Business
Disc Medicine Reports Full Year 2022 Financial Results and Provides Business Update
Completed reverse merger with Gemini Therapeutics, debuting on Nasdaq as “IRON” and ending 2022 with approximately $194.6 million in cash and cash
About this update from Disc Medicine, Inc.
[{"type":"text","content":"Completed reverse merger with Gemini Therapeutics, debuting on Nasdaq as “IRON” and ending 2022 with approximately $194.6 million in cash and cash equivalentsInitiated two Phase 2 trials, AURORA and BEACON, for bitopertin in erythropoietic protoporphyria (EPP); initial BEACON data to be shared 1H 2023 and topline AURORA data expected by end of 2023Completed a Phase 1 study of DISC-0974 in healthy volunteers, which demonstrated clinical proof of mechanismInitiated a Phase 1b/2 study of DISC-0974 in myelofibrosis (MF) patients with anemia, as well as a Phase 1b/2 study in patients with anemia of chronic kidney disease who are not receiving dialysis (NDD-CKD); interim data from both studies expected by end of 2023 WATERTOWN, Mass., March 31, 2023 (GLOBE NEWSWIRE) -- Disc Medicine, Inc. (NASDAQ:IRON), a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel treatments for patients suffering from serious hematologic diseases, today reported financial results for the full year ended December 31, 2022 and business highlights. “2022 was a year of transformation and tremendous achievement for Disc. During the past year, we became a publicly-traded company through our reverse merger with Gemini Therapeutics, strengthened our balance sheet, and advanced both bitopertin and DISC-0974 into patient studies. This puts us in a strong position for growth in 2023, when we anticipate our first data readouts in patients and will continue to execute on our vision of building a leading hematology franchise,” said John Quisel, J.D., Ph.D., President and Chief Executive Officer of Disc. “In this past quarter, we have already expanded our pipeline by in-licensing a third, Phase 1-ready program, further strengthened our financial position with a registered direct offering led by Bain Capital Life Sciences, and initiated a Phase 1b/2 study of DISC-0974 in patients with CKD anemia. I want to thank the Disc team for their tireless efforts as we look forward to another exciting year in 2023.” Business Highlights and Anticipated Milestones: Bitopertin: GlyT1 Inhibitor (Heme Synthesis Modulator) Bitopertin is an investigational, clinical-stage, orally-administered inhibitor of glycine transporter 1 (GlyT1) that is designed to modulate heme biosynthesis. GlyT1 is a membrane transporter expressed on develop...