TRACON Pharmaceuticals (NASDAQ:TCON) reported that it ended its second-quarter 2021 with cash and equivalents of $25.6 million as of June 30, 2021, which doesn’t include proceeds from its $15 million underwritten public offering in July.
The company noted it now has sufficient funds to sustain its operations into 2023.
“We remain on track to announce interim efficacy data from the pivotal ENVASARC trial by the end of this year and final data in 2022,” TRACON Pharmaceuticals (NASDAQ:TCON) CEO Charles Theuer said in a statement.
READ: TRACON says ENVASARC trial to proceed as planned after second Independent Data Monitoring Committee recommendation
“Last week the IDMC recommended the study proceed as planned following review of interim safety data and we will continue to focus our efforts on enrolling this pivotal trial,” Theuer added.
TRACON also noted other expected key upcoming company milestones, including:
- Request US Food and Drug Administration (FDA) breakthrough therapy designation or fast track designation for envafolimab by end of 2021, assuming positive interim efficacy data
- Decision on the envafolimab New Drug Application in MSI-H/dMMR cancer that is under priority review by the Chinese National Medical Products Administration
The company added its general and administrative expenses for 2Q increased to $6.1 million from $2.1 million a year earlier, due primarily to one-time legal costs, and said it expects this past quarter’s expenses to be the high point for this year.
TRACON Pharmaceuticals (NASDAQ:TCON) has positioned itself as a collaboration partner that leads the regulatory filings, clinical trials, as well as US commercialization of best-in-class drug candidates, as an alternative to expensive contract research organization-based development.
Contact Sean at sean@proactiveinvestors.com