TRACON Pharmaceuticals (NASDAQ:TCON) Inc CEO Charles Theuer said the biopharmaceutical company remains on track to release interim efficacy data from its recently approved amended ENVASARC protocol, using a higher dose of envafolimab, later this year.
“We are pleased with the pace of enrollment under the amended ENVASARC protocol and remain on track to deliver interim efficacy data in the second half of this year,” Theuer said in a statement accompanying the firm's 1Q results.
In the statement, the company highlighted upcoming milestones for 2022 including reporting the International Chamber of Commerce Arbitration Panel’s binding decisions on the legal disputes involving the TJ4309 and bispecific antibody agreements with I-Mab, and initiating dosing of a randomized Phase 2 trial of TRC102 in locally advanced non-small cell lung cancer sponsored and funded by the National Cancer Institute.
READ: TRACON Pharmaceuticals receives amended ENVASARC protocol approval for its US and UK clinical sites
“We also continue preparations to initiate dosing of the Phase 1/2 clinical trial of envafolimab with our potential best-in-class CTLA-4 antibody, YH001, as well as doxorubicin chemotherapy in the second half of 2022,” Theuer added.
The company said it expects its current cash and cash equivalents will fund its operations into 2023, reporting cash, cash equivalents and short-term investments of $16.6 million for 1Q 2022.
For the quarter ending March 31, 2022, the company increased its research and development expenditure to $3 million, up from $2.3 million for 1Q 2021.
General and administrative expenses for the first quarter were $6.5 million, compared to $2.7 million for the same period in 2021 which the company attributed to legal expenses incurred due to the arbitration hearing held in February 2022 with I-Mab related to the TJ4309 and bispecific antibody agreements.
TRACON said it expected its general and administrative expenses to decrease significantly for the remainder of the year.
The company reported a net loss for the quarter of $9.5 million compared to $5.1 million for the same period in 2021.
TRACON Pharmaceuticals (NASDAQ:TCON) is a clinical stage biopharmaceutical company developing targeted therapies for cancer utilizing a capital efficient, CRO independent, product development platform.
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