Protagonist Therapeutics Reports Second Quarter 2019 Financial Results

About this update from Protagonist Therapeutics, Inc.

[{"type":"text","content":"NEWARK, Calif., Aug. 7, 2019 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today reported financial results for the second quarter ended June 30, 2019, and provided a corporate update. \n\"We continue to make great progress in advancing our three clinical assets in diverse disease areas and are pleased with our cash runway scenario, which we expect will provide operating capital through mid-2021,\" commented Dinesh V. Patel, Ph.D., Protagonist President and Chief Executive Officer. \"In addition to the ongoing study of hepcidin mimetic PTG-300 in patients with beta-thalassemia, we expect to initiate a Phase 2 study in the third quarter in patients with polycythemia vera (PV), a rare myeloproliferative disease with limited treatment options. Given the central role of hepcidin in iron homeostasis and erythropoiesis, we view PTG-300 as a one product portfolio with potential applications in multiple blood disorders. We also intend to initiate a Phase 2 study in patients with hereditary hemochromatosis, and we expect that an investigator-sponsored trial in patients with myelodysplastic syndromes will begin in early 2020. These indications rely on different aspects of iron biology that comprise the central mechanism of PTG-300 and offer the advantage of allowing evaluation in small clinical studies with objective endpoints. We are also pleased with the successful completion of the Phase 1 study of our oral alpha-4-beta-7 integrin antagonist PN-943 in normal healthy volunteers, and are advancing PN-943 toward a Phase 2 study in patients with ulcerative colitis. Finally, our oral IL-23 receptor antagonist PTG-200, partnered with Janssen, is moving forward in a Phase 2 study in patients with Crohn's disease.\"\nCorporate and Product Development Updates:\nFinancing\nDuring the second quarter of 2019, the Company issued 921,684 shares through its at-the-market (ATM) program and raised $10.5 million, at an average of $11.44 per share. The Company also reported sales of an additional 1.2 million shares through its ATM program during July 2019, raising $15.0 million, or $12.64 per share. The additional funding is expected to extend the Company's cash runway through mid-2021 as it advances its three clinical programs. As of July 31, 2019, the Company had $22.1 million remaining available for sale under its ATM financing facility...

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