Business
Capricor Therapeutics Reports First Quarter 2022 Financial Results and Provides Corporate Update
-Executed Partnership with Nippon Shinyaku for the Commercialization and Distribution of CAP-1002 for Duchenne Muscular Dystrophy in the United States-
About this update from Capricor Therapeutics, Inc.
[{"type":"text","content":"-Executed Partnership with Nippon Shinyaku for the Commercialization and Distribution of CAP-1002 for Duchenne Muscular Dystrophy in the United States- -Upfront Payment of $30 Million Received in 1st Quarter Strengthens Cash Position and Extends Cash Runway- -Positive Phase 2 Results Published in The Lancet Evaluating CAP-1002 in Late-Stage Duchenne Muscular Dystrophy- -Pivotal Phase 3 Trial Expecting to Begin Enrolling Patients this Quarter- -Pipeline Expansion Underway Using Engineered Exosomes- -To Host Conference Call and Webcast Today at 4:30 p.m. ET- SAN DIEGO, May 10, 2022 (GLOBE NEWSWIRE) -- Capricor Therapeutics (NASDAQ: CAPR), a biotechnology company focused on the development of transformative cell and exosome-based therapeutics for the treatment and prevention of a broad spectrum of diseases, announced today its financial results for the first quarter ended March 31, 2022 and provided a corporate update. “I am proud of Capricor’s achievements this quarter as we delivered on our goal to secure a distribution and commercial partner for our Duchenne muscular dystrophy (DMD) program. This partnership with Nippon Shinyaku brought with it an upfront payment of $30 million and potentially includes up to $705 million additional milestone payments. We have now completed two successful clinical trials in DMD as we enter our Phase 3 pivotal study, HOPE-3. Publishing the results of HOPE-2 in The Lancet provides validation of the use of CAP-1002 to treat DMD. The published results showed statistically significant and clinically relevant evidence of CAP-1002’s ability to improve both skeletal and cardiac muscle function in patients in the latter stages of the disease. We have active sites that are currently screening patients for our Phase 3, HOPE-3 clinical trial and expect to enroll our first patient this quarter,” said Linda Marbán, Ph.D., Capricor’s chief executive officer. Dr. Marbán continued, “We have assembled a world-class team in product development, manufacturing and clinical operations. This team, supported by our strong balance sheet, will enable us to deliver on our milestones while we continue to remain capital efficient as we drive CAP-1002 towards potential commercialization. Additionally, we continue to make progress with our engineered exosomes platform as we have invested internally in developing a scaled-up ma...