Business
TScan Therapeutics Reports Third Quarter 2022 Financial Results and Provides Business Update
Four sites for hematologic malignancies program open and enrolling patients Completed pre-IND meeting with the FDA for solid tumor program; virtual investor
About this update from Tscan Therapeutics, Inc.
[{"type":"text","content":"Four sites for hematologic malignancies program open and enrolling patients Completed pre-IND meeting with the FDA for solid tumor program; virtual investor event Monday, November 14, at 5:00 PM ET to highlight clinical trial design Ended quarter with cash and cash equivalents of $137.3 million, funding operations into 2Q’24 WALTHAM, Mass., Nov. 09, 2022 (GLOBE NEWSWIRE) -- TScan Therapeutics, Inc. (Nasdaq: TCRX), a clinical-stage biopharmaceutical company focused on the development of T cell receptor (TCR)-engineered T cell therapies (TCR-T) for the treatment of patients with cancer, today reported financial results and provided a business update for the third quarter ended September 30, 2022. “We continued to make meaningful progress across the entirety of our pipeline during the third quarter and look forward to providing an update on our Phase 1 clinical trial by the end of this year. We plan to commence clinical development for the solid tumor program with multiple TCRs next year,” said David P. Southwell, President and Chief Executive Officer. “On the financing side, we are pleased to have secured a debt facility for up to $60 million with K2 HealthVentures during the third quarter. The initial $30 million that we drew at the close provides TScan with a cash runway into the second quarter of 2024.” Debora Barton, M.D., Chief Medical Officer added: “Based on recent FDA interactions, we have a clear path to file INDs for multiple solid tumor TCRs and to conduct a Phase 1 umbrella trial which will enable us to bring our ImmunoBank of highly selective TCRs to patients. We look forward to sharing further details on our solid tumor program development plans during a virtual event later this month.” Recent Corporate Highlights During the quarter TScan announced the closing of a convertible debt facility for up to $60 million with K2 HealthVentures (K2HV). The initial $30 million provided at close, in addition to the current cash on hand, extends the Company’s cash runway into the second quarter of 2024. The Company has the option to draw the remaining tranches subject to certain conditions and by mutual agreement of TScan and K2HV to further support development of additional programs and/or business development. TScan will present two posters at the Society for Immunotherapy of Cancer (SITC) 37th Annual Meeting: Multiplexed TCR-T...