ALX Oncology Provides Corporate Update and Highlights Key Milestones in 2021
January 11 2021 - 7:00AM
ALX Oncology Holdings Inc., (“ALX Oncology”) (Nasdaq: ALXO), a
clinical-stage immuno-oncology company developing therapies that
block the CD47 checkpoint pathway, today provided a corporate
update and highlighted key milestones anticipated in 2021.
“2020 was a year of numerous corporate and clinical
accomplishments. Following our successful IPO in July and upsized
secondary offering last month, we secured gross proceeds of
approximately $394 million which provides the cash to fund our
clinical development plans through 2024. During the year, we
initiated several clinical trials evaluating our lead candidate,
ALX148, in both hematologic and solid tumors and were highly
encouraged by the multiple data readouts in patients with HER2
positive gastric/gastroesophageal junction cancer and head and neck
cancer that were recently reported at 35th Annual SITC meeting,”
said Jaume Pons, Ph.D., Founder, President and Chief Executive
Officer of ALX Oncology.
“2021 is expected to be another exciting and productive year
with additional clinical trial initiations and data readouts that
we expect to further validate and distinguish ALX148 from other
CD47 targeted approaches. We also look forward to initiating our
collaboration with Zymeworks to evaluate ALX148 in combination with
zanidatamab and providing additional updates on our development
programs during the year,” Dr. Pons stated.
Anticipated Key Milestones for 2021
• Phase 1b full data read out for ALX148 in combination with
Merck’s Keytruda® (pembrolizumab) and chemotherapy for the
treatment of patients with head and neck squamous cell carcinoma
(HNSCC) is planned in the first half of 2021.
• Initiation of two randomized Phase 2 studies for ALX 148 in
combination with Keytruda in patients with HNSCC are planned in the
first half of 2021. The first study (ASPEN-03) will evaluate the
efficacy of ALX148 in combination with KEYTRUDA for the first line
treatment of patients with PD-L1 expressing metastatic or
unresectable, recurrent HNSCC. The second study (ASPEN-04) will
evaluate ALX148 in combination with KEYTRUDA and standard
chemotherapy for the first line treatment of patients with
metastatic or unresectable, recurrent HNSCC.
• Initiation of a Phase 1b clinical trial in the first half of
2021 with ALX148 in combination with Zymeworks’ zanidatamab in
patients with advanced HER2-expressing breast cancer and other
solid tumors.
• Initiation of a Phase 1 clinical trial evaluating ALX148 in
combination with azacitidine and venetoclax in acute myeloid
leukemia (AML) (ASPEN-05) patients in the second half of 2021.
• Initiation of a randomized Phase 2 trial of ALX148 in
combination with Herceptin® (trastuzumab), Cyramza® (ramucirumab)
and paclitaxel in patients with 2nd line or greater
gastric/gastroesophageal junction cancer (ASPEN-06) is expected in
the second half of 2021.
• Results of a Phase 1 clinical trial of ALX 148 in combination
with azacitidine in patients with myelodysplastic syndromes (MDS)
and the initiation of the Phase 2 clinical trial in MDS (ASPEN-02)
are expected in the fourth quarter 2021.
• Announcements of potential initiation of additional clinical
trials and investigator sponsored trials in additional solid tumor
indications are expected during 2021.
Cash Position and Financial Guidance
ALX Oncology ended the third quarter of 2020 with approximately
$259.5 million in cash, cash equivalents. In December, ALX Oncology
completed an upsized public offering of common stock which raised
gross proceeds of $208 million including the exercise of the
underwriters’ option to purchase additional shares. The Company
expects that its cash and cash equivalents will be sufficient to
fund its planned operations through 2024.
Upcoming Presentation at 39th
Annual J.P. Morgan Healthcare Conference
ALX Oncology will present at the 39th Annual J.P. Morgan
Healthcare Conference on Tuesday, January 12, 2021 at 10:50 AM
Eastern Time. A live webcast of the presentation can be accessed
here or by visiting the Investors section of ALX Oncology’s
website at www.alxoncology.com and selecting Events under the News
and Events tab. A replay of the webcast will be archived for up to
90 days following the presentation dates.
About ALX Oncology
ALX Oncology is a publicly traded, clinical-stage
immuno-oncology company focused on helping patients fight cancer by
developing therapies that block the CD47 checkpoint pathway and
bridge the innate and adaptive immune system. ALX Oncology’s lead
product candidate, ALX148, is a next generation CD47 blocking
therapeutic that combines a high-affinity CD47 binding domain with
an inactivated, proprietary Fc domain. ALX148 has demonstrated
promising clinical responses across a range of hematologic and
solid malignancies in combination with a number of leading
anti-cancer agents. ALX Oncology intends to continue clinical
development of ALX148 for the treatment of a range of solid tumor
indications as well as MDS and AML. For more information, please
visit ALX Oncology’s website at www.alxoncology.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Such forward-looking statements are based on ALX
Oncology’s beliefs and assumptions and on information currently
available to it on the date of this press release. Forward-looking
statements may involve known and unknown risks, uncertainties and
other factors that may cause ALX Oncology’s actual results,
performance or achievements to be materially different from those
expressed or implied by the forward-looking statements. These
statements include but are not limited to statements regarding ALX
Oncology’s clinical pipeline and the expectations regarding the
beneficial characteristics, safety, efficacy and therapeutic
effects of ALX148 in addition to key milestones such as anticipated
clinical trial data readouts and cash and other financial
expectations. These and other risks are described more fully in ALX
Oncology’s filings with the Securities and Exchange Commission
(“SEC”), including ALX Oncology’s Quarterly Report on Form 10-Q,
filed with the SEC on November 12, 2020, and other documents ALX
Oncology subsequently files with the SEC from time to time. Except
to the extent required by law, ALX Oncology undertakes no
obligation to update such statements to reflect events that occur
or circumstances that exist after the date on which they were
made.
Investor Contact:
Peter Garcia
Chief Financial Officer, ALX Oncology
(650) 466-7125 Ext. 113
peter@alxoncology.com
Argot Partners
(212)-600-1902
alxoncology@argotpartners.com
Media Contact:
Karen Sharma
MacDougall
(781) 235-3060
alx@macbiocom.com
ALX Oncology (NASDAQ:ALXO)
Historical Stock Chart
From Mar 2024 to Apr 2024
ALX Oncology (NASDAQ:ALXO)
Historical Stock Chart
From Apr 2023 to Apr 2024