Business
Forte Biosciences, Inc. Announces First Quarter 2022 Results and Provides Business Update
-Forte Biosciences to Develop Novel Pipeline for the Treatment of Autoimmune Diseases- -Leadership Strengthened with Appointments of Stephen Doberstein,
About this update from Forte Biosciences, Inc.
[{"type":"text","content":"\n-Forte Biosciences to Develop Novel Pipeline for the Treatment of Autoimmune Diseases-\n\n-Leadership Strengthened with Appointments of Stephen Doberstein, Ph.D. and Barbara Finck, M.D. to the Board of Directors-\n\n-Ended first quarter 2022 with approximately $40.0 million in cash and cash equivalents-\n\n DALLAS--(BUSINESS WIRE)--\nForte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a biopharmaceutical company focused on autoimmune diseases, today announced first quarter 2022 results and provided a business update.\n\n“Following a very extensive process by our Board, the management team and external advisors, Forte is excited to embark on a new path as we develop novel compounds for the treatment of autoimmune diseases, including potentially graft versus host disease (GvHD), alopecia areata and vitiligo which represent combined markets of over $6 billion. Our lead asset is FB-102,our wholly-owned proprietary molecule that was entirely developed by Forte.” said Paul Wagner, Ph.D., President and Chief Executive Officer of Forte Biosciences. “We expect FB-102 to be in the clinic in the second half of 2023 and have sufficient cash for at least the next 24 months to reach potential value inflection points. We believe that our innovative approach to treating autoimmune disease has the potential to drive significant value for Forte shareholders. Beyond FB-102 we will continue to strategically pursue opportunities to create value for shareholders.”\n\nFirst Quarter 2022 Business Highlights\n\nIn May 2022, Forte appointed Steve Doberstein, Ph.D. to its board of directors, which further strengthened Forte’s board of directors alongside the addition of Barbara Finck, M.D., who was appointed in March 2022.\n\nDr. Doberstein previously served at the Chief Research and Development Officer at Nektar Therapeutics and has led research efforts at Xencor, FivePrime, Exelixis and Xoma. Dr. Finck was previously the Chief Medical Officer for Coherus and earlier in her career led the clinical development of Enbrel at Immunex.\n\n“Forte is tremendously fortunate that Steve and Barb have agreed to join our board of directors. They are both thought leaders in the industry and will add significant experience and perspective to our pre-clinical and clinical development efforts,” said Dr. Wagner.\n\nForte ended the first quarter of 2022 with ap...