Business
Cue Biopharma Reports First Quarter 2022 Financial Results
BOSTON, May 10, 2022 (GLOBE NEWSWIRE) -- Cue Biopharma, Inc. (Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of injectable
About this update from Cue Biopharma, Inc.
[{"type":"text","content":"BOSTON, May 10, 2022 (GLOBE NEWSWIRE) -- Cue Biopharma, Inc. (Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of injectable biologics to selectively engage and modulate targeted T cells directly within the patient’s body, today reported first quarter 2022 financial results. The Company will not host a business update call in conjunction with its financial results press release. Recent Business Updates Extended cash runway with an aggregate of $23.6 million from the sale of 3,593,407 shares of our common stock pursuant to our at-the-market (ATM) equity offering sales agreement with Jefferies LLC. As of March 31, 2022, the Company sold 2,396,013 shares of common stock under the October 2021 ATM Agreement for proceeds of approximately $17.6 million net of commissions paid, excluding transaction expenses, and in April 2022 sold an additional 1,197,394 shares of common stock for proceeds of approximately $6.0 million, net of commissions paid, excluding transaction expenses.Completed enrollment of 20 patients at the recommended Phase 2 dose of 4mg/kg of the Phase 1b monotherapy trial of CUE-101 for the treatment of HPV16-driven recurrent/metastatic head and neck squamous cell carcinoma (R/M HNSCC) in second line and beyond treatment-refractory patients. To date, CUE-101 has demonstrated a favorable tolerability profile as well as encouraging anti-tumor clinical activity and what appears to be an emerging trend of enhanced overall survival (OS). Completed dose escalation phase of CUE-101 in combination with Merck’s KEYTRUDA®, an anti-PD-1 biologic agent, as first-line therapy in patients with advanced HPV16+ HNSCC. Patient enrollment has begun in the expansion phase at the recommended Phase 2 dose of 4mg/kg of CUE-101. “Through a focused and strategic deployment of resources during the first quarter of 2022, we have made significant progress advancing the IL-2-based CUE-100 series for oncology, as well as strengthening our financial position,” said Daniel Passeri, chief executive officer of Cue Biopharma. “As reported, we recently completed the patient expansion phase of the monotherapy Phase 1b clinical trial of CUE-101 and the dose escalation phase of the CUE-101 Phase 1 combination trial with KEYTRUDA®. We are very pleased with our clinical trial progress to date and have enhanced confidence in the ...