Business
Aadi Bioscience Announces Financial Results for the Third Quarter of 2022 and Provides Corporate Update
Completed $72.5 million PIPE financing extending cash runway into 2025 PRECISION 1 trial on-track with preliminary data expected in the first half of 2023 24%
About this update from Whitehawk Therapeutics, Inc.
[{"type":"text","content":"Completed $72.5 million PIPE financing extending cash runway into 2025\nPRECISION 1 trial on-track with preliminary data expected in the first half of 2023\n24% revenue growth of FYARRO® (nab-sirolimus) over the second quarter 2022\nAppointment of Neil Desai to Executive Chairman and transition of Brendan Delaney to CEO effective January 1, 2023\nConference call to be held today at 8:30 am ET\nLOS ANGELES, Nov. 9, 2022 /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 third quarter of 2022.\n\"The last several months have been transformational for Aadi, most recently having strengthened our balance sheet with a $72.5 million PIPE financing. In addition, we saw continued progress in patient enrollment for the PRECISION 1 trial targeting TSC1 and TSC2 inactivating alterations, and we anticipate providing preliminary data on a meaningful number of patients from PRECISION 1 in the first half of 2023,\" said Neil Desai, Ph.D., Founder and Chief Executive Officer of Aadi. \"We also expanded our pipeline through the recent clinical collaboration with Mirati to explore the combination of nab-sirolimus with the KRAS inhibitor adagrasib, which we believe could potentially overcome tumor resistance.\"\n\"We have made great progress in the last year, positioning us well for the next phase of growth. In preparation for the advancements to come, we are also realigning our management structure. We announced last evening that I am moving into the role of Executive Chairman while our current COO, Brendan Delaney, will transition to President and CEO,\" continued Desai. \"Brendan's proven expertise, committed leadership and broad strategic vision have been key drivers of our success. Going forward, Brendan will assume leadership of the Company while my personal focus will turn toward advancement of our scientific initiatives.\"\nBrendan Delaney, current Chief Operating Officer of Aadi commented, \"It's such an exciting time at Aadi, and I couldn't be more pleased with the execution our team has demonstrated. I am honored to have been selected to lead this organization as we move forward and execute on the strat...