Business
Rani Therapeutics Reports Second Quarter 2023 Financial Results; Provides Corporate Update
- Expansion of partnership with Celltrion for development of RT-105 to complement existing partnership for RT-111 - Appointment of Kate McKinley as Chief
About this update from Rani Therapeutics Holdings, Inc.
[{"type":"text","content":"- Expansion of partnership with Celltrion for development of RT-105 to complement existing partnership for RT-111 - Appointment of Kate McKinley as Chief Business Officer - Presentation of three abstracts on RT-102 and RT-112 at the Endocrine Society Annual Conference and selection as winner of Presidential Poster Competition in its category for exceptional scientific work on RT-102 - Presentation of late-breaking abstract on oral delivery of GLP-1 agonist at American Diabetes Association’s Scientific Sessions - Plan to initiate Phase 2 study for RT-102 and Phase 1 study for RT-111 in 2H of 2023 SAN JOSE, Calif., Aug. 11, 2023 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. (“Rani Therapeutics” or “Rani”) (Nasdaq: RANI), a clinical-stage biotherapeutics company focused on the oral delivery of biologics and drugs, today reported financial results for the quarter ended June 30, 2023, and provided a corporate update. “We are thrilled to have the opportunity to build upon our existing partnership with Celltrion,” said Talat Imran, Chief Executive Officer of Rani. “The partnership to develop RT-105 is our first involving the RaniPill®HC, a high-capacity device that is designed to deliver up to a 500%-plus higher drug payload than Rani’s existing oral biologics capsule. Looking ahead, we anticipate a productive second half of the year including initiation of a Phase 2 study for RT-102 and a Phase 1 study for RT-111, our first clinical study with a monoclonal antibody.” Second Quarter or Subsequent Highlights: Announced expansion of partnership with Celltrion to include adalimumab biosimilar for RT-105. This is the second deal announced between Rani and Celltrion, building upon a previously announced partnership for ustekinumab biosimilar for RT-111. Under the terms of the new license and supply agreement announced in June 2023, Celltrion will exclusively supply to Rani the adalimumab biosimilar drug substance (CT-P17) required for RT-105. Rani is granted an exclusive license to use CT-P17 in the development and commercialization of RT-105, and Celltrion is granted a right of first negotiation to acquire worldwide rights to RT-105 following a Phase 1 study.Appointed Kate McKinley as Chief Business Officer. In May 2023, Ms. McKinley joined Rani’s executive leadership team bringing with her 20 years of biopharmaceutical industry exp...