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Equillium Reports Third Quarter 2022 Financial Results and Provides Corporate and Clinical Updates
Announced positive interim results from the EQUALISE study of itolizumab in highly proteinuric lupus nephritis patients: by week 28, 83% achieved complete or
About this update from Equillium, Inc.
[{"type":"text","content":"\nAnnounced positive interim results from the EQUALISE study of itolizumab in highly proteinuric lupus nephritis patients: by week 28, 83% achieved complete or partial response, and 67% achieved > 80% reduction in urine protein creatinine ratio\n\nAnnounced the pending acquisition of Metacrine, expected to add $35 million in cash at closing to Equillium’s balance sheet and extend operating runway into 2024\n\nInitiated Phase 2 study of EQ101 in alopecia areata and Phase 1 study of EQ102 in healthy volunteers and celiac disease patients\n\n LA JOLLA, Calif.--(BUSINESS WIRE)--\nEquillium, Inc. (Nasdaq: EQ), a clinical-stage biotechnology company focused on developing novel therapeutics to treat severe autoimmune and inflammatory disorders with high unmet medical need, today announced financial results for the third quarter 2022 and provided an update on its clinical development programs.\n\n“I am proud of what our team has accomplished in the third quarter, including executing a definitive agreement to acquire Metacrine and announcing interim data from the Type B portion of the EQUALISE study in lupus nephritis. Since then, we have also initiated two new studies – a Phase 2 study of EQ101 in subjects with alopecia areata, and a Phase 1 study of EQ102 that will be positioned to treat patients with celiac disease,” said Bruce Steel, chief executive officer at Equillium. “The Metacrine acquisition will meaningfully strengthen our cash position, which at closing is expected to add approximately $35 million to the balance sheet and extend our cash runway into 2024, taking us through multiple data catalysts from three different clinical programs over the next year.”\n\nHighlights Since the Beginning of Q3 2022:\n\n\nAnnounced definitive merger agreement to acquire Metacrine in an all-stock transaction, anticipated to add $35 million in cash to Equillium’s balance sheet at closing. The acquisition also includes Metacrine’s farnesoid X receptor (FXR) platform, including lead molecule MET642, an orally delivered FXR agonist that is a potential first-in-class, non-immunosuppressive treatment for inflammatory bowel disease.\n\n\nAnnounced positive interim results from the Type B portion of the EQUALISE study of itolizumab in subjects with lupus nephritis. Subjects were highly proteinuric with a baseline mean urine protein creatinine ratio (U...