Business
MacroGenics Provides Update on Corporate Progress and First Quarter 2023 Financial Results
ZYNYZ™ is third product approved in U.S. that originated from MacroGenics' pipelineMultiple Phase 2 programs advancing in metastatic castration-resistant
About this update from Macrogenics, Inc.
[{"type":"text","content":"ZYNYZ™ is third product approved in U.S. that originated from MacroGenics' pipelineMultiple Phase 2 programs advancing in metastatic castration-resistant prostate cancer (mCRPC)Cash runway through 2025 with $270 million in non-dilutive funding achieved over past nine monthsConference call scheduled for today at 4:30 p.m. ET ROCKVILLE, Md., May 09, 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 quarter ended March 31, 2023. “The recent U.S. Food and Drug Administration (FDA) approval of Incyte’s ZYNYZ (retifanlimab-dlwr) represents the third U.S. marketing clearance of a product originating from MacroGenics’ pipeline of proprietary or partnered product candidates. We are delighted that the approval of ZYNYZ provides an additional option for treating patients with Merkel cell carcinoma (MCC), a rare and aggressive type of skin cancer,” said Scott Koenig, M.D., Ph.D., President and Chief Executive Officer of MacroGenics. “With the approval of both ZYNYZ and TZIELD™ (teplizumab-mzwv) by our partners, MacroGenics remains eligible to receive more than $1 billion in milestone payments related to the continued advancement and successful commercialization of these two products. Over the past nine months, these and other programs have allowed us to generate $270 million in non-dilutive capital, extending our cash runway through 2025.” Updates on Proprietary Investigational Programs Recent progress and anticipated events related to MacroGenics’ investigational product candidates are highlighted below. Vobramitamab duocarmazine (vobra duo) is an antibody-drug conjugate (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 late 2022. This study is designed to evaluate vobra duo at two different doses, 2.0 mg/kg or 2.7 mg/kg every four weeks, in two experimental arms comprising a total of 100 patients. Regulatory approval of a modified protocol, primarily reflecting removal of a control a...