Business
Solid Biosciences Provides Fourth Quarter and Full-Year 2022 Business Update and Financial Results
- Completed the acquisition of AavantiBio, creating a precision genetic medicines company with a focus on cardiac and neuromuscular diseases; Closed
About this update from Solid Biosciences Inc.
[{"type":"text","content":"- Completed the acquisition of AavantiBio, creating a precision genetic medicines company with a focus on cardiac and neuromuscular diseases; Closed concurrent $75 million private placement - - Company remains on track to submit IND for SGT 003, a next-generation gene therapy for patients with Duchenne; Anticipated dosing in late – 2023, subject to IND clearance - - Company ends 2022 with approximately $213.7 million in cash and investments; Anticipated cash runway into 2025 - CHARLESTOWN, Mass., March 23, 2023 (GLOBE NEWSWIRE) -- Solid Biosciences Inc. (Nasdaq: SLDB), a life sciences company developing genetic medicines for neuromuscular and cardiac diseases, today reported financial results for the fourth quarter and full year ended December 31, 2022, and provided a business update. “Following Solid Biosciences’ merger with AavantiBio and concurrent financing, Solid enters 2023 with an expanded pipeline encompassing both neuromuscular and cardiac indications, a proprietary capsid library and in-house manufacturing with a vector core, an experienced management team, and approximately $214 million of cash and investments. Our anticipated financial runway goes into 2025, and we are well-positioned to execute on our priorities and achieve key clinical milestones,” said Bo Cumbo, President, and CEO of Solid Biosciences. The company is on track for an anticipated Investigational New Drug (IND) submission for SGT-003 in the second half of 2023 and, subject to IND clearance, the first patient dosing in late-2023. In addition, preclinical programs continue to progress in other neuromuscular and cardiac indications. Recent Company Announcements On March 19, Solid presented one-year post-treatment data relating to safety, efficacy and microdystrophin expression in muscle biopsies for patients enrolled in the IGNITE DMD Phase I/II clinical trial evaluating SGT-001 in a poster presentation at the Muscular Dystrophy Association Clinical and Scientific Conference. Other than the required ongoing observation of patients in IGNITE DMD and the completion of already in process preclinical experiments, the SGT-001 program has concluded. The Company is advancing SGT-003, a next generation gene therapy for patients with Duchenne. On January 10, 2023, Solid outlined its strategic priorities at the J.P. Morgan Healthcare Conference. The company’s cor...