Business
C4 Therapeutics Reports First Quarter 2024 Financial Results and Recent Business Highlights
Successfully Delivered First Development Candidate to Biogen; $8 Million Payment Earned Established a Strategic Discovery Research Collaboration with Merck
About this update from C4 Therapeutics, Inc.
[{"type":"text","content":"Successfully Delivered First Development Candidate to Biogen; $8 Million Payment Earned Established a Strategic Discovery Research Collaboration with Merck KGaA, Darmstadt, Germany, Focused on Two Critical Oncogenic Proteins Progressed Phase 1 Dose Escalation Trials for Cemsidomide (CFT7455) and CFT1946; Data from Both Trials Expected in 2H 2024 Cash, Cash Equivalents and Marketable Securities Total $299.2 Million as of March 31, 2024; Expected to Provide Runway into 2027 WATERTOWN, Mass., May 08, 2024 (GLOBE NEWSWIRE) -- C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science, today reported financial results for the first quarter ended March 31, 2024, as well as recent business highlights. “We are off to a strong start in 2024 with enrollment progressing well in our ongoing Phase 1/2 trials of CFT7455, now known as cemsidomide, and CFT1946. We look forward to maintaining this momentum and are on track for clinical readouts from both trials in the second half of the year,” said Andrew Hirsch, president and chief executive officer of C4 Therapeutics. “During the first quarter, we continued to leverage our discovery expertise as we entered into a new license and collaboration agreement with Merck KGaA, Darmstadt, Germany and delivered our first development candidate to Biogen. Together, these accomplishments further validate the excitement around our TORPEDO® platform and our ability to design innovative molecules for a range of diseases where degraders have the potential to become new therapeutic options for patients searching for treatments.” FIRST QUARTER 2024 AND RECENT ACHIEVEMENTS Cemsidomide (CFT7455): Cemsidomide (CFT7455) is an oral degrader of IKZF1/3 for the potential treatment of relapsed/refractory (R/R) multiple myeloma (MM) and R/R non-Hodgkin’s lymphomas (NHL). Advanced the Phase 1/2 Clinical Trial. The dose escalation portion of the Phase 1/2 trial evaluating cemsidomide (CFT7455) in combination with dexamethasone for R/R MM and as a monotherapy for R/R NHL continues to enroll patients. For the combination with dexamethasone MM arm, the 62.5 µg dose has been declared safe and patients are enrolling at a higher dose level. Simultaneously, additional patients are enrolling in the 62.5 µg expansion cohort. For the monotherapy ...