Business
Aerovate Therapeutics Announces Second Quarter Financial Results and Business Highlights
WALTHAM, Mass., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Aerovate Therapeutics, Inc. (Nasdaq: AVTE), a clinical stage biopharmaceutical company focused on developing
About this update from Jade Biosciences, Inc.
[{"type":"text","content":"WALTHAM, Mass., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Aerovate Therapeutics, Inc. (Nasdaq: AVTE), a clinical stage biopharmaceutical company focused on developing drugs that meaningfully improve the lives of patients with rare cardiopulmonary disease, today announced financial results for the quarter ended June 30, 2023, and recent business highlights. Recent Highlights Progress Continued for IMPAHCT Global Phase 2b/Phase 3 Clinical TrialExtended Cash Runway into 2026Presented Nonclinical Pharmacokinetic Data at ATSExpanded Board of Directors Progress Continued on the IMPAHCT Global Phase 2b/Phase 3 Clinical Trial. IMPAHCT (Inhaled iMatinib Pulmonary Arterial Hypertension Clinical Trial) is a Phase 2b/Phase 3 trial of AV-101, our self-administered, twice daily dry powder inhaled formulation of the antiproliferative drug imatinib for the treatment of pulmonary arterial hypertension (PAH), a devastating disease impacting approximately 70,000 people in the United States and Europe. We now have more than 110 clinical sites activated in over 20 countries and continue to activate experienced clinical sites and enroll patients to participate in the Phase 2b portion and Phase 3 portion of IMPAHCT. We expect to report topline data from the Phase 2b portion of IMPAHCT in the second quarter of 2024. Extended Cash Runway into 2026. We sold an aggregate of $45 million of our common stock under our existing “at-the-market” program (the ATM Program). With the net proceeds from such transaction, we expect to fund our operations into 2026, based on our current operating plan. Nonclinical Pharmacokinetic Data Presented at ATS 2023 International Conference. We presented at the American Thoracic Society (ATS) 2023 International Conference in Washington, D.C. results in nonclinical species that (i) direct delivery of imatinib to the lungs demonstrated increased lung exposure compared with oral or IV dosing and (ii) the type of formulation impacted lung exposure with dry powder demonstrating greater lung exposure than suspension or solution and greater lung exposure vs oral or intravenous delivery. Expanded Board of Directors. We appointed Habib Dable to our Board of Directors and our Compensation Committee. Mr. Dable is the former President and Chief Executive Officer of Acceleron Pharma Inc. (Acceleron) where he guided Acceleron to its first blockbuste...