On May 9, 2017 Aeglea BioTherapeutics, Inc., (NASDAQ:AGLE) a biotechnology company committed to developing enzyme-based therapeutics in the field of amino acid metabolism to treat rare genetic diseases and cancer, reported a corporate update and reported financial results for the first quarter ended March 31, 2017 (Press release, Aeglea BioTherapeutics, MAY 9, 2017, View Source [SID1234518984]). Schedule your 30 min Free 1stOncology Demo! "AEB1102 remains the primary focus of our clinical and preclinical work across rare genetic diseases and cancer," said David G. Lowe, Ph.D., chief executive officer of Aeglea. "We are especially pleased with recent preclinical data which demonstrated that AEB1102 was not immunosuppressive in combination with anti-PD-1 immune checkpoint inhibitors. We believe this opens a unique opportunity at the intersection of tumor metabolism and existing or emerging therapies in immuno-oncology."
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Recent Highlights
Presented preclinical data at the 2017 American Association of Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting demonstrating that reducing systemic arginine with AEB1102 did not suppress the immune response induced by anti-PD-1 and anti-PD-L1, and exerted an additive anti-tumor and synergistic survival benefit.
Expanded research and development capabilities with the opening of an internal laboratory at Aeglea in Austin, TX.
Upcoming Events
David G. Lowe, Ph.D., chief executive officer of Aeglea, will present a corporate update at the UBS 2017 Global Healthcare Conference being held May 22 – 24, 2017 in New York City.
First Quarter 2017 Financial Results At March 31, 2017, Aeglea had available cash, cash equivalents and marketable securities of $57.9 million. Based on Aeglea’s current operating plan, management believes that it has sufficient capital resources to fund anticipated operations through March 31, 2019. Aeglea recognized grant revenues of $1.0 million in the first quarter of 2017, compared with $0.9 million in the first quarter of 2016. The grant revenues are the result of a $19.8 million research grant received from the Cancer Prevention and Research Institute of Texas (CPRIT). The increase was primarily due to higher qualifying expenditures associated with AEB1102 for grant-related clinical trials. Research and development expenses totaled $4.9 million for the first quarter of 2017, compared with $3.6 million for the first quarter of 2016. The increase was primarily associated with hiring additional personnel to expand Aeglea’s internal regulatory, laboratory, and clinical development capabilities. General and administrative expenses totaled $2.3 million for the first quarter of 2017, compared to $1.8 million in the first quarter of 2016. This increase was primarily due to additional compensation and personnel costs, and increased costs associated with operating as a public company. Net loss totaled $6.2 million and $4.5 million for the first quarter of 2017 and 2016, respectively.