On August 19, 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 second quarter ended June 30, 2021 and highlighted recent corporate updates (Press release, Imago BioSciences, AUG 19, 2021, View Source [SID1234586752]).

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"2021 to date has been a transformative year for Imago BioSciences. We have made progress in advancing the clinical development of our lead product candidate bomedemstat for the treatment of blood cancers where the unmet medical need persists. Our growth was anchored by a number of key accomplishments, including our first report on the clinical activity of bomedemstat in essential thrombocythemia at the European Hematology Association (EHA) (Free EHA Whitepaper) meeting in June, as well as an update from our Phase 2 24-week myelofibrosis trial which is now fully enrolled, expanding our team, and finally, the successful completion of our IPO in July," said Dr. Hugh Y. Rienhoff, Jr., M.D, chief executive officer of Imago BioSciences. "With this momentum, we look forward to continuing enrollment in our Phase 2 trial of bomedemstat in essential thrombocythemia, COVID permitting, and providing updates on both of these ongoing company-sponsored, clinical trials before year-end."

Recent Corporate Developments and Pipeline Updates

Expanded Executive Management Team: In May 2021, Imago appointed Wan-Jen Hong, M.D., as chief medical officer. Dr. Hong joins Imago after 7 years at Genentech, where she served as Group Medical Director in their late-stage clinical development group focused on hematologic oncology.
Completed Enrollment of Phase 2 Myelofibrosis Trial: In May 2021, Imago completed enrollment of 89 patients with advanced myelofibrosis in its Phase 2, 24 week clinical trial of bomedemstat.
Presented Data from Two Phase 2 Studies of Bomedemstat at 2021 European Hematology Association (EHA) (Free EHA Whitepaper) Virtual Congress: In June 2021, Imago provided updates at the 2021 EHA (Free EHA Whitepaper) Virtual Congress on two Phase 2 clinical trials of bomedemstat, one in patients with essential thrombocythemia (ET) and the second in patients with advanced myelofibrosis (MF). The interim results demonstrate continued encouraging clinical activity and tolerability in these patient groups.
Received Orphan Designation for Bomedemstat in ET from EMA: In June 2021, Imago received orphan designation for bomedemstat for the treatment of essential thrombocythemia (ET) from the European Medicines Agency (EMA). Orphan designation by the EMA is designed to encourage the development of new treatments for life-threatening or chronically debilitating conditions affecting no more than 5 in 10,000 people in the European Union.
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.
Second Quarter 2021 Financial Results

Cash and Cash Equivalents: As of June 30, 2021, Imago had cash, cash equivalents, restricted cash and short-term investments of $81.1 million. Cash as of June 30, 2021 excludes the net proceeds of approximately $163.7 million from the IPO and private placement, after deducting underwriting discounts and commissions of $10.8 million.
Research & Development (R&D) Expenses: R&D expenses for the quarter ended June 30, 2021 were $7.1 million (including stock-based compensation expense of $0.1 million) as compared to $3.4 million for the same period in 2020. The overall increase in R&D expenses was primarily related to the Phase 2 clinical trial for ET, 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 June 30, 2021 were $1.7 million (including stock-based compensation expense of $0.3 million) as compared to $0.6 million for the same period in 2020. The overall increase in G&A expenses was primarily driven by increasing costs in connection with our preparation to become a public company.
Net Loss: Net loss for the quarter ended June 30, 2021 was $8.8 million compared to $3.7 million for the same period in 2020.