Molecular Partners Reports Corporate Highlights From Q4 2021 and Key Financials for Full Year 2021
ZURICH-SCHLIEREN, Switzerland and CONCORD, Mass., March 15, 2022 (GLOBE NEWSWIRE) —
Ad hoc announcement pursuant to Art. 53 LR:
Molecular Partners AG (SIX: MOLN, NASDAQ: MOLN), a clinical-stage biotech company developing a new class of custom-built proteins known as DARPin therapeutics, today announced its corporate highlights and audited financial results for 2021.
Research & Development Highlights:
- In January of 2022, announced positive topline results from Phase 2 EMPATHY clinical trial of ensovibep for the treatment of non-hospitalized COVID-19 patients, resulting in the option exercise of the program by Novartis triggering the receipt of CHF 150 million in January 2022
- Continued to confirm ensovibep’s pan-variant activity in in vitro studies demonstrating maintained high potency against all known SARS-CoV-2 variants of concern, including Omicron, Delta and Lambda
- Received FDA Fast Track designation for ensovibep for the treatment of COVID-19
- Dosed more than 560 patients across clinical studies for ensovibep
- Announced collaboration with Novartis to develop DARPin-conjugated radioligand therapies for oncology
- Initiated enrollment in Phase 1 study of MP0317 targeting FAP and CD40
- Nominated MP0533 for development for acute myeloid leukemia (AML), targeting CD3, CD33, CD70 and CD123
- Presented data supporting oncology portfolio programs at AACR, ESMO Immuno-Oncology, ASH and Company’s Virtual Oncology Day
Leadership & Governance:
- Elected Agnete Fredriksen and Dominik Höchli to the Board of Directors at the Annual General Meeting of April 21, 2021
- Promoted Alexander Zürcher to Chief Operating Officer, and Renate Gloggner to EVP People and Community. Both will be appointed to the Management Board effective July 1, 2022
- Successfully completed initial public offering of American Depositary Shares (“ADSs”) on the Nasdaq Global Select Market, raising $63.8 million (CHF 58.8 million) in gross proceeds in June 2021.
- Following positive topline data from the Phase 2 EMPATHY clinical trial, in January 2022 Novartis exercised its option to in-license global rights to ensovibep, which triggered a CHF 150 million payment to the Company.
- Under the license agreement, Molecular Partners is entitled to receive 22% royalties on sales of ensovibep in relevant territories while Novartis leads further development and commercialization.
- Additional collaboration with Novartis in the field of radioligand therapies (RLTs), resulting in an upfront payment of $20.0 million received in January 2022.
- Net cash outflow from operating activities of CHF 91.0 million in 2021.
- Ongoing strong financial position with CHF 291.3 in cash and short-term deposits as of February 28, 2022 (year-end 2021:CHF 132.8 million ), with the Company’s cash runway expected to extend into 2025. Full year 2022 expense guidance of CHF 75-85 million, reflecting ambition to further broaden the pipeline both in oncology as well as in virology.