Business
Seres Therapeutics Reports First Quarter 2023 Financial Results and Provides Business Updates
– VOWST™ microbiota-based therapeutic approved for prevention of recurrence of C. difficile infection in adults following antibacterial treatment for
About this update from Seres Therapeutics, Inc.
[{"type":"text","content":"\n– VOWST™ microbiota-based therapeutic approved for prevention of recurrence of C. difficile infection in adults following antibacterial treatment for recurrent CDI; product availability expected in June –\n\n\n– New SER-155 Phase 1b Cohort 1 clinical data show favorable tolerability, successful drug bacteria engraftment and a significant reduction in pathogen domination in the gastrointestinal microbiome; Cohort 2 data readout anticipated in mid-2024 –\n\n\n– Strengthened balance sheet with up to $250 million debt facility with Oaktree, Seres received $110 million upon agreement closing; Seres to receive $125 million milestone payment from Nestlé Health Science related to VOWST approval –\n\n\n– Conference call at 8:30 a.m. ET today –\n\n\n CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nSeres Therapeutics, Inc. (Nasdaq: MCRB), a leading microbiome therapeutics company, today reported first quarter 2023 financial results and provided business updates.\n\n\n“We were thrilled to recently announce the FDA approval of VOWST, the first and only FDA-approved orally administered microbiota-based therapeutic, and with the favorable label indication received from the FDA. Adult recurrent C. difficile infection patients who could benefit from using VOWST, per the label, can access it, including those with first recurrence. The approval of VOWST marks Seres’ transformation to a commercial organization and provides definitive validation of the promise of our microbiome technology platform,” said Eric Shaff, President and Chief Executive Officer at Seres. “We are looking forward to launching VOWST in the United States in June alongside our collaborator, Nestlé Health Science.\n\n\n“We also continue to advance our earlier-stage pipeline, including SER-155, designed to prevent infections and/or graft-versus-host disease in patients undergoing allogeneic hematopoietic stem cell transplant, or allo-HSCT. We are also very pleased to report today new Phase 1b data from study Cohort 1 that support our therapeutic objective of reducing serious enteric infections, resulting bloodstream infections and GvHD. These encouraging initial data support the continued development in the ongoing placebo-controlled study Cohort 2.\n\n\n“Finally, we have substantially strengthened our balance sheet and expect to further enhance our cash position with the receipt of a $125...