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Immunovant Reports Financial Results for the Quarter Ended June 30, 2021
Company Ended the Quarter With Cash of Approximately $379 Million and Subsequently Received a Direct Investment of $200 Million from Roivant NEW YORK, Aug.
About this update from Immunovant, Inc.
[{"type":"text","content":"Company Ended the Quarter With Cash of Approximately $379 Million and Subsequently Received a Direct Investment of $200 Million from Roivant\nNEW YORK, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage biopharmaceutical company focused on enabling normal lives for people with autoimmune diseases, today reported financial results for its fiscal first quarter ended June 30, 2021. Immunovant ended the quarter with approximately $379 million in cash. “We are excited to announce that in July 2021, the FDA granted Orphan Drug Designation to IMVT-1401 for treatment of Myasthenia Gravis,” said Pete Salzmann, M.D., Chief Executive Officer of Immunovant. “We have also initiated engagement with the FDA’s Division of Neurology to discuss protocol modifications for a pivotal study in Myasthenia Gravis and our team is excited to reach alignment with the FDA prior to the end of the year” continued Dr. Salzmann. Immunovant plans to initiate a pivotal study in Myasthenia Gravis (“MG”) in early 2022. Immunovant also plans to resume development in Warm Autoimmune Hemolytic Anemia (“WAIHA”) and in Thyroid Eye Disease (“TED”) and initiate clinical studies in at least two other indications in the next 12 months. Immunovant expects at least one of these indications (beyond MG) to be a pivotal study. On August 2nd, Immunovant announced that it had received a $200 million strategic investment from Roivant Sciences. Immunovant intends to use the proceeds from this investment to expedite development of IMVT-1401 in multiple indications. Immunovant will host a conference call and audio webcast on Monday, August 9, 2021 at 8 a.m. ET. Following prepared remarks, the call will include a live question-and-answer session for the investment community. To access the webcast, please visit Immunovant’s website at www.immunovant.com. Participants may also dial in using the numbers provided below: Toll Free: 1-877-407-9039Toll/International: 1-201-689-8470 An archived webcast recording will be available on Immunovant’s website for a limited time. Financial Highlights for Fiscal First Quarter Ended June 30, 2021: R&D Expenses: Research and development expenses were $18.7 million for the three months ended June 30, 2021, compared to $16.9 million for the three months ended June 30, 2020. The year-over-year increase primarily reflected ...