Business
Terns Reports Fourth Quarter and Full Year 2020 Financial Results and Provides Corporate Update
-Terns ended 4Q 2020 with $75 million in cash and cash equivalents and completed an upsized initial public offering in February 2021, raising approximately
About this update from Terns Pharmaceuticals, Inc.
[{"type":"text","content":"-Terns ended 4Q 2020 with $75 million in cash and cash equivalents and completed an upsized initial public offering in February 2021, raising approximately $147 million in gross proceeds to support operations into 2024- -Top-line data from the ongoing Phase 2a LIFT study of TERN-101 expected in July 2021; data from the recently initiated Phase 1 trial of TERN-501 expected in 2H 2021- FOSTER CITY, Calif., March 30, 2021 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis (NASH) and other chronic liver diseases, today reported financial results for the fourth quarter and full year ended December 31, 2020 and provided a corporate update. 2020 Business Highlights and Recent Developments TERN-101 - Liver-distributed farnesoid X receptor (FXR) agonist Completed patient enrollment in the Phase 2a LIFT study in January 2021; reported final results from a Phase 1 clinical trial, which confirmed sustained liver FXR activation and a favorable tolerability profile TERN-201 - Vascular adhesion protein-1 (VAP-1) inhibitor Reported positive results from the completed Phase 1 SAD/MAD clinical trial that demonstrated robust and sustained target engagement and tolerability TERN-501 - Thyroid hormone receptor-beta (THR-β) agonist Initiated dosing in a first-in-human Phase 1 SAD/MAD clinical trial Expanded board of directors Appointed three industry leaders to the board of directors: David Fellows, most recently Chief Executive Officer (CEO) of Nightstar Therapeutics, Jeff Kindler, CEO of Centrexion Therapeutics and former CEO of Pfizer, and Jill M. Quigley Chief Operating Officer at Passage Bio Key management team appointments Added Senthil Sundaram, formerly Chief Financial Officer (CFO) of Nightstar Therapeutics, as CEO and Board Director, Mark Vignola, Ph.D., formerly CFO of Applied Therapeutics, as CFO, and Bryan Yoon, formerly Chief Administrative Officer, General Counsel and Secretary of LogicBio Therapeutics, as Chief Operating Officer and General Counsel, and promoted Erin Quirk, M.D., to President Strengthened balance sheet Closed an $87 million Series C financing led by Deerfield Management Company alongside a strategic...