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PMV Pharmaceuticals Reports Third Quarter 2022 Financial Results and Corporate Highlights
Enrollment continued in the Phase 1/2 PYNNACLE study of PC14586, a first-in-class precision oncology investigational therapy in patients with advanced solid
About this update from Pmv Pharmaceuticals, Inc.
[{"type":"text","content":"Enrollment continued in the Phase 1/2 PYNNACLE study of PC14586, a first-in-class precision oncology investigational therapy in patients with advanced solid tumors with a p53 Y220C mutation Phase 1b combination trial with Merck evaluating PC14586 with KEYTRUDA® (pembrolizumab) on track to initiate in 2022 Biotech industry veteran Dr. Carol Gallagher appointed to Board of Directors CRANBURY, N.J., Nov. 08, 2022 (GLOBE NEWSWIRE) -- PMV Pharmaceuticals, Inc. (Nasdaq: PMVP), a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53, today reported financial results for the third quarter ended September 30, 2022 and provided a corporate update. “PMV continues to advance its ongoing PYNNACLE study evaluating PC14586, a first-in-class p53 Y220C reactivator, in patients with advanced solid tumors and plans the next update in the first half of 2023,” said David Mack, Ph.D., President, and Chief Executive Officer. “In addition, we look forward to the initiation of our clinical trial of PC14586 in combination with KEYTRUDA. This study builds upon the promising, preliminary tumor-agnostic clinical efficacy observed with PC14586 monotherapy and allows us to explore the potential synergy between the two agents to improve patient outcomes.” Corporate Highlights: Continued enrollment in the ongoing Phase 1/2 PYNNACLE trial of PC14586 in patients with advanced solid tumors. Initial Phase 1 data presented at the 2022 ASCO annual meeting demonstrated responses in patients across multiple solid tumor types with a p53 Y220C mutation.On track to initiate Phase 1b trial evaluating PC14586 in combination with KEYTRUDA in Q4 2022.Appointed Carol Gallagher, Pharm.D. to the Board of Directors. Dr. Gallagher brings 30 years of biotech leadership and expertise in drug development and commercialization. Third Quarter 2022 Financial Results As of September 30, 2022, PMV Pharma had $258.9 million in cash, cash equivalents, and marketable securities, compared to $314.1 million at December 31, 2021. Net cash used in operations was $48.4 million for the nine months ended September 30, 2022, compared to $34.5 million for the nine months ended September 30, 2021.Net loss for the nine months ended September 30, 2022, was $54.0 million compared to $39.5 million for the nine months ended September 3...