Business
Zymeworks Provides Corporate Update and Reports Third Quarter 2022 Financial Results
Announced exclusive license agreement with Jazz Pharmaceuticals to develop and commercialize zanidatamab, Zymeworks’ lead clinical candidate, for total
About this update from Zymeworks Inc.
[{"type":"text","content":"\n\nAnnounced exclusive license agreement with Jazz Pharmaceuticals to develop and commercialize zanidatamab, Zymeworks’ lead clinical candidate, for total potential payments of up to $1.76 billion, plus royalties on net sales\n\n\nHosted Early Research and Development day highlighting progress in development of product pipeline and potential applications of proprietary next-generation technology platforms\n\n\nCompleted plan to become a Delaware corporation, providing opportunities for enhanced long-term value for securityholders, simplified commercialization efforts and monetization opportunities for product candidates, and greater comparability to peers\n\n\nReported encouraging preliminary Phase 1 trial results for zanidatamab zovodotin at ESMO Congress, with zanidatamab zovodotin showing a manageable tolerability profile and promising single-agent anti-tumor activity in HER2-expressing cancers\n\n\nImproved financial position enables Zymeworks to fund planned operations through at least 2026, and potentially beyond, assuming receipt of upfront payments from Jazz as anticipated in 4Q22\n\n\nWill host conference call today, at 4:30 PM Eastern Time (ET)\n\n\n VANCOUVER, British Columbia--(BUSINESS WIRE)--\nZymeworks Inc. (NYSE: ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, today reported financial results for the third quarter ended September 30, 2022.\n\n“We have had a transformative quarter beginning with the presentation of results from our Phase 1 trial of zanidatamab zovodotin, the presentation of our early R&D day and culminating in our announcement of the zanidatamab licensing agreement with Jazz,” said Kenneth Galbraith, Chair & CEO of Zymeworks. “All of these events are important steps in our path forward over the coming years. With a zanidatamab partnership executed, our cash runway expected to be extended, and a growing portfolio of exciting preclinical product candidates, we are well situated to continue advancing the development of novel biotherapeutics and further progress towards our goal of addressing difficult to treat cancers with traditionally poor patient prognoses.”\n\nThird Quarter 2022 Business Highlights and Recent Developments\n\n\nAnnounced Exclusive Licensing Agreement for Zanidatamab with Jazz Pharmaceuticals\nThe exclusive licensing agreement to devel...