Business
C4 Therapeutics Reports Business Highlights and Third Quarter 2020 Financial Results
– Strengthened leadership team with appointments of Andrew Hirsch as Chief Executive Officer, William McKee as Chief Financial Officer and Jolie M. Siegel as
About this update from C4 Therapeutics, Inc.
[{"type":"text","content":"– Strengthened leadership team with appointments of Andrew Hirsch as Chief Executive Officer, William McKee as Chief Financial Officer and Jolie M. Siegel as Chief Legal Officer –\n – Completed upsized IPO in October 2020, raising $209.8 million in gross proceeds; cash runway extended into the second half of 2023 – – Investigational New Drug (IND) submission for lead candidate, CFT7455, for hematologic malignancies anticipated by YE 2020; Phase 1/2 study expected to initiate in 1H 2021 – WATERTOWN, Mass., Nov. 12, 2020 (GLOBE NEWSWIRE) -- C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a biopharmaceutical company pioneering a new class of small-molecule drugs that selectively destroys disease-causing proteins through degradation, today reported financial results for the third quarter ended September 30, 2020, highlighted recent progress and provided a business update. “C4T’s recent IPO was a tremendous milestone for our team and an important accomplishment as the company advances our programs to the clinic. With a strong balance sheet and expanded senior team, we are well-positioned to execute against our pipeline and continue investing in our differentiated TORPEDO™ discovery platform,” said Andrew Hirsch, chief executive officer at C4 Therapeutics. “Looking ahead, we expect to have four clinical-stage programs by the end of 2022, including our lead candidate, CFT7455, for hematological malignancies, which is on track for an IND submission by the end of this year. We believe targeted protein degraders represent a novel class of medicines with distinctive benefits over traditional inhibitor drugs and look forward to exploring their potential in patients.” THIRD QUARTER 2020 AND RECENT HIGHLIGHTS Amended the Amended and Restated Roche Collaboration Agreement: In November 2020, C4T entered into the First Amendment to its 2018 Amended and Restated License Agreement with F. Hoffman-La Roche Ltd and Hoffman-La Roche Inc., which clarifies the rights and responsibilities of both parties in the event of a program termination. In addition, through this amendment, C4T and Roche mutually agreed to terminate the Amended and Restated Agreement with respect to the target epidermal growth factor receptor (EGFR). With this termination, C4T regains the right to pursue the target EGFR in products that use degradation as their mode of action.Presented...