Business
AN2 Therapeutics Reports First Quarter 2022 Financial Results and Provides Business Updates
On Track for Several Milestones in 2022, and Supported by Strong Balance Sheet from Upsized Initial Public Offering Continued Progress Advancing Epetraborole
About this update from An2 Therapeutics, Inc.
[{"type":"text","content":"On Track for Several Milestones in 2022, and Supported by Strong Balance Sheet from Upsized Initial Public Offering Continued Progress Advancing Epetraborole Clinical Program with Enrollment for Pivotal Phase 2/3 Trial in Treatment-Refractory MAC Lung Disease Expected to Begin in First Half of 2022 AN2 Board Strengthened through Appointment of Key Industry Executives MENLO PARK, Calif., May 10, 2022 (GLOBE NEWSWIRE) -- AN2 Therapeutics, Inc. (Nasdaq: ANTX), a clinical-stage biopharmaceutical company focused on developing treatments for rare, chronic, and serious infectious diseases with high unmet needs, today reported financial results for the quarter ended March 31, 2022. “Over the past several months, we made significant progress on many key initiatives, executed a successful upsized IPO, strengthened our board with new members, and progressed the clinical and regulatory strategy for our lead product candidate epetraborole,” said Eric Easom, President and Chief Executive Officer. “With these advances in our development program and a strong balance sheet, we believe we are well-positioned to execute our objectives.” First Quarter & Recent Business Updates: Raised Total of $79.4 Million Through Upsized Initial Public Offering. In March, AN2 Therapeutics successfully completed an upsized initial public offering of $69.0 million and on April 12, 2022, the Company received an additional $10.4 million from the underwriter’s full exercise of its option to purchase additional shares. The Company plans to utilize proceeds from the financing to fund the development of epetraborole for treatment-refractory non-tuberculous mycobacterial (NTM) lung disease caused by Mycobacterium avium complex (MAC), the expansion of epetraborole in treatment-refractory MAC lung disease to other key global markets, and the further development of the Company’s boron chemistry drug discovery platform, as well as other general corporate purposes. Reported Phase 1b Data for Oral Epetraborole. In February, AN2 Therapeutics announced topline results from its Phase 1b dose-ranging study evaluating oral epetraborole in healthy volunteers at doses ranging from 250 mg to 1,000 mg administered for up to 28 days. There were no severe or serious adverse events and safety and pharmacokinetic results support further clinical development of epetraborole in NTM lung disea...