Business
Forte Biosciences, Inc. Announces Third Quarter 2022 Results and Provides Business Update
-FB-102 Continues to Advance Towards the Clinic and Holds Significant Market Potential Across a Variety of Indications- -Leadership Strengthened with the
About this update from Forte Biosciences, Inc.
[{"type":"text","content":"\n -FB-102 Continues to Advance Towards the Clinic and Holds Significant Market Potential Across a Variety of Indications-\n\n-Leadership Strengthened with the Appointment of Scott Brun, M.D. to the Board of Directors-\n\n-Ended third quarter 2022 with approximately $44.0 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 third quarter 2022 results and provided a business update.\n\n“Forte is making excellent progress with its lead program FB-102, which is a direct result of the team’s hard work and diligent efforts. FB-102 holds significant potential in a variety of indications with market potential in excess of $6 billion.” said Paul Wagner, Ph.D., Chairman and Chief Executive Officer of Forte Biosciences. “FB-102 is expected to be in the clinic late 2023 or early 2024. Beyond FB-102, the Forte team continues to explore additional opportunities for pipeline development to drive long-term value creation.”\n\nThird Quarter 2022 Business Highlights\n\nIn November 2022, Forte appointed Scott Brun, M.D. to its board of directors, which further strengthened Forte’s board of directors. Dr. Brun is currently a Venture Partner at Abingworth and in addition to his consulting practice, he is also a Senior Advisor for Horizon Therapeutics, and a Senior Medical Advisor at Launch Therapeutics. Dr. Brun previously served in numerous executive capacities at AbbVie most recently as Head of AbbVie Ventures, and previously as Head of Pharmaceutical Development. Dr Brun received his M.D. at The Johns Hopkins University School of Medicine.\n\n“Given Dr. Brun’s extensive experience in pharmaceutical product development, R&D and scientific affairs, his agreeing to join our board is pivotal for Forte. We are extremely fortunate to have board members of Dr. Brun’s caliber join the team to help guide the pipeline development.” said Paul Wagner, Ph.D., Forte’s Chairman and CEO.\n\nForte ended the third quarter of 2022 with approximately $44.0 million in cash and cash equivalents. Forte had approximately 21.0 million shares of common stock outstanding as of September 30, 2022.\n\nThird Quarter 2022 Operating Results\n\nResearch and development expenses were $1.4 million and $5.7 million for the three m...