Business
Monte Rosa Therapeutics Reports Second Quarter 2021 Financial Results and Highlights Pipeline and Business Progress
– Completed upsized $255.6 million IPO; cash runway extended into late 2024 – Continued advancement of QuEEN™ protein degradation platform and pipeline of
About this update from Monte Rosa Therapeutics, Inc.
[{"type":"text","content":"– Completed upsized $255.6 million IPO; cash runway extended into late 2024 – Continued advancement of QuEEN™ protein degradation platform and pipeline of molecular glue degraders, including NEK7 program – BOSTON, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Monte Rosa Therapeutics, Inc. (NASDAQ: GLUE), a biotechnology company developing novel molecular glue precision medicines, today reported business highlights and financial results for the second quarter, ended June 30, 2021. “Following our successful initial public offering and with several pivotal additions to our leadership team, we are excited to have the resources in place to advance our pipeline of novel molecular glues towards and into the clinic and to continue the development of our unique and proprietary QuEEN platform. We are delighted by the continuing progress of our pipeline of molecular glue degraders, including the recent transition of our NEK7 program into lead optimization,” said Markus Warmuth, M.D., CEO of Monte Rosa. “As we look ahead for the year, we remain on track to progress a development candidate for our lead program targeting GSPT1 into IND-enabling studies. We also expect to advance at least one additional program into lead optimization this year. All of this will bring us closer to our goal of tackling the previously undruggable or inadequately drugged target protein universe and fostering a new generation of precision medicine therapeutics.” SECOND QUARTER 2021 & RECENT HIGHLIGHTS Completed upsized $255.6 million initial public offering: Monte Rosa Therapeutics closed its initial public offering of 13,455,000 shares of common stock, including the exercise in full by the underwriters of their option to purchase up to 1,755,000 additional shares of common stock at the public offering price of $19.00 per share. The aggregate gross proceeds were approximately $255.6 million before deducting underwriting discounts and commissions and other offering expenses.Advanced NEK7 program into lead optimization: NEK7 is an activator of the NLRP3 inflammasome, a central regulator of cellular inflammatory responses to pathogens, damage and stress. Aberrant NLRP3 inflammasome activation is implicated in the pathogenesis of multiple autoimmune diseases. Our NEK7 degrader program has progressed into lead optimization, with the next major milestone anticipated to be selection ...