Business
Vir Biotechnology Reports Second Quarter 2024 Financial Results and Announces Strategic Restructuring to Prioritize Clinical-Stage Pipeline Opportunities
– Positive preliminary Phase 2 chronic hepatitis delta study data presented at EASL™ Congress 2024, FDA IND clearance with Fast Track Designation received
About this update from Vir Biotechnology, Inc.
[{"type":"text","content":"\n– Positive preliminary Phase 2 chronic hepatitis delta study data presented at EASL™ Congress 2024, FDA IND clearance with Fast Track Designation received underscoring the potential of combination therapy –\n\n\n– Exclusive license agreement with Sanofi bolsters clinical pipeline –\n\n\n– Strategic workforce restructuring and phasing out of influenza, COVID-19, and the Company’s T cell-based viral vector platform programs –\n\n\n– $1.43 billion in cash, cash equivalents and investments as of June 30, 2024 –\n\n\n– The Company lowers full-year 2024 operating expense guidance –\n\n\n– Conference call scheduled for August 1, 2024 at 1:30 p.m. PT / 4:30 p.m. ET –\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nVir Biotechnology, Inc. (Nasdaq: VIR) today provided a corporate update and reported financial results for the second quarter ended June 30, 2024.\n\n\n“The positive preliminary SOLSTICE Phase 2 study together with the recent FDA IND clearance and Fast Track designation for tobevibart and elebsiran for the treatment of chronic hepatitis delta infection highlight the encouraging momentum we’re building towards addressing the substantial unmet medical need for patients affected by this life-threatening disease,” said Marianne De Backer, M.Sc., Ph.D., MBA, Vir’s Chief Executive Officer. “In addition, we are taking decisive steps to strategically restructure our organization and prioritize our resources to focus on the highest value near-term opportunities. These key strategic decisions will enable us to drive sustainable growth and accelerate patient impact as we advance in our mission of powering the immune system to transform lives.”\n\n\nPipeline Programs\n\n\nChronic Hepatitis Delta (CHD)\n\n\n\nThe Company presented positive preliminary Phase 2 chronic hepatitis delta SOLSTICE study data at the European Association for the Study of the Liver, EASL™ Congress 2024.\n\n\nTobevibart monotherapy and combination therapy with elebsiran achieved high virologic response and ALT normalization in people living with the hepatitis delta virus after 12 and 24 weeks of treatment.\n\n\n\nComplete 24-week treatment data on the approximately 60 participants is on track to be reported in the fourth quarter of 2024.\n\n\n\n\n\n\nOn June 26, the U.S. Food and Drug Administration (FDA) cleared the Company's investigational new drug (IND) application an...