Business
Entrada Therapeutics Reports Fourth Quarter and Full Year 2021 Financial Results
On track to submit IND application for ENTR-601-44 targeting Duchenne muscular dystrophy in 2H 2022 $291.1 million in cash and cash equivalents as of December
About this update from Entrada Therapeutics, Inc.
[{"type":"text","content":"On track to submit IND application for ENTR-601-44 targeting Duchenne muscular dystrophy in 2H 2022 $291.1 million in cash and cash equivalents as of December 31, 2021 to advance pipeline of EEV-therapeutic candidates BOSTON, March 15, 2022 (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 fourth quarter and full year ending December 31, 2021 and highlighted recent business updates. “The fourth quarter of 2021 marked a significant milestone for Entrada, as we secured approximately $209 million in gross proceeds from our initial public offering and became a Nasdaq-listed company,” said Dipal Doshi, President and Chief Executive Officer of Entrada Therapeutics. “We are on track to submit an IND application in the second half of 2022 for ENTR-601-44, our lead neuromuscular candidate for patients with Duchenne muscular dystrophy who are exon 44 skipping amenable. In addition to our lead programs in DMD and myotonic dystrophy type 1, we are progressing our early-stage oligonucleotide, antibody and enzyme-based programs that have the potential to address unmet patient needs in immunology, oncology and metabolic diseases.” Recent Corporate Highlights In November 2021, Entrada Therapeutics completed an upsized Initial Public Offering (IPO) raising $208.7 million in gross proceeds. The Company closed its IPO, issuing a total of 10,436,250 shares of Entrada’s common stock, which included the exercise in full by the underwriters of their option to purchase an additional 1,361,250 shares of common stock, at a public offering price of $20.00 per share. The net proceeds after deducting underwriting discounts, commissions and other estimated offering expenses were approximately $190.7 million.Entrada Therapeutics was added to the Russell 2000® and Russell 3000® Indexes as part of the planned fourth quarter IPO additions, effective December 20, 2021.In January 2022, Entrada Therapeutics appointed Jared Cohen, PhD, JD as General Counsel. Dr. Cohen has nearly 20 years of legal experience and held a variety of leadership roles in the biopharmaceutical space. Upcoming Scientific Meetings Entrada Therapeutics plans to present...