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Aerovate Therapeutics Announces Third Quarter 2021 Financial Results
WALTHAM, Mass., Nov. 15, 2021 (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., Nov. 15, 2021 (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 our financial results for the quarter ended September 30, 2021, and recent events. “We continue to make progress with clinical trial sites to participate in our global Phase 2b/3 trial of AV-101 in PAH and expect to initiate enrollment this year in the Phase 2b portion of the trial,” said Timothy Noyes, chief executive officer of Aerovate. “We are also pleased with investor support for our IPO, which we believe provides sufficient capital to fund Aerovate into the second half of 2025.” Recent Events Raised $126.9 Million in Net Proceeds from IPO. On July 2, 2021, we closed our initial public offering (IPO) raising gross proceeds of $139.8 million, which included full exercise of the underwriters’ option to purchase additional shares of common stock, at a public offering price of $14.00 per share. We raised net proceeds of approximately $126.9 million after deducting underwriting discounts and commissions and other offering expenses payable by us. Preparation Continues for Global Phase 2b/3 Clinical Trial. We continued preparing for the initiation of our Phase 2b/3 trial of AV-101, our dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension, or PAH, a devastating disease impacting approximately 70,000 people in the United States and Europe. Drug supply has been manufactured and we have begun scheduling site activation meetings in the United States. We anticipate including experienced PAH centers from more than 20 countries in our Phase 2b/3 trial. We have obtained orphan drug designation from the U.S. Food and Drug Administration and the European Medicines Agency for AV-101 for the treatment of PAH in the United States and the European Union. Third Quarter 2021 Financial Results Cash and cash equivalents totaled $180.9 million as of September 30, 2021, compared to $59.2 million as of June 30, 2021. The increase was primarily driven by net proceeds of $126.9 million from the Company’s IPO, which closed on July 2, 2021, offset by operational costs for the three-month period ending September 30, 2021. R&D expenses: Research and develo...