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PMV Pharmaceuticals Reports Second Quarter 2021 Financial Results and Corporate Highlights
Continued enrollment in Phase 1/2 trial of first-in-class p53 Y220C reactivator PC14586 CRANBURY, N.J., Aug. 13, 2021 (GLOBE NEWSWIRE) -- PMV Pharmaceuticals,
About this update from Pmv Pharmaceuticals, Inc.
[{"type":"text","content":"Continued enrollment in Phase 1/2 trial of first-in-class p53 Y220C reactivator PC14586 CRANBURY, N.J., Aug. 13, 2021 (GLOBE NEWSWIRE) -- PMV Pharmaceuticals, Inc. (Nasdaq: PMVP), a clinical-stage oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies designed to target p53 mutants, today reported financial results for the second quarter ended June 30, 2021 and provided corporate highlights. “We are encouraged by our execution in the clinic, with steady progress in the ongoing Phase 1/2 trial of PC14586,” said David Mack, Ph.D., President and Chief Executive Officer of PMV Pharma. “We believe PC14586, our first-in-class, tumor agnostic, p53 Y220C reactivator has the potential to transform outcomes for cancer patients. Furthermore, our strong balance sheet leaves us well positioned to continue to translate our deep scientific expertise to deliver benefits to patients.” Corporate Highlights: Continued enrollment in the Phase 1 portion of a Phase 1/2 clinical trial of PC14586, the Company’s first-in-class, tumor-agnostic, investigational small molecule p53 Y220C reactivator, in patients with advanced solid tumors that have a p53 Y220C mutation (NCT04585750).Activated twelve clinical trial sites in the United States, consisting of leading oncology centers.Commenced construction of new corporate headquarters and state-of-the-art laboratories in Princeton, New Jersey. Second Quarter 2021 Financial Results PMV Pharma ended the second quarter with $339.0 million in cash, cash equivalents, and marketable securities, compared to $361.4 million as of December 31, 2020. Net cash used in operations was $22.0 million for the six months ended June 30, 2021, compared to $15.0 million for the six months ended June 30, 2020.Net loss for the six months ended June 30, 2021 was $24.5 million compared to $15.2 million for the six months ended June 30, 2020.Research and development (R&D) expenses were $15.2 million for the six months ended June 30, 2021 compared to $11.8 million for the six months ended June 30, 2020. The increase in R&D expenses was primarily due to increased headcount and clinical expenses related to development of PC14586, the Company’s lead drug candidate.General and administrative (G&A) expenses were $9.6 million for the six months ended June 30, 2021 compared to $4.0 million for the...