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Monte Rosa Therapeutics Announces Second Quarter 2023 Financial Results and Provides Corporate Update
On track to present initial data from Phase 1/2 clinical trial of MRT-2359 for MYC-driven solid tumors in the second half of 2023Received Orphan Drug
About this update from Monte Rosa Therapeutics, Inc.
[{"type":"text","content":"On track to present initial data from Phase 1/2 clinical trial of MRT-2359 for MYC-driven solid tumors in the second half of 2023Received Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) for MRT-2359 for the treatment of small cell lung cancer (SCLC)Announced development candidate MRT-6160, a novel, highly selective molecular glue degrader of VAV1, with IND submission expected 1H 2024Strong cash position expected to sustain operations into 2025 and enable advancement of pipeline of novel molecular glue degraders BOSTON, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Monte Rosa Therapeutics, Inc. (Nasdaq: GLUE), a clinical-stage biotechnology company developing novel molecular glue degrader (MGD)-based medicines, today reported business highlights and financial results for the quarter ended June 30, 2023. \"During the second quarter, we continued focusing on advancing our clinical and preclinical portfolios, marking significant milestones, including the nomination of MRT-6160 as the development candidate for our VAV1 program. MRT-6160 is a potent, highly selective and orally bioavailable VAV1-targeting MGD. By selectively degrading VAV1, a protein pivotal to T and B cell signaling, MRT-6160 is designed to help patients with a range of severe autoimmune conditions. We expect to file an IND application for MRT-6160 in the first half of 2024,\" said Markus Warmuth, M.D., CEO of Monte Rosa Therapeutics. \"Moreover, the Phase 1/2 trial of MRT-2359, our GSPT1-directed MGD, in MYC-driven solid tumors is enrolling well and we anticipate sharing initial clinical data this year. Our strong cash reserve supports further development of our groundbreaking pipeline of investigational MGD-based medicines and the discovery of additional MGD development candidates through our innovative QuEEN™ discovery engine.\" In addition, this morning, Monte Rosa announced the resignation of Ajim Tamboli, CFA, who has served as the Company’s Chief Financial Officer (CFO). “Ajim was an instrumental part of Monte Rosa’s path to and through its initial public offering (IPO) and of the Company’s leadership team. We thank him for his service to the Company and wish him all the best in his future endeavors,” said Dr. Warmuth. SECOND QUARTER 2023 AND RECENT HIGHLIGHTS Announced development candidate MRT-6160, a VAV1-directed MGD, for the treatment of auto...