Business
Neoleukin Therapeutics Announces Third Quarter 2022 Financial Results and Corporate Update
-- Development of NL-201 to be discontinued for strategic reasons ---- Company to focus on next-generation de novo proteins and core technology ---- Company
About this update from Neurogene Inc.
[{"type":"text","content":"-- Development of NL-201 to be discontinued for strategic reasons ---- Company to focus on next-generation de novo proteins and core technology ---- Company restructuring to extend cash runway into the second half of 2025 -- SEATTLE, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Neoleukin Therapeutics, Inc., “Neoleukin” (NASDAQ:NLTX), a biopharmaceutical company utilizing sophisticated computational methods to design de novo protein therapeutics, today announced financial results for the third quarter ended September 30, 2022 as well as a strategic decision to discontinue development of NL-201, a fully de novo IL-2/IL-15 agonist, and focus on advancing next-generation de novo protein therapeutics based on Neoleukin's expertise in designing and testing novel cytokine mimetics and experience with advanced machine learning. \"We will be using the information we have learned from the development of NL-201 and advances in protein design to build the next generation of de novo protein therapeutics,\" said Jonathan Drachman, M.D., Chief Executive Officer at Neoleukin. \"We expect to focus on technology that widens the therapeutic window, such as the development of targeted and conditionally activated molecules to create potent immune agonists. We believe we are well positioned to do this work based on our expertise in de novo protein design combined with our experience in advanced machine learning and neural networks, which allows us to predict and create structures for de novo proteins with more sophisticated and dynamic structural elements than was previously possible.\" \"This coincides with a strategic decision to discontinue development of NL-201, which we believe was the first fully de novo protein to be evaluated in clinical trials,\" said Dr. Drachman. \"We are grateful to the patients and families that participated in this Phase 1 trial and to the investigators and study personnel who enabled rapid testing of NL-201 during a global pandemic.\" Discontinuation of NL-201 Development Neoleukin announced today that it is discontinuing development of NL-201, its first de novo cytokine mimetic to be tested in patients. Preliminary monotherapy data from the Phase 1 study of NL-201 demonstrated engagement of the target receptor, expected pharmacodynamic changes for a potent IL-2/IL-15 agonist, and did not demonstrate significant immunogenicity ev...