million in Q4 2023, with a net loss of $8.7 million for the quarter. For the full year 2024, total revenue was $29.6 million, compared to $46.8 million in 2023, with a net loss of $153.1 million for the year. The company reported $51.0 million in cash, cash equivalents, and accounts receivable at the end of 2024, with a total of $121.1 million in total consolidated cash, cash equivalents, and accounts receivable. Upon closing the sale of FibroGen China, they expect their funds to be sufficient to operate into 2027.

FibroGen, Inc. is a biopharmaceutical company focused on developing novel therapies for cancer biology and anemia. Roxadustat is currently approved in various countries for the treatment of anemia in chronic kidney disease patients. FG-3246, an antibody-drug conjugate, is in development for metastatic castration-resistant prostate cancer. The company continues to evaluate the development plan for roxadustat in anemia associated with lower-risk myelodysplastic syndrome in the U.S. They will host a conference call and webcast presentation to discuss their financial results and provide a business update.



Read more at GlobeNewswire:: FibroGen Reports Fourth Quarter and Full Year 2024