Business
enGene Reports Third Quarter 2024 Financial Results and Provides a Business Update
Company remains on track to report preliminary LEGEND data in September 2024 Cash and cash equivalents of $257.7 million provide runway into 2027 BOSTON &
About this update from Engene Therapeutics Inc.
[{"type":"text","content":"\nCompany remains on track to report preliminary LEGEND data in September 2024\n\nCash and cash equivalents of $257.7 million provide runway into 2027\n\n BOSTON & MONTREAL--(BUSINESS WIRE)--\nenGene Holdings Inc. (Nasdaq: ENGN, or “enGene” or the “Company”), a clinical-stage genetic medicines company whose non-viral lead investigational product detalimogene voraplasmid, (also known as detalimogene, and previously EG-70), is in an ongoing pivotal study in patients with high-risk, Bacillus Calmette-Guérin (BCG)-unresponsive, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (Cis), announced its financial results for the third quarter ended July 31, 2024 and provided a business update.\n\n“Detalimogene was designed to be the most practical therapy for patients living with NMIBC and the urologists caring for them,” said Ron Cooper, Chief Executive Officer of enGene. “We believe the unmet need for bladder cancer patients is significant and that detalimogene has the potential to offer a highly differentiated profile with a unique combination of clinical activity, tolerability, and ease of use. We look forward to sharing preliminary results from our pivotal LEGEND study later this month.”\n\nAnticipated Milestones and Strategic Corporate Updates\n\nRelease of preliminary data from LEGEND Cohort 1: The Company expects to release preliminary data from the LEGEND study’s pivotal BCG-unresponsive cohort by the end of September.\n\nKey leadership hires and board additions: In July 2024, enGene announced that Ron Cooper joined the Company as Chief Executive Officer and member of the Board of Directors. The Company also announced the promotion of Dr. Raj Pruthi to Chief Medical Officer.\n\nThird Quarter 2024 Financial Results\n\nCash and cash equivalents, as of July 31, 2024, were $257.7 million. The Company expects that its existing cash and cash equivalents will fund operating expenses, debt obligations and capital expenditures into 2027.\n\nThree Months ended July 31, 2024\n\nTotal operating expenses were $16.8 million for the three months ended July 31, 2024, compared to $6.2 million for the three months ended July 31, 2023. Research and development expenses increased by $7.6 million, mainly due to increasing manufacturing and clinical costs related to our pivotal LEGEND study and headcount costs. General and administrati...