Business
Tempest Reports Second Quarter 2021 Financial Results and Provides Corporate Highlights
Closed merger transaction resulting in public listing (TPST)Closed $30M PIPE, extending runway into Q1’23Advancing TPST-1495 and TPST-1120 into targeted
About this update from Tempest Therapeutics, Inc.
[{"type":"text","content":" Closed merger transaction resulting in public listing (TPST)Closed $30M PIPE, extending runway into Q1’23Advancing TPST-1495 and TPST-1120 into targeted patient populationsAdvanced TREX-1 program to potent lead series with in vivo efficacy SOUTH SAN FRANCISCO, Calif., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Tempest Therapeutics, Inc. (Nasdaq: TPST), a clinical-stage oncology company developing potentially first-in-class therapeutics that combine both targeted and immune-mediated mechanisms, today reported financial results and provided a corporate update for the second quarter ended June 30, 2021. “The second quarter of 2021 was an exciting period as Tempest became a public company and the team drove progress in all three of our novel programs,” said Steve Brady, chief executive officer of Tempest. “We look forward to the planned opening of the TPST-1120 randomized study in first line hepatocellular carcinoma in collaboration with Roche and the first combination study of TPST-1495, and remain focused on delivering potentially value-creating milestones over the next year and beyond.” Recent Highlights Public Company Transition: successfully closed merger and concurrent PIPE financing, allowing Tempest to become a public company listed on the Nasdaq Capital Market, and extending runway into 2023 through multiple potential catalysts.TPST-1495 (clinical dual EP2/4 prostaglandin receptor antagonist): continued enrollment in monotherapy dose optimization towards recommended Phase 2 dose (“RP2D”).TPST-1120 (clinical PPARα antagonist): (i) completed monotherapy dose escalation and selected 600mg BID as RP2D; (ii) observed stable disease (“SD”) in 50% of the monotherapy-treated patients, including prolonged SD in patients with refractory cholangiocarcinoma; and (iii) observed a deep, confirmed partial response in a patient with checkpoint inhibitor-refractory fourth line renal cell carcinoma in the combination study with nivolumab (->60% by RECIST 1.1, durable through 4 scans and ongoing).TREX-1 Inhibitor (preclinical, tumor-selective STING pathway activator): (i) progressed lead series to picomolar IC50 potency in biochemical assays; and (ii) demonstrated significant proof of concept in a mouse tumor model with systemic delivery of a lead series molecule.Board of Directors: Christine Pellizzari, J.D., Geoff Nichol, M.B., Ch.B., M.B.A., and R...