Business
Cue Biopharma Reports First Quarter 2023 Financial Results and Recent Business Highlights
BOSTON, May 09, 2023 (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 09, 2023 (GLOBE NEWSWIRE) -- Cue Biopharma, Inc. (Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of injectable biologics to selectively engage and modulate disease-specific T cells directly within the patient’s body, provided a business and financial update for the first quarter 2023. Recent Business Highlights CUE-101 abstract accepted for presentation at the upcoming 2023 American Society of Clinical Oncology (ASCO) Annual Meeting scheduled for June 2-6, 2023.Entered into a strategic collaboration and option agreement with Ono Pharmaceutical for CUE-401, a bispecific protein designed to induce and expand regulatory T cells (Tregs) for the treatment of autoimmune and inflammatory diseases.Appointed two new directors to its board, Patrick Verheyen and Pamela D. Garzone Ph.D., to enhance corporate governance and strategic positioning.Appointed Chief Medical Officer, Matteo Levisetti M.D., to lead clinical development and oversee clinical development strategies.Enhanced scientific advisory board with the addition of Rafi Ahmed, Ph.D., a leading immunologist. “The first quarter was highly productive with the achievement of defined and prioritized corporate development objectives,” said Daniel Passeri, chief executive officer of Cue Biopharma. “Among our accomplishments was the acceptance of our abstract for CUE-101 which will be presented as a poster at the upcoming ASCO annual meeting in June and the establishment of a strategic partnership with Ono Pharmaceutical to advance our lead autoimmune disease asset, CUE-401, into the clinic. Importantly, this collaboration provides requisite capital to further advance this highly promising program while also providing Cue Biopharma with the option for co-development in the U.S. Equally important is the addition of new members to our board of directors and scientific advisory board, broadening our access to thought leaders possessing deep expertise and experience in core strategic areas.”First Quarter 2023 Financial Results The Company reported collaboration revenue of approximately $190,000 and $1.0 million for the three months ended March 31, 2023 and 2022, respectively. The decrease was primarily due to the completion of the research phase of the LG Chem collaboration in the first quarter of 2022. Revenue in the first quarter of 2023 was p...