AIM ImmunoTech Inc (NYSE:AIM) said it has a “strong” balance sheet that will fund operations and clinical development programs through 2023.
Reporting its financial results for 2021, the Florida-based company said it ended the year with cash and cash equivalents of $48.3 million as it advances its flagship drug candidate Ampligen (rintatolimod) to treat cancers, viral diseases and disorders of the immune system.
AIM CEO Thomas Equels called 2021 “an important, foundational year” for the company.
“Our oncology pipeline continued to develop and generate important data across our clinical programs. This progress has substantially and positively impacted our growing body of data - data which continues to be consistent with key findings across multiple indications,” he said in the statement.
READ: AIM ImmunoTech wins IND clearance to proceed with Phase 2 study of Ampligen for treating locally advanced pancreatic cancer
“Importantly, this data provides valuable guidance as we are identifying the clear pathways for next steps with Ampligen, as a monotherapy as well as its utility as a combination therapy, in high-value indications with the potential to fill significant gaps in various treatment paradigms,” Equels added.
Looking ahead to the rest of 2022 and beyond, the company said it expects to continue advancing it oncology-focused pipeline as it has positioned itself to achieve multiple clinical and regulatory value-driving milestones.
Recent 2022 highlights include:
- Received notification from the US Food and Drug Administration that the agency’s Clinical Hold on AIM's investigational new drug (IND) application for a Phase 2 study of Ampligen as a therapy for locally advanced pancreatic cancer (AMP-270) has been lifted and the company may proceed with the study.
- Announced the publication of positive data from a single-center, named-patient program treating advanced and metastatic pancreatic cancer patients.
- Announced the strategic sale of its facility located in New Brunswick, New Jersey for a purchase price of $3.9 million.
- Appointed Robert Dickey IV as CFO, effective April 4, 2022.
- Announced the publication of positive results from Phase 1/2 study of intraperitoneal chemo-immunotherapy in advanced recurrent ovarian cancer.
"So far in 2022, Ampligen data has been published in peer-reviewed journals and multiple abstracts and posters have been accepted at prestigious scientific congresses, representing noteworthy progress across our pipeline,” Equels said.
"Over the course of 2022, we expect to achieve a number of additional potentially value-driving clinical, regulatory and operational catalysts. Our team is laser-focused on executing our strategy and propelling AIM toward its next phase of growth.”
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