Transgene Reports Business Update and Q3 2023 Financial Position
07 Novembro 2023 - 1:45PM
Business Wire
Transgene continues to advance its innovative immunotherapy
pipeline, with key clinical development catalysts expected in the
next 12 months
Financial visibility until the end of 2024
Regulatory News:
Transgene (Euronext Paris: TNG), a biotech company that
designs and develops virus-based immunotherapies for the treatment
of cancer, today announces its business update and its
financial position for the quarter ending September 30, 2023.
During the third quarter of 2023, Transgene’s clinical-stage
immunotherapy portfolio continued to advance. Notable progress
included the treatment of the first patient in the Part B of Phase
I trial assessing the novel oncolytic virus BT-001 in combination
with KEYTRUDA® (pembrolizumab) (NCT: 04725331).
In the next 12 months, key expected catalysts
include:
- Updated data from the ongoing Phase I trial
of the neoantigen cancer vaccine TG4050 in the adjuvant treatment
of head and neck cancer in H1 2024 and the launch of a randomized
Phase II trial in 2024, - Data read out from ongoing randomized
Phase II trial of TG4001 in HPV+ anogenital cancers in 2024, -
Completion of the Phase I trial of TG6050 administered
intravenously in non-small cell lung cancer, - The inclusion of the
last patient in the Part B of the Phase I study of BT-001 in solid
tumors in H1 2024.
Operating income
First Nine Months
Q3
In millions of euros
2023
2022
2023
2022
Revenue from collaborative and licensing
agreements
1.2
3.0
-
0.7
Government financing for research
expenditures
4.8
5.2
1.3
1.5
Other income
0.2
0.2
0.1
0.1
Operating revenue
6.2
8.4
1.4
2.3
During the first nine months of 2023, operating revenue
amounted to €6.2 million compared to €8.4 million in the same
period in 2022. They are mainly derived from the research tax
credit (€4.8 million for the first nine months of 2023, compared to
€5.2 million for the same period in 2022) and Transgene’s
collaboration agreement with AstraZeneca on the Invir.IO®
program.
Revenue from collaborative and licensing agreements amounted to
€1.2 million in the first nine months of 2023, compared with €3
million in the same period in 2022. In the first half of 2023,
AstraZeneca informed Transgene of its decision to end the
collaboration.
Cash, cash equivalents and other financial assets
Cash, cash equivalents and other financial assets stood at
€16.4 million as of September 30, 2023, compared to €26.8
million as of December 31, 2022. In the first nine months of 2023,
Transgene’s cash burn amounted to €13.8 million compared to a cash
burn of €13.3 million for the same period in 2022.
During the reporting period, the Company reached an agreement
for the sale of its remaining shares held in Tasly
BioPharmaceuticals for a total amount of US$15.3 million (€14
million). The transaction was closed in July 2023 upon receipt of
the funds.
On September 20, 2023, the Company signed a current account
advance agreement with Institut Mérieux (TSGH) for a maximum of €36
million. The credit facility has a 24-month term and Transgene
is able to draw on and repay the facility at its discretion. As of
September 30, 2023, the Company had drawn €3.4 million on this
facility.
This non-dilutive credit facility extends Transgene’s
financial visibility until the end of 2024, enabling the Company to
deliver significant milestones on key portfolio projects in the
next 12 months.
***
About Transgene Transgene (Euronext: TNG) is a
biotechnology company focused on designing and developing targeted
immunotherapies for the treatment of cancer. Transgene’s programs
utilize viral vector technology with the goal of indirectly or
directly killing cancer cells. The Company’s clinical-stage
programs consist of a portfolio of therapeutic vaccines and
oncolytic viruses: TG4050, the first individualized therapeutic
vaccine based on the myvac® platform, TG4001 for the treatment of
HPV-positive cancers, as well as BT-001 and TG6050, two oncolytic
viruses based on the Invir.IO® viral backbone. With Transgene’s
myvac® platform, therapeutic vaccination enters the field of
precision medicine with a novel immunotherapy that is fully
tailored to each individual. The myvac® approach allows the
generation of a virus-based immunotherapy that encodes
patient-specific mutations identified and selected by Artificial
Intelligence capabilities provided by its partner NEC. With its
proprietary platform Invir.IO®, Transgene is building on its viral
vector engineering expertise to design a new generation of
multifunctional oncolytic viruses. Additional information about
Transgene is available at: www.transgene.fr Follow us on social
media: X (ex-Twitter): @TransgeneSA – LinkedIn: @Transgene
Disclaimer This press release contains forward-looking
statements, which are subject to numerous risks and uncertainties,
which could cause actual results to differ materially from those
anticipated. The occurrence of any of these risks could have a
significant negative outcome for the Company’s activities,
perspectives, financial situation, results, regulatory authorities’
agreement with development phases, and development. The Company’s
ability to commercialize its products depends on but is not limited
to the following factors: positive pre-clinical data may not be
predictive of human clinical results, the success of clinical
studies, the ability to obtain financing and/or partnerships for
product manufacturing, development and commercialization, and
marketing approval by government regulatory authorities. For a
discussion of risks and uncertainties which could cause the
Company’s actual results, financial condition, performance or
achievements to differ from those contained in the forward-looking
statements, please refer to the Risk Factors (“Facteurs de Risque”)
section of the Universal Registration Document, available on the
AMF website (http://www.amf-france.org) or on Transgene’s website
(www.transgene.fr). Forward-looking statements speak only as of the
date on which they are made, and Transgene undertakes no obligation
to update these forward-looking statements, even if new information
becomes available in the future.
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version on businesswire.com: https://www.businesswire.com/news/home/20231107820443/en/
Transgene: Lucie Larguier Director Corporate
Communications & IR +33 (0)3 88 27 91 04
investorrelations@transgene.fr
Media: MEDiSTRAVA Consulting Frazer Hall/Sylvie
Berrebi +44 (0)203 928 6900 transgene@medistrava.com
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