On November 10, 2021 Imago BioSciences, Inc. ("Imago") (Nasdaq: IMGO), a clinical-stage biopharmaceutical company discovering new medicines for the treatment of myeloproliferative neoplasms (MPNs), reported financial results for the third quarter ended September 30, 2021 and highlighted recent corporate updates (Press release, Imago BioSciences, NOV 10, 2021, View Source [SID1234595099]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

"Over the third quarter we have built upon the momentum of our recent initial public offering and concurrent private placement that resulted in gross proceeds of $174.6 million to advance our novel LSD1 inhibitor, bomedemstat (IMG-7289), for the treatment of hematologic diseases of the bone marrow. We are also pleased to have been added to the Russell 2000 Index in late September, which has driven greater market awareness of Imago," said Dr. Hugh Y. Rienhoff, Jr., M.D, Chief Executive Officer of Imago BioSciences. "We are thrilled to have completed enrollment in our Phase 2 trial of bomedemstat for the treatment of myelofibrosis and look forward to providing data updates on this Phase 2 trial, along with our Phase 2 trial of bomedemstat for the treatment of essential thrombocythemia this year."

Recent Corporate Developments and Pipeline Updates

Announced Oral Data Presentations at the Upcoming 63rd American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting and Exposition. In November 2021, Imago announced that two abstracts have been accepted for oral presentation at the ASH (Free ASH Whitepaper), to be held December 11-14, 2021: "A Phase 2 Study of the LSD1 Inhibitor IMG-7289 (bomedemstat) for the Treatment of Advanced Myelofibrosis"; and "A Phase 2 Study of the LSD1 Inhibitor IMG-7289 (bomedemstat) for the Treatment of Essential Thrombocythemia (ET)".
Russell 2000 Index Inclusion: In September 2021, Imago announced its inclusion in the Russell 2000 Index as part of the Index’s quarterly IPO additions.
Granted Orphan Drug Designation for Bomedemstat in Essential Thrombocythemia (ET) from the European Medicines Agency (EMA): In July 2021, Imago announced that its lead asset, bomedemstat, was granted Orphan Drug Designation by the EMA for the treatment of ET. Under Orphan Drug Designation, bomedemstat potentially qualifies for incentives such as 10 years of market exclusivity, reduced fees for regulatory activities, and protocol assistance.
Successful Completion of Initial Public Offering (IPO): In July 2021, Imago completed an initial public offering and concurrent private placement with Pfizer resulting in gross proceeds of $174.6 million.
Third Quarter 2021 Financial Results

Cash and Cash Equivalents: As of September 30, 2021, Imago had cash, cash equivalents, restricted cash and short-term investments of $230.4 million.
Research & Development (R&D) Expenses: R&D expenses for the quarter ended September 30, 2021 were $8.7 million (including stock-based compensation expense of $0.2 million) as compared to $3.6 million for the same period in 2020. The overall increase in R&D expenses was related to the continuation of the Phase 2 clinical studies in ET and MF, as well as startup costs for a Phase 2 extension study to accommodate those patients who wish to continue to receive bomedemstat, continued development of commercial material and material to support the ongoing and new clinical trials, and salaries and non-cash stock-based compensation expense for R&D employees as we ramped up our operations.
General and Administrative (G&A) Expenses: G&A expenses for the quarter ended September 30, 2021 were $3.0 million (including stock-based compensation expense of $0.5 million) as compared to $0.7 million for the same period in 2020.
Net Loss: Net loss for the quarter ended September 30, 2021 was $11.7 million compared to $4.3 million for the same period in 2020.