Business
Longeveron® Announces Second Quarter 2024 Financial Results and Provides Business Update
Positive data from the Phase 2a clinical trial (CLEAR MIND ) evaluating Lomecel-B™ in Alzheimer’s disease presented in Featured Research Oral Presentation at
About this update from Longeveron Inc.
[{"type":"text","content":"Positive data from the Phase 2a clinical trial (CLEAR MIND ) evaluating Lomecel-B™ in Alzheimer’s disease presented in Featured Research Oral Presentation at Alzheimer’s Association International Conference® (AAIC)U.S. FDA granted Lomecel-B™ both Regenerative Medicine Advanced Therapy (RMAT) designation and Fast Track designation for the treatment of mild Alzheimer’s diseasePhase 2b clinical trial (ELPIS II) evaluating Lomecel-B™ in rare pediatric disease HLHS has achieved 70% enrollment with completion of enrollment targeted for the end of 2024Strengthened Board of Directors with election of 3 experienced industry veterans at Annual MeetingFocused expenditure management reduced first half Total Operating Expenses 22% year-over-yearFinancing transaction and warrant exercises in July raised gross proceeds of $15.3 million to fund continued clinical development, and current cash and cash equivalents are expected to be sufficient to fund Company through the fourth quarter of 2025Company to host conference call and webcast today at 4:30 p.m. ET MIAMI, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Longeveron Inc. (NASDAQ: LGVN), a clinical stage regenerative medicine biotechnology company developing cellular therapies for life-threatening and chronic aging-related conditions, today reported financial results for the quarter ended June 30, 2024 and provided a business update. “In the second quarter, we continued to make strong progress advancing our investigational cellular therapy candidate, Lomecel-B™, as a potential treatment for both Alzheimer’s disease and Hypoplastic Left Heart Syndrome (HLHS),” said Wa’el Hashad, Chief Executive Officer of Longeveron. “Based on the clinical data generated thus far, which in our view has been impressive, the U.S. FDA granted Lomecel-B™ Regenerative Medicine Advanced Therapy (RMAT) designation and Fast Track designation for the treatment of mild Alzheimer’s disease. With these designations, and the positive CLEAR MIND Phase 2a clinical trial data recently presented at AAIC, we believe there is strong evidence supporting the therapeutic potential of Lomecel-B™ in the treatment of mild Alzheimer’s disease. Similarly, we were delighted to see the level of interest and support at our June investigator meeting for the HLHS ELPIS II Phase 2b clinical trial, which recently achieved 70% enrollment and for which we a...