Business
Aeglea BioTherapeutics Reports Second Quarter 2023 Financial Results
Acquisition of Spyre's assets and concurrent oversubscribed $210.0 million private investment positions the company to advance a potentially best-in-class
About this update from Spyre Therapeutics, Inc.
[{"type":"text","content":"Acquisition of Spyre's assets and concurrent oversubscribed $210.0 million private investment positions the company to advance a potentially best-in-class inflammatory bowel disease (IBD) portfolio, including α4b7 and TL1A programs\nSale of legacy pipeline candidate, pegzilarginase, further streamlines operations and increases focus on IBD strategy\n$236.7 million of cash and cash equivalents and restricted cash as of June 30, 2023\nWALTHAM, Mass., Aug. 11, 2023 /PRNewswire/ -- Aeglea BioTherapeutics, Inc. (\"Aeglea\" or the \"Company\") (NASDAQ:AGLE), a biotechnology company advancing a pipeline of antibody therapeutics with the potential to transform the treatment of inflammatory bowel disease (\"IBD\"), today announced second quarter 2023 financial results and provided program and corporate updates.\n\"With the acquisition of Spyre Therapeutics and concurrent financing, we are in a privileged position to create meaningful new medicines for patients with IBD and build an industry-leading development organization,\" said Cameron Turtle, DPhil, Chief Operating Officer of Aeglea. \"Our pipeline of differentiated and potentially best-in-class IBD programs, including a4b7 and TL1A, combined with a strategy to investigate therapeutic combinations and precision medicine approaches, offers the possibility to transform the treatment of this chronic and debilitating disease.\"\n\"In parallel, we have made significant progress streamlining the organization with the sale of pegzilarginase and pivoting our operations and strategy around the new IBD assets,\" said Jonathan Alspaugh, President and Chief Financial Officer of Aeglea. \"We are working to rapidly advance our co-lead product candidates with an expectation of initiating clinical studies for both SPY001 and SPY002 in 2024.\"\nRecent Program and Corporate Updates \nCorporate\nCompleted the asset acquisition (the \"Acquisition\") of Spyre Therapeutics, Inc. (\"Spyre\"), a privately held biotechnology company with a pipeline of antibody therapeutics possessing the potential to transform the treatment of IBD alongside its research partner, Paragon Therapeutics, Inc. (\"Paragon\")Raised $210.0 million in gross proceeds (before deducting approximately $12.7 million in placement fees and other offering expenses) through a sale of Series A non-voting convertible preferred stock (the \"Seri...