Business
MacroGenics Provides Corporate Update and 2022 Financial Results
Cash runway extended through 2025 with $250 million in non-dilutive funding over past eight months TAMARACK study design modified with objective of
About this update from Macrogenics, Inc.
[{"type":"text","content":"Cash runway extended through 2025 with $250 million in non-dilutive funding over past eight months TAMARACK study design modified with objective of accelerating data readoutEncouraging lorigerlimab (PD-1 × CTLA-4 bispecific DART® molecule) monotherapy clinical data presented at ASCO-GUConference call scheduled for today at 4:30 p.m. ET ROCKVILLE, Md., March 15, 2023 (GLOBE NEWSWIRE) -- MacroGenics, Inc. (NASDAQ: MGNX), a biopharmaceutical company focused on developing and commercializing innovative antibody-based therapeutics for the treatment of cancer, today provided an update on its recent corporate progress and reported financial results for the year ended December 31, 2022. “Our recent presentation of encouraging, preliminary lorigerlimab data in patients with metastatic castration-resistant prostate cancer (mCRPC) at the ASCO Genitourinary Cancers Symposium, together with data we previously shared regarding vobramitamab duocarmazine in mCRPC patients, supports continued development of our two potential new treatment options for men with prostate cancer,” said Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics. “I am very pleased that we were able to add $250 million in non-dilutive funding over the past eight months, including $150 million during the second half of 2022 and another $100 million to date in 2023 to develop these as well as our other product candidates. Also, I believe the modifications we are making to the TAMARACK study of vobramitamab duocarmazine will lead to more rapid dose selection and benefit the molecule’s overall product profile. Finally, beyond our clinical pipeline, we continue to develop multiple pre-clinical molecules and plan to submit an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) for a new antibody-drug conjugate (ADC) later this year.” Updates on Proprietary Investigational Programs Recent progress and anticipated events related to MacroGenics’ investigational product candidates are highlighted below. Vobramitamab duocarmazine (vobra duo), formerly known as MGC018, is an ADC that targets B7-H3, an antigen with broad expression across multiple solid tumor types and a member of the B7 family of molecules involved in immune regulation. MacroGenics initiated the Phase 2 portion of the TAMARACK study of vobra duo in patients with mCRPC in l...