Quince Therapeutics Provides Pipeline Update and Business Outlook for 2023
January 30 2023 - 4:05PM
Business Wire
Quince Therapeutics, Inc. (Nasdaq: QNCX), a biotechnology
company focused on acquiring, developing, and commercializing
innovative therapeutics that transform patients’ lives, today
provided an update on the company’s development pipeline and
business outlook for 2023. The company intends to prioritize
capital resources toward the expansion of its development pipeline
through opportunistic in-licensing and acquisition of
clinical-stage assets targeting debilitating and rare diseases.
Quince plans to out-license its bone-targeting drug platform and
precision bone growth molecule NOV004 designed for accelerated
fracture repair in patients with bone fractures and osteogenesis
imperfecta.
“We believe our optimal growth plan lies in dedicating our
capital, drug development, and corporate resources toward the
in-licensing and acquisition of clinical-stage assets. We are
actively seeking partnership opportunities focused around
clinical-stage assets in a broad variety of therapeutic areas,”
said Dirk Thye, M.D., Quince’s chief executive officer. “Supported
by a strong balance sheet, optimized cash runway, and highly
experienced development team, Quince is well-positioned to execute
our plan as we diligently work to identify, assess, and complete
the in-licensing and acquisition of commercially viable
assets.”
Key highlights of the company’s strategic growth plan
include:
Prioritizing pipeline expansion through in-licensing and
acquisition
- Active diligence process to identify and evaluate actionable
clinical-stage assets for in-licensing and acquisition.
- Primarily seeking clinical-stage assets targeting debilitating
and rare disease therapeutic areas.
- Potential asset targets must have compelling data, a
well-defined commercial opportunity, and efficient clinical and
regulatory development pathway.
- Ability to leverage management team’s collective prior
experience in developing and commercializing more than 25 approved
therapeutics.
Out-licensing of bone-targeting drug platform and precision bone
growth molecule NOV004
- Seeking to out-license bone-targeting drug platform and
precision bone growth molecule NOV004.
- Precision bone growth molecule NOV004 is an anabolic peptide
engineered to precisely target and concentrate at the bone fracture
site, resulting in rapid increases in bone density, strength, and
expedited healing as demonstrated in extensive preclinical
studies.
- NOV004 has completed all IND-enabling studies, in addition to
completion of a successful pre-IND meeting with the U.S. Food and
Drug Administration.
- Out-licensing effort to commence immediately with goal of
identifying a partner and concluding the process by the end of
2023.
Competitively positioned with strong balance sheet
- Strong cash position of approximately $94 million in cash,
equivalents, and marketable securities as of December 31,
2022.
- Significant cash runway to support pipeline expansion through
in-licensing and acquisition, as well as fund capital and operating
expenditures into at least 2028.
- Expect annual capital and operating expenditures to approximate
$11 million in 2023, excluding the impact of corporate
restructuring and potential business development activities.
The company has not completed preparation of its financial
statements for the fourth quarter or full year of 2022. The cash,
cash equivalents, and investments presented as of December 31,
2022, are preliminary and unaudited and are thus inherently
uncertain and subject to change as the company completes its
financial results for 2022. Quince is in the process of completing
the company’s customary year-end close and review procedures as of
and for the year ended December 31, 2022, and there can be no
assurance that final results for this period will not differ from
these preliminary, unaudited amounts. The company’s independent
registered public accounting firm has not audited, reviewed,
compiled, or performed any procedures with respect to such
preliminary data for the fourth quarter and year ended December 31,
2022.
About Quince Therapeutics
Quince Therapeutics is a biotechnology company focused on
acquiring, developing, and commercializing innovative therapeutics
that transform the lives of patients suffering from debilitating
and rare diseases. The company is actively seeking compelling
clinical-stage assets available for in-licensing and acquisition to
expand its development pipeline. For more information, visit
www.quincetx.com and follow Quince Therapeutics on LinkedIn and
@Quince_Tx on Twitter. Interest regarding in-licensing and
acquisition opportunities can be directed to bd@quincetx.com.
Forward-looking Statements
Statements in this news release contain “forward-looking
statements” that are subject to substantial risks and
uncertainties. Forward-looking statements contained in this news
release may be identified by the use of words such as “believe,”
“expect,” “intend,” “goal,” “will,” “can,” “may,” “estimate,”
”plan,” “potential,” ”seek,” “positioned,” or other similar words.
Examples of forward-looking statements include, among others,
statements relating to the company’s cash position; its
expectations regarding its plan to out-license its bone-targeting
drug platform and NOV004 and related timing; ability to find
different partnership opportunities to expand its development
pipeline through in-licensing and acquisition of clinical-stage
assets; and cost savings and expenses associated therewith.
Forward-looking statements are based on Quince’s current
expectations and are subject to inherent uncertainties, risks, and
assumptions that are difficult to predict and could cause actual
results to differ materially from what the company expects.
Further, certain forward-looking statements are based on
assumptions as to future events that may not prove to be accurate.
Factors that could cause actual results to differ include, but are
not limited to, the risks and uncertainties described in the
section titled “Risk Factors” in the company’s its Quarterly Report
on Form 10-Q filed with the SEC on November 9, 2022, and other
reports as filed with the SEC. Forward-looking statements contained
in this news release are made as of this date, and Quince
undertakes no duty to update such information except as required
under applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230130005565/en/
Stacy Roughan Quince Therapeutics, Inc. Vice President,
Corporate Communications & Investor Relations
ir@quincetx.com
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