Business
Cullinan Oncology Provides Corporate Update and Reports Third Quarter 2022 Financial Results
Initiated pivotal study for zipalertinib (CLN-081/TAS6417) Increased ownership in MICA subsidiary, which holds worldwide rights to CLN-619, from 54% to 92%
About this update from Cullinan Therapeutics, Inc.
[{"type":"text","content":"Initiated pivotal study for zipalertinib (CLN-081/TAS6417) Increased ownership in MICA subsidiary, which holds worldwide rights to CLN-619, from 54% to 92% Continued enrollment in CLN-049 and CLN-619 clinical studies with initial clinical data updates on track for mid-2023 Cash and investments of approximately $607 million as of September 30, 2022 CAMBRIDGE, Mass., Nov. 14, 2022 (GLOBE NEWSWIRE) -- Cullinan Oncology, Inc. (Nasdaq: CGEM) a biopharmaceutical company focused on modality-agnostic targeted oncology, today reported on recent and upcoming business highlights and announced its financial results for the third quarter ended September 30, 2022. “We continued to execute across our programs through the third quarter and will deliver multiple important milestones in 2023,” said Nadim Ahmed, Chief Executive Officer of Cullinan Oncology. “For our lead program, zipalertinib, we have initiated the pivotal study in patients with EGFR exon 20 non-small cell lung cancer. We remain on track to report initial clinical data for our two additional clinical-stage programs, CLN-049 and CLN-619, in mid-2023 and to file IND applications for CLN-617 and CLN-978 in the first half of 2023, which will advance our portfolio to potentially five clinical stage programs. With $607 million of cash and investments at the end of the quarter, we have cash runway well beyond these important milestones. We will continue to strategically deploy our capital for pipeline investment, acceleration, and expansion, such as our recent purchase of additional ownership in our Cullinan MICA subsidiary. Lastly, we made important additions to our leadership team and Board of Directors with the appointments of Jacquelyn Sumer as Chief Legal Officer and Dr. David Ryan as a new independent director. Both individuals will provide important expertise to support our evolution into a late-stage oncology company.” Portfolio Highlights Zipalertinib (previously CLN-081/TAS6417): Cullinan Oncology, in collaboration with our partners at Taiho Oncology, Inc., has initiated a pivotal study of zipalertinib in EGFR exon 20 non-small-cell lung cancer patients progressing after prior systemic therapy. As previously planned, the study will enroll patients at the 100 mg BID dose, and will now also include a limited cohort of patients to evaluate safety and efficacy at 150 mg BID adminis...