Business
Zura Bio Reports First Quarter 2024 Financial Results and Recent Business Highlights
Ended Q1 2024 with $89.8 million in cash and closed oversubscribed $112.5 million private placement in April 2024 from new and existing leading life sciences
About this update from Zura Bio Limited
[{"type":"text","content":"\n\nEnded Q1 2024 with $89.8 million in cash and closed oversubscribed $112.5 million private placement in April 2024 from new and existing leading life sciences institutional investors\n\n\n\nAppointed Robert Lisicki as CEO and Kiran Nistala, M.B.B.S., Ph.D. as CMO\n\n\n\nOn track to initiate Phase 2 studies evaluating tibulizumab (ZB-106) for the treatment of systemic sclerosis (SSc) in Q4 2024 and hidradenitis suppurativa (HS) in Q2 2025\n\n\n\nProjected cash runway extends support for operations through 2027 with the recent private placement factored in\n\n\n\n HENDERSON, Nev.--(BUSINESS WIRE)--\nZura Bio Limited (Nasdaq: ZURA) (“Zura Bio”), a clinical stage, multi-asset immunology company developing novel dual-pathway antibodies for autoimmune and inflammatory diseases, today reported its first quarter 2024 financial results, and recent business highlights.\n\n\n\"Our recent financial and business highlights demonstrate how we continue to strengthen the company for future success. Our leadership additions and oversubscribed $112.5 million private placement lay the groundwork for operational success and provide cash runway through 2027. The private placement by leading life sciences investors emphasizes the confidence in our pipeline of novel, dual-pathway antibodies for autoimmune and inflammatory diseases,” stated Robert Lisicki, CEO of Zura Bio. “We remain focused on the design and on-time execution of our tibulizumab development program with a goal to introduce best in-class therapies to people living with SSc and HS. These are two underserved therapeutic areas where patients may realize the benefit of tibulizumab’ s dual-pathway approach, targeting IL-17 and BAFF.”\n\n\nRECENT BUSINESS AND FINANCIAL HIGHLIGHTS\n\n\nRaised gross proceeds of approximately $112.5 million in an oversubscribed private placement, which are expected to:\n\n\n\nSupport the accelerated development of tibulizumab, including the planned Phase 2 clinical trial in SSc, and the initiation of a Phase 2 trial evaluating the dual-pathway antibody for the treatment of HS.\n\n\n\nExtend cash runway through 2027.\n\n\n\nAppointed new members to the Executive Management team and Board who bring extensive experience and proven track records in drug and business development.\n\n\n\nIn April 2024, Robert Lisicki was appointed Chief Executive Officer, succeedin...