Business
Aileron Therapeutics Reports Second Quarter 2024 Financial Results and Business Highlights
Announced positive data from Cohort 1 of the ongoing Phase 1b clinical trial of LTI-03 evaluating low dose LTI-03 (2.5 mg BID) in idiopathic pulmonary
About this update from Rein Therapeutics, Inc.
[{"type":"text","content":"Announced positive data from Cohort 1 of the ongoing Phase 1b clinical trial of LTI-03 evaluating low dose LTI-03 (2.5 mg BID) in idiopathic pulmonary fibrosis (\"IPF\") patients, with positive trends observed in seven of the eight biomarkers evaluated\nTopline results from Cohort 2 evaluating high-dose LTI-03 (5 mg BID) expected in the third quarter of 2024\nAUSTIN, Texas, Aug. 14, 2024 /PRNewswire/ -- Aileron Therapeutics, Inc. (\"Aileron\" or the \"Company\") (NASDAQ: ALRN), a biopharmaceutical company advancing a pipeline of potential first-in-class medicines to address significant unmet medical needs in orphan pulmonary and fibrosis indications, today reported financial results for the second quarter ended June 30, 2024, and provided a business update.\n\n \n \n \n \n \n \n\n \n\"Throughout the first half of the year, we focused on strengthening our balance sheet and advancing the development of inhaled LTI-03 in IPF,\" said Brian Windsor, Ph.D., President and Chief Executive Officer of Aileron. \"We are extremely pleased with the positive data from Cohort 1 of the ongoing Phase 1b clinical trial announced in May, particularly the achievement of statistical significance in three out of eight biomarkers which is a testament to the potential of LTI-03 to inhibit fibrosis and improve lung function. Additionally, in May, we raised approximately $18.2 million in net proceeds in an underwritten registered direct offering, which provides us with the resources to further validate LTI-03 in the ongoing Phase 1b trial. We look forward to reporting topline results from the high-dose cohort in the third quarter of this year.\"\nSecond Quarter 2024 Highlights and Recent Updates\nCorporate Updates\nIn May 2024, the Company completed an underwritten registered direct offering of 4,273,505 shares of its common stock and accompanying warrants to purchase an aggregate of 4,273,505 shares of its common stock. Net proceeds from the offering were approximately $18.2 million, after deducting underwriting discounts and commissions and other offering expenses. The Company has the potential to receive approximately $20.0 million in additional proceeds from the exercise of the warrants issued in the offering.Pipeline\nAnnounced positive Cohort 1 data from the ongoing Phase 1b clinical trial evaluating the safety and tolerability of inhaled LTI-03 in...