KUALA LUMPUR, Sept 5 (Bernama) -- Adagene Inc (Adagene), a platform-driven, clinical-stage biotechnology company, has reported financial results for the six months ended June 30, 2022 and provided corporate updates.
“We are prioritising development of two anti-CTLA-4 antibodies, which have best-in-class profiles and are on track to deliver proof-of-concept clinical results in combination therapy in 2023,” said Peter Luo, Ph.D., Co-founder, Chief Executive Officer and Chairman of Adagene in a statement.
“We are also excited to advance our next generation anti-CD137 agonistic antibody, ADG206, into clinic given its first- and best-in-class potential in both monotherapy and in combination with multiple agents.”
Among highlighted in Preclinical Discovery Programs, for ADG153: Given updated programme timelines and ongoing business development activities, Adagene now plans the regulatory submission for its masked, IgG1 anti-CD47 SAFEbody, ADG153, in the first half of 2023.
In addition, the company has established collaborations including a technology licensing agreement with Sanofi in March 2022; and, advanced global partnerships and collaboration with Sanjin and Dragon Boat Biopharmaceutical for two antibodies out-licensed in Greater China.
Adagene is updating its business outlook to reflect prioritisation of its anti-CTLA-4 clinical development programmes and achievement of meaningful milestones with its current cash resources.
For financial highlights, cash and cash equivalents were US$168.0 million as of June 30, 2022, compared to US$174.4 million as of Dec 31, 2021, while net revenue was US$3.9 million for the six months ended June 30, 2022, compared to US$1.4 million for the same period in 2021. (US$1 = RM4.486)
Meanwhile, R&D expenses were US$45.1 million for the six months ended June 30, 2022, compared to US$31.5 million for the same period in 2021. The rise in R&D expenses was primarily due to increased R&D activities for the company’s clinical programmes, as well as preclinical testing for candidates in the IND-enabling phase.
More details at https://investor.adagene.com.
-- BERNAMA
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