AIM ImmunoTech Inc (NYSE:AIM) closed its third quarter with a $53.7 million balance sheet as the company advances Ampligen as a therapy for locally advanced or metastatic late-stage pancreatic cancer.
“We are proud of the progress made through the third quarter,” said CEO Thomas Equels in a statement. “We continue to advance multiple clinical trials towards major inflection points that we believe will provide significant benefits for patients and drive shareholder value.”
As for Ampligen, Equels said the company strongly believes in the drug’s "tremendous market potential” for several indications.
“We have maintained a strong balance sheet, which provides us funding to execute our corporate strategy, as well as internally fund clinical trials, which should accelerate our therapeutic development. We remain very encouraged by the outlook for the business and look forward to reporting on key upcoming developments,” he said.
READ: AIM ImmunoTech submits IND and Fast Track applications for Phase 2 trial of Ampligen pancreatic cancer therapy
The company has submitted an Investigational New Drug application (IND) and an accompanying application for Fast Track status with the US Food and Drug Administration (FDA) for a planned Phase 2 study of Ampligen.
The AMP-270 clinical trial of around 250 subjects will be a randomized, open-label, controlled, parallel-arm study with the primary objective of comparing the efficacy of Ampligen when added to SOC (standard of care) versus SOC alone for subjects with advanced pancreatic carcinoma recently treated with FOLFIRINOX chemotherapy regimen. Secondary objectives include comparing safety and tolerability.
AIM ImmunoTech also provided more results of its 3Q ended September 30, 2021:
- Research and development expenses were $2 million, compared to $1.1 million in the year-ago period.
- General and administrative expenses were $1.8 million, compared to $2.1 million in the 2020 quarter.
- Net loss from operations was $3.8 million, or $0.08 per share, versus $3.3 million, or $0.08 per share, in the year-ago quarter.
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