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Abeona Therapeutics Reports First Quarter 2022 Financial Results
Disposition of MPS programs to reduce operating expenses and extend projected cash runway into 2Q 2023 Focus R&D resources on EB-101 pivotal phase 3 VIITAL™
About this update from Abeona Therapeutics Inc.
[{"type":"text","content":"Disposition of MPS programs to reduce operating expenses and extend projected cash runway into 2Q 2023 Focus R&D resources on EB-101 pivotal phase 3 VIITAL™ topline data expected in 3Q 2022 NEW YORK and CLEVELAND, May 13, 2022 (GLOBE NEWSWIRE) -- Abeona Therapeutics Inc. (Nasdaq: ABEO), a fully-integrated leader in cell and gene therapy, today announced financial results for the first quarter of 2022. The Company will host a conference call and webcast on Tuesday, May 17, 2022, at 8:30 a.m. ET, to discuss its financial results and business update. “During the quarter, we took significant steps to preserve our capital with the goal to fund operations over the next 12 months with existing cash resources,” said Vish Seshadri, Chief Executive Officer of Abeona. “First, we began off-loading our MPS assets to reduce cash burn. Second, having completed accrual for the EB-101 pivotal Phase 3 VIITAL™ study, we are now focusing R&D resources on generating topline results in the third quarter of 2022, while aggressively exploring partnerships for commercialization of EB-101. Furthermore, we have initiated steps toward regaining compliance with Nasdaq listing requirements.” First Quarter and Recent Highlights Completed patient enrollment in pivotal Phase 3 VIITAL™ study evaluating EB-101 for recessive dystrophic epidermolysis bullosa (RDEB), and anticipate topline data readout in the third quarter of 2022.Additional long-term follow up data up to eight years and quality of life data from a completed Phase 1/2 study evaluating EB-101 for RDEB will be presented at the Society of Investigative Dermatology (SID) Annual Meeting, which will be held on May 18-21, 2022 in Portland, OR. The data will be featured in an oral presentation entitled “Long-term efficacy and safety of investigational autologous gene-corrected skin sheets (EB-101) for recessive dystrophic epidermolysis bullosa (RDEB).”Reported non-human primate data for AAV204, a novel adeno-associated virus (AAV) capsid from Abeona's AIM™ capsid library, highlighting its ability to produce more robust transduction in the macula area of the eye following para-retinal administration, which unlike subretinal administration does not create a retinal detachment. The data was featured at the Association for Research and Vision in Ophthalmology (ARVO) 2022 Annual Meeting.Appointed Joseph Vazzano ...