Celyad Oncology Reports First Quarter 2023 Financial Results and Recent Business Highlights
May 05 2023 - 1:42AM
Business Wire
- Presentation of updated data on our multiplex shRNA platform,
which allows targeting of up to four genes simultaneously
- Publication of results from the THINK trial, which provided
proof-of-concept of our NKG2D-based CAR T-cell approach
Regulatory News:
Celyad Oncology (Euronext & Nasdaq: CYAD) (the “Company”), a
biotechnology company focused on innovative technologies for
chimeric antigen receptor (CAR) T-cell therapies, today reports its
financial results for the first quarter of 2023 and provides an
update on recent business developments.
“Celyad Oncology is now fully committed to leveraging its
expertise, know-how and intellectual property (IP) portfolio with
the goal of providing innovative solutions to overcome the current
limitations of CAR T-cell approaches. We have generated exiting
data from our short hairpin RNA (shRNA)-based multiplexing
platform, which highlights the versatility and adaptability of the
technology. We also have made significant progress with our dual
CAR program, for which we anticipate sharing an update at
international conferences in the upcoming months,” commented
Georges Rawadi, Chief Executive Officer of the Company.
Corporate highlights
- Georges Rawadi was appointed as Chief Executive Officer of the
Company
Operational highlights
- shRNA multiplexing platform: Data validating our shRNA
multiplexing approach, which allows to down-regulate several genes
simultaneously, were presented at the World Oncology Cell Therapy
Congress in Boston, US (April 25-26, 2023):
- We developed a microRNA (miRNA)-based multiplex shRNA platform
designed for easy, efficient, and tunable knock-down regulation of
up to four target genes simultaneously;
- Furthermore, we showed that the down-regulation of each target
gene could be fine-tuned, from a moderate down-regulation up to
achieving a functional knock-out, all without the need of gene
editing and thus avoiding associated potential safety issues;
- The plug-and-play design of our platform is designed to allow
for swapping each target sequence without affecting performance,
streamlining the generation of engineered adoptive T-cell
therapies; and
- To demonstrate the effectiveness of our approach, we have been
able to simultaneous knock down in CAR T-cells several genes
involved in different cellular processes such as alloreactivity
(CD3�), cell persistence (β2M, CIITA), T-cell exhaustion (PD-1,
LAG-3), or ligand-induced apoptosis (CD95).
- NKG2D-based CAR T-cells: Results from the hematological
arm of the Phase I THINK trial have been published in The Lancet
Haematology journal (Lancet Haematol. 2023 Mar;10(3):e191-e202).
Data from the 16 patients treated in the dose-escalation segment
provided proof-of-concept of targeting NKG2D ligands by CAR T-cell
therapy. Further development of NKG2D-based CAR T-cells are
warranted, potentially via combinatorial approaches or further CAR
optimization to improve anti-tumor efficacy; and
- We continue to progress on the development of NKG2D-based dual
CARs and B7-H6-targeting CAR T-cells, with the aim of broadening
the landscape of CAR T-cell therapies.
Financial highlights – First quarter 2023 financial
review
As of March 31, 2023, the Company had cash and cash equivalents
of €9.2 million ($10.0 million). Net cash burn during the first
quarter of 2023 amounted to €3.2 million, in line with
expectations.
The Company projects that its existing cash and cash equivalents
should be sufficient to fund operating expenses and capital
expenditure requirements into the fourth quarter of 2023.
After due consideration of detailed budgets and estimated cash
flow forecasts for the years 2023 and 2024, the Company continues
to project that its existing cash and cash equivalents will not be
sufficient to fund its estimated operating and capital expenditures
over at least the next 12 months from the date that this release is
issued.
The Company is currently evaluating different financing options
to obtain the required funding to extend the Company’s cash runway
beyond 12 months from the date this release is issued.
Financial Calendar 2023
- August 3rd, 2023
- November 9th, 2023
First Half 2023 Interim Results
Third Quarter 2023 Business Update
The financial calendar is communicated on an indicative basis
and may be subject to change.
Upcoming Anticipated Milestones
- The Company will provide an update on its dual CAR platform and
business development in the first half of 2023; and
- The Company anticipates fundraising in the first half of
2023.
Upcoming Conferences
- The Company will take part in the Immuno-Oncology summit in
London (June 20-22, 2023) and the BIO International Convention in
Boston (June 5-8, 2023).
About Celyad Oncology
Celyad Oncology is a biotechnology company focused on the
discovery and development of innovative technologies chimeric
antigen receptor (CAR) T-cell therapies. The Company is focusing on
opportunities to fully harness the true potential of its
proprietary technology platforms and intellectual property and
support the development of next-generation CAR T candidates in
solid tumors and hematological malignancies. Celyad Oncology is
based in Mont-Saint-Guibert, Belgium and New York, NY. For more
information, please visit www.celyad.com.
Celyad Oncology Forward-Looking Statement
This release may contain forward-looking statements, within the
meaning of applicable securities laws, including the Private
Securities Litigation Reform Act of 1995, as amended, including,
without limitation, statements regarding beliefs about and
expectations for the Company’s future business plans, statements
regarding the Company’s plans to raise additional capital, and
statements regarding the continuation of the Company’s existence.
The words “will,” “potential,” “continue,” “target,” “project,”
“should” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Any forward-looking
statements in this release are based on management’s current
expectations and beliefs and are subject to a number of known and
unknown risks, uncertainties and important factors which might
cause actual events, results, financial condition, performance or
achievements of Celyad Oncology to differ materially from those
expressed or implied by such forward-looking statements. Such risks
and uncertainties include, without limitation, risks related to the
material uncertainty about the Company’s ability to continue as a
going concern; the Company’s ability to realize the expected
benefits of its updated strategic business model; the Company’s
ability to develop its IP assets and enter into partnerships with
outside parties; the Company’s ability to enforce its patents and
other IP rights; the possibility that the Company may infringe on
the patents or IP rights of others and be required to defend
against patent or other IP rights suits; the possibility that the
Company may not successfully defend itself against claims of patent
infringement or other IP rights suits, which could result in
substantial claims for damages against the Company; the possibility
that the Company may become involved in lawsuits to protect or
enforce its patents, which could be expensive, time-consuming, and
unsuccessful; the Company’s ability to protect its IP rights
throughout the world; the potential for patents held by the Company
to be found invalid or unenforceable; and other risks identified in
Celyad Oncology’s U.S. Securities and Exchange Commission (SEC)
filings and reports, including in the latest Annual Report on Form
20-F filed with the SEC and subsequent filings and reports by
Celyad Oncology. These forward-looking statements speak only as of
the date of publication of this document and Celyad Oncology’s
actual results may differ materially from those expressed or
implied by these forward-looking statements. Celyad Oncology
expressly disclaims any obligation to update any such
forward-looking statements in this document to reflect any change
in its expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based,
unless required by law or regulation.
Source: Celyad Oncology SA
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version on businesswire.com: https://www.businesswire.com/news/home/20230504005811/en/
Celyad Oncology Contacts:
Investor Contact: David Georges VP Finance and
Administration investors@celyad.com
Media Contact: Caroline Lonez R&D Communications and
Business Development communications@celyad.com
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