Business
Allarity Therapeutics Reports Full Year 2023 Financial Results and Provides a Business Update
Leadership Changes Led by Appointment of Co-Founder Thomas Jensen as Interim CEO and Jeremy Graff, Ph.D., former Eli Lilly Executive, as Executive
About this update from Allarity Therapeutics, Inc.
[{"type":"text","content":" Leadership Changes Led by Appointment of Co-Founder Thomas Jensen as Interim CEO and Jeremy Graff, Ph.D., former Eli Lilly Executive, as Executive AdvisorReduced Net Loss from Operations by 50% and Reduced Net Loss by 26%Announced Data in December 2023 from Advanced Ovarian Cancer Phase 2 Stenoparib Study Showing Significant Clinical Benefit Boston (March 8, 2024) — Allarity Therapeutics, Inc. (“Company”) (NASDAQ: ALLR), a clinical-stage pharmaceutical company dedicated to developing personalized cancer treatments, today reported financial results for the year ended December 31, 2023, and provided a general business update. The Company's Interim Chief Executive Officer, Thomas Jensen, stated, “2023 was a year of remarkable achievements for Allarity Therapeutics as we made significant strides in advancing our DRP®-guided drug development. Our clinical research has shown strong indications that we can address a significant unmet medical need in oncology. In particular, our lead asset, stenoparib, has demonstrated exceptional promise in advanced ovarian cancer trials. As we continue through 2024, our focus remains on continuing to generate and report on additional pivotal clinical trial data for stenoparib, which we expect will further strengthen interest in our work from a broad group of stakeholders, including leading oncologists, potential partner companies, and the biotech investor community.\" 2023 Highlights and Recent Developments Stenoparib (2X-121): An orally available, small molecule dual-targeted inhibitor of poly-ADP ribose polymerase (PARP1/2) and telomerase maintenance enzymes (Tankyrase 1 and 2) in development for advanced ovarian cancer. Early data announced in December 2023 from the Phase 2 monotherapy study of stenoparib for advanced ovarian cancer showed significant clinical benefit in evaluable patients following a protocol change to twice-daily dosing earlier in the year. Using the DRP®-Stenoparib companion diagnostic (CDx), which includes 414 mRNA biomarkers, patients were selected based on a DRP score above 50%. Of 22 screened, 17 were DRP positive, with 11 treated, of which five were evaluable before the data evaluation cut-off. One trial participant showed a complete response in December 2023, and the other four evaluable patients had stable diseases, all were previously treated with PARP inhibitors and ch...