Business
Scholar Rock Reports First Quarter 2022 Financial Results and Updates Strategic Priorities
- On track for Phase 2 apitegromab TOPAZ two-year data by mid-year - Progressed enrollment for both Phase 3 apitegromab SAPPHIRE clinical trial & Phase 1
About this update from Scholar Rock Holding Corporation
[{"type":"text","content":"\n- On track for Phase 2 apitegromab TOPAZ two-year data by mid-year\n\n- Progressed enrollment for both Phase 3 apitegromab SAPPHIRE clinical trial & Phase 1 SRK-181 DRAGON clinical trial\n\n- Restructuring reduces operating expenses, prioritizes R&D activity on completing SAPPHIRE trial and extends cash runway into the fourth quarter of 2023\n\n- Yung Chyung, MD, has decided to step down as Chief Medical Officer effective June 30, 2022\n\n CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nScholar Rock (NASDAQ: SRRK), a Phase 3 clinical-stage biopharmaceutical company focused on the treatment of serious diseases in which protein growth factors play a fundamental role, today provided a business update and reported financial results for the first quarter ended March 31, 2022.\n\nBusiness Strategy & Update\n\n\nPrioritize R&D Activities to Support Progression and Completion of the Apitegromab Phase 3 SAPPHIRE Trial in Spinal Muscular Atrophy. Scholar Rock is focusing its expertise in inhibiting the activation of latent growth factors on completing the Phase 2 TOPAZ extension clinical trial and the Phase 3 SAPPHIRE clinical trial, both of which are evaluating the potential of apitegromab to address motor function impairments in patients with spinal muscular atrophy (SMA). The SRK-181 program for the treatment of patients with solid tumors showing primary resistance to anti-PD-(L)1 therapy remains a priority with strategic value. While investment in the existing scientific platform continues, the Company is narrowing the scope of discovery programs it expects to pursue.\n\n\n\nFocused Strategy to Increase Operational Efficiency, Reduce Cash Burn and Extend Runway. The Company today announced a restructuring of its business to prioritize and focus on its clinical stage assets resulting in a reduction to its workforce by approximately 25%, in addition to the curtailment of previously planned hiring. The reduction in operating expenses relates to general and administrative spend and research activities related to earlier stage programs. In conjunction with the pipeline prioritization, these changes are expected to extend the cash runway into the fourth quarter of 2023.\n\n\n“We are highly confident in the transformative potential of apitegromab based upon the Phase 2 TOPAZ data we have released to date. We look forward to presenting two-year extens...