Business
Entrada Therapeutics Reports First Quarter 2023 Financial Results
- $412 million in cash, cash equivalents and marketable securities as of March 31, 2023 -- Cash runway into the second half of 2025 - BOSTON, May 10, 2023
About this update from Entrada Therapeutics, Inc.
[{"type":"text","content":"- $412 million in cash, cash equivalents and marketable securities as of March 31, 2023 -- Cash runway into the second half of 2025 - BOSTON, May 10, 2023 (GLOBE NEWSWIRE) -- Entrada Therapeutics, Inc. (Nasdaq: TRDA), a biopharmaceutical company aiming to transform the lives of patients by establishing intracellular Endosomal Escape Vehicle (EEV™)-therapeutics as a new class of medicines, today reported financial results for the first quarter ending March 31, 2023, and highlighted recent business updates. “In the first quarter, we successfully closed on our transformational collaboration with Vertex for the development of EEV-therapeutics targeting myotonic dystrophy type 1, the most prevalent form of muscular dystrophy. In addition to advancing this important program, the collaboration provides validation of our proprietary EEV platform and extends our cash runway into the second half of 2025,” said Dipal Doshi, President and Chief Executive Officer of Entrada Therapeutics. “Within our growing Duchenne franchise, we are pursuing global opportunities to initiate a healthy volunteer clinical trial for our ENTR-601-44 program while simultaneously working to address FDA’s feedback regarding our IND. There is a profound unmet medical need for Duchenne patients who are exon 44 skipping amenable and we remain very confident in achieving our goal of initiating a clinical trial in 2023.” Recent Corporate Highlights Entrada is actively working to resolve the clinical hold on its Investigational New Drug (IND) application for ENTR-601-44 with the U.S. Food and Drug Administration (FDA). Given the extraordinary unmet medical need, the Company is simultaneously pursuing global opportunities with the continued goal of initiating a healthy volunteer trial in 2023. In February 2023, Entrada announced the closing of its strategic collaboration and license agreement with Vertex for the discovery and development of intracellular EEV-therapeutic candidates for myotonic dystrophy type 1 (DM1). Under the terms of the agreement, Entrada received an upfront payment of $224 million, as well as an equity investment of $26 million in February 2023. Entrada is eligible to receive up to $485 million for the successful achievement of certain research, development, regulatory and commercial milestones, and tiered royalties on future net sales for any product...