Business
Alector Reports Fourth Quarter and Full Year 2021 Financial Results
CTAD and SITC presentations in fourth quarter highlight progress across immuno-neurology and immuno-oncology portfolio Over $900 million in pro forma cash,
About this update from Alector, Inc.
[{"type":"text","content":"CTAD and SITC presentations in fourth quarter highlight progress across immuno-neurology and immuno-oncology portfolio Over $900 million in pro forma cash, cash equivalents and investments supports execution of clinical, research and operational goals Steady continued enrollment in progranulin franchise clinical trials for AL001 and AL101 and TREM2-targeting program for Alzheimer's disease, AL002 SOUTH SAN FRANCISCO, Calif., Feb. 24, 2022 (GLOBE NEWSWIRE) -- Alector, Inc. (Nasdaq: ALEC), a clinical-stage biotechnology company pioneering the discovery and development of immuno-neurology therapeutics, today reported fourth quarter and full year 2021 financial results and summarized recent portfolio and business updates. As of December 31, 2021, Alector’s cash, cash equivalents and investments totaled $735.3 million. In addition, the company received a $200 million payment from partner GlaxoSmithKline (GSK) in January 2022. “Over the past year, we made important strides in advancing our clinical and preclinical pipeline of candidates harnessing the innate immune system to address genetically validated targets against neurodegenerative diseases,” said Arnon Rosenthal, Ph.D., co-founder and Chief Executive Officer of Alector. “We shared the largest data set to date in individuals with frontotemporal dementia and established a transformative collaboration with GlaxoSmithKline designed to expand and accelerate the development of our progranulin franchise candidates, AL001 and AL101. We are building on this momentum in 2022; with three new INDs on the horizon, we expect to end the year with seven therapeutic candidates in clinical trials. With our strong balance sheet, expanded leadership team, growing development capabilities, maturing pipeline and productive research platform, we are well-positioned to execute our mission.” Recent Clinical Updates and 2022 Milestones Progranulin Programs: AL001 and AL101 Alector is developing monoclonal antibodies AL001 and AL101 to elevate levels of progranulin in the brain in partnership with GSK. Mutations resulting in progranulin deficiencies are known to be a causal factor for frontotemporal dementia (FTD) and a risk factor for amyloid lateral sclerosis (ALS), Alzheimer’s disease and Parkinson’s disease. In July 2021, Alector entered into a global collaboration with GSK to co-develop and co-comme...