Business
Genelux Corporation Reports Second Quarter 2024 Financial Results and Provides General Business Updates
WESTLAKE VILLAGE, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Genelux Corporation (NASDAQ: GNLX), a late clinical-stage immuno-oncology company, today announced
About this update from Genelux Corporation
[{"type":"text","content":"WESTLAKE VILLAGE, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Genelux Corporation (NASDAQ: GNLX), a late clinical-stage immuno-oncology company, today announced financial results for the second quarter of 2024 and provided general business updates. “The past quarter has continued to be transformative for the company as we completed a key financing expected to provide runway through three trial readouts, including our ongoing Phase 3 trial in platinum resistant/refractory ovarian cancer,” said Thomas Zindrick, President, Chairman and CEO of Genelux. “Beyond our pivotal Phase 3 trial, we look to provide interim data for systemic delivery of Olvi-Vec in both small and non-small cell lung cancer in the next 12 months.” The Company anticipates announcing interim results from the Phase 2 trial in recurrent non-small cell lung cancer by mid-2025, with interim data from our Phase 1b trial in recurrent small cell lung cancer expected later this year. Both trials involve the intravenous administration of Olvi-Vec and the re-challenging of patients who have previously failed platinum-based chemotherapy. These designs are based on a prior clinical trial that demonstrated the benefits of intravenously administered Olvi-Vec in patients with lung disease (either primary or metastatic), as well as on our Phase 2 data in platinum-resistant/refractory ovarian cancer (PRROC). Pipeline Highlights The ongoing Phase 3 OnPrime/GOG-3076 registrational trial in PRROC continues to enroll patients with over 23 sites activated (NCT05281471). The Company anticipates topline results in the second half of 2025. The United States based Phase 2 trial in recurrent non-small cell lung cancer (NSCLC) is expected to report interim results in mid-2025. The Company anticipates an interim readout in the second half of 2024 for the Phase 1b part of the Phase 1b/2 trial in patients with recurrent small cell lung cancer in China. Both trials leverage Olvi-Vec via systemic administration, unlocking Olvi-Vec’s potential to be the first Phase 3 systemic oncolytic vaccinia virus. Business Updates In May 2024, the Company completed an underwritten public offering of its common stock and accompanying warrants. The total gross proceeds of the offering were $30.0 million USD and the Company raised $27.7 million USD in net proceeds after deducting underwriting discounts and commiss...