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Aadi Bioscience Announces Financial Results for the Fourth Quarter and Full-Year 2022 and Provides Corporate Update
Total revenue on FYARRO® sales of $15.2 million for FY 2022 PRECISION 1 trial preliminary data expected in the second quarter of 2023 Conference call to be
About this update from Whitehawk Therapeutics, Inc.
[{"type":"text","content":"Total revenue on FYARRO® sales of $15.2 million for FY 2022\nPRECISION 1 trial preliminary data expected in the second quarter of 2023\nConference call to be held today at 8:30 am EDT\nLOS ANGELES, March 28, 2023 /PRNewswire/ -- Aadi Bioscience, Inc. (NASDAQ: AADI), a biopharmaceutical company focused on developing and commercializing precision therapies for genetically defined cancers with alterations in mTOR pathway genes, today provided a corporate update and announced financial results for the fourth quarter and full-year 2022.\n\"2022 was a year marked by successive milestones with the launch of FYARRO, the start of the PRECISION 1 trial, strengthening our balance sheet with a $72.5 million financing, taking our cash runway into 2025, and collaborating on a new combination of nab-sirolimus with Mirati's adagrasib,\" said Scott Giacobello, CFO and interim President and CEO of Aadi Bioscience. \"We look forward to another year of advancements as we enter 2023 including the progression in our first collaboration, which is expected to initiate in the second quarter. As planned, we will provide preliminary data on patients in the PRECISION 1 trial in the second quarter of 2023.\"\nFourth Quarter 2022 Updates and Recent Operational Highlights\nFYARRO net product sales were $5.2 million in the fourth quarter, or 23% sequential growth quarter-over-quarter, and were $15.2 million for full-year 2022, representing 10 months of sales.Continued advancement of the PRECISION 1 registrational-directed trial in patients with tumor agnostic TSC1 and TSC2 inactivating alterations is advancing with continued enrollment and the Company plans to provide preliminary data on a meaningful number of patients in the second quarter of 2023.Announced the appointment of Mohammad Hirmand, M.D., to Board of Directors. Dr. Hirmand is the co-founder of Avenzo Therapeutics, Inc., and serves as executive vice president and chief medical officer of this privately held biotechnology company focused on oncology therapeutics. Previously, Dr. Hirmand served as executive vice president and chief medical officer of Turning Point Therapeutics, a publicly traded precision oncology company, where he was responsible for clinical development, clinical operations and regulatory affairs, from December 2019 until its acquisition by Bristol Myers Squibb in August 2022.Closed...