Business
Monte Rosa Therapeutics Announces Third Quarter 2023 Financial Results and Provides Corporate Update
Interim data from Phase 1/2 clinical trial of MRT-2359 demonstrated tumor reductions in patients with biomarker-positive cancers; recommended Phase 2 dose
About this update from Monte Rosa Therapeutics, Inc.
[{"type":"text","content":"Interim data from Phase 1/2 clinical trial of MRT-2359 demonstrated tumor reductions in patients with biomarker-positive cancers; recommended Phase 2 dose expected in Q2 2024 Announced strategic collaboration with Roche to discover novel molecular glue degraders targeting cancer and neurological diseases; $50 million upfront payment Presented preclinical data demonstrating that MRT-6160, a VAV1-targeting MGD, attenuates autoimmune disease progression; IND submission expected 1H 2024 Completed $25 million registered direct offering from a life sciences-dedicated investor Strong cash position expected to fund operations into H1 2026 and enable advancement of GSPT1, VAV1 and NEK7 pipeline programs through clinical milestones BOSTON, Nov. 09, 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 September 30, 2023. \"This has been a pivotal time for Monte Rosa as we announced both our first clinical data and our first major strategic collaboration,” said Markus Warmuth, M.D., Chief Executive Officer of Monte Rosa Therapeutics. “We’re very excited about the clinical data for MRT-2359, our GSPT1-directed molecular glue degrader, and in particular the early signs of clinical activity in MYC-driven solid tumors. We’re equally excited to partner with Roche to enable and accelerate expansion of our QuEEN™ discovery engine to discover and develop molecular glues against targets previously considered impossible to drug for cancer and neurological diseases. We also completed a registered direct offering that, together with our ongoing pipeline prioritization efforts, is expected to extend our cash runway into the first half of 2026. We look forward to continuing to execute on our pipeline, including delivering Phase 2 interim data for MRT-2359 and Phase I healthy volunteer data for our immunology and inflammation-directed VAV1 and NEK7 programs.” THIRD QUARTER 2023 AND RECENT HIGHLIGHTS Announced interim clinical data from the ongoing MRT-2359 Phase 1/2 study demonstrating favorable pharmacokinetic (PK), pharmacodynamic (PD), and tolerability profiles in heavily pretreated patients with MYC-driven solid tumors, including lung cancers and high-gra...