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Equillium Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Corporate & Clinical Development Updates
$71.0 million cash balance at the end of 2022 expected to provide cash runway into 2025 Acquired Bioniz Therapeutics, including two first-in-class
About this update from Equillium, Inc.
[{"type":"text","content":"\n$71.0 million cash balance at the end of 2022 expected to provide cash runway into 2025\n\nAcquired Bioniz Therapeutics, including two first-in-class clinical-stage assets, EQ101 and EQ102, and proprietary product discovery platform\n\nInitiated Phase 2 clinical study of EQ101 in alopecia areata and first-in-human clinical study of EQ102\n\nEntered into strategic partnership and an option and asset purchase agreement with Ono Pharmaceutical for the development and commercialization rights to itolizumab, including an upfront payment of $26.4 million, development funding, and approximately $139 million1 in potential option exercise and milestone payments\n\n LA JOLLA, Calif.--(BUSINESS WIRE)--\nEquillium, Inc. (Nasdaq: EQ), a clinical-stage biotechnology company leveraging a deep understanding of immunobiology to develop novel therapeutics to treat severe autoimmune and inflammatory disorders with high unmet medical need, today announced financial results for the fourth quarter and full year 2022 and provided corporate and clinical development updates.\n\n“Equillium achieved several significant objectives during 2022, and in the process transformed into a company with a newly diversified pipeline including two wholly-owned, first-in-class clinical-stage assets, a proprietary drug discovery platform and a strong balance sheet expected to fund our development programs through multiple key milestones,” said Bruce Steel, chief executive officer at Equillium. “We acquired Bioniz Therapeutics in February last year expanding our pipeline with two multi-cytokine inhibitors, EQ101 and EQ102, that we have since advanced into a Phase 2 clinical study in subjects with alopecia areata and a first-in-human clinical study in healthy volunteers to be followed by patients with celiac disease, respectively. We plan to announce data from both studies in the second half of this year. Based on the initiation of EQUATOR, our pivotal study of itolizumab in first-line acute graft-versus-host disease, and positive interim data from the EQUALISE study of itolizumab in patients with lupus nephritis, we secured a strategic partnership with Ono Pharmaceutical under which they purchased an exclusive option to acquire our rights for the development and commercialization of itolizumab. The partnership came with payments to Equillium totaling $38.6 million duri...