SOUTH SAN FRANCISCO, Calif., November 10, 2021 (GLOBE NEWSWIRE) – Imago BioSciences, Inc. (“Imago”) (IMGO), a clinical-stage biopharmaceutical company that discovers new drugs for the treatment of myeloproliferative neoplasms (NMPs), today released its financial results for the third quarter ended September 30, 2021 and reported highlighting recent company updates.
“During the third quarter, we took advantage of the momentum of our recent public offering and concurrent private placement which generated gross proceeds of $ 174.6 million to advance our new LSD1 inhibitor,” bomedemstat (IMG-7289), for the treatment of hematological diseases of the bone marrow. We are also delighted to have been added to the Russell 2000® Index at the end of September, which has increased awareness of Imago in the market, ”said Dr. Hugh Y. Rienhoff, Jr., MD, CEO of Imago BioSciences. “We are delighted to have completed the recruitment into our Phase 2 trial of bomedemstat for the treatment of myelofibrosis and look forward to providing data updates on this Phase 2 trial, as well as our Phase 2 trial. on bomedemstat for the treatment of essential thrombocythemia this year. “
Recent business developments and pipeline updates
- Announcing Oral Data Presentations at the 63rd Annual Meeting and Upcoming American Society of Hematology Exhibition. In November 2021, Imago announced that two abstracts had been accepted for an oral presentation at ASH, to be held from December 11 to 14, 2021: “A phase 2 study of the LSD1 inhibitor IMG-7289 (bomedemstat) for the treatment of advanced myelofibrosis”; and “A phase 2 study of the LSD1 inhibitor IMG-7289 (bomedemstat) for the treatment of essential thrombocythemia (ET)”.
- Inclusion in the Russell 2000® index: In September 2021, Imago announced its inclusion in the Russell 2000® Index as part of the index’s quarterly IPOs.
- Obtaining orphan medicinal product designation for Bomedemstat in essential thrombocythemia (ET) from the European Medicines Agency (EMA):In July 2021, Imago announced that its core asset, bomedemstat, had been granted Orphan Drug Designation by the EMA for the treatment of ET. Under the orphan drug designation, bomedemstat potentially qualifies for incentives such as 10 years of market exclusivity, reduced fees for regulatory activities, and protocol assistance.
- Successful initial public offering (IPO): In July 2021, Imago completed an initial public offering and concurrent private placement with Pfizer, generating gross proceeds of $ 174.6 million.
Third Quarter 2021 Financial Results
- Cash and cash equivalents: As at September 30, 2021, Imago had cash, cash equivalents, restricted cash and short-term investments of $ 230.4 million.
- Research and development (R&D) costs: R&D expenses for the quarter ended September 30, 2021 were $ 8.7 million (including stock-based compensation expense of $ 0.2 million) compared to $ 3.6 million. dollars for the same period in 2020. The overall increase in R&D spending was related to the continuation of phase 2 clinical studies in ET and MF, as well as the start-up costs for a phase 2 extension study to accommodate the patients who wish to continue to receive bomedemstat, the continued development of commercial materials and materials to support ongoing and new clinical trials, and salaries and non-monetary stock-based compensation costs for R&D employees as we increased our operations.
- General and administrative expenses (G&A): General and administrative expenses for the quarter ended September 30, 2021 were $ 3.0 million (including stock-based compensation expense of $ 0.5 million) compared to $ 0.7 million dollars for the same period in 2020.
- Net loss: The net loss for the quarter ended September 30, 2021 was $ 11.7 million, compared to $ 4.3 million for the same period in 2020.
About Imago BioSciences
Imago BioSciences is a clinical-stage biopharmaceutical company that discovers and develops new small molecule product candidates targeting lysine-specific demethylase 1 (LSD1), an enzyme that plays a central role in the production of blood cells in the bone marrow. Imago is focused on improving the quality and longevity of patients with cancer and bone marrow disease. Bomedemstat, a small molecule inhibitor of LSD1 available orally, is the lead product candidate discovered by Imago for the treatment of certain myeloproliferative neoplasms (MPNs), a family of related chronic cancers of the bone marrow. Imago is evaluating Bomedemstat as a potentially disease-modifying therapy in two Phase 2 clinical trials for the treatment of essential thrombocythemia (NCT04254978) and myelofibrosis (NCT03136185). Bomedemstat has US FDA Orphan and Fast Track Designation for the treatment of ET and MF, European Medicines Agency (EMA) Orphan Designation for the treatment of ET and MF and the EMA’s PRIority MEdicines (PRIME) designation for the treatment of MF. The company is headquartered in South San Francisco, California. To learn more, visit www.imagobio.com, www.myelofibroseclinicalstudy.com, www.etclinicalstudy.com and follow us on Twitter @ImagoBioRx, Facebook and LinkedIn.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate”, “may”, “will”, “should”, “expect”, “believe” And similar expressions (as well as other words or expressions referring to future events, conditions or circumstances) are intended to identify forward-looking statements.
These statements may relate to, without limitation, the results, conduct, progress and timing of Imago’s clinical trials, the regulatory approval process for bomedemstat, plans for future operations and the impact of the ongoing COVID-19 pandemic and the development of new COVID-19 variants, such as the delta variant, when recruiting for our clinical trials, along with assumptions about the above. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. You should not place undue reliance on forward-looking statements. Forward-looking statements should not be interpreted as a guarantee of future performance or results and will not necessarily constitute precise indications of when or by which such performance or results will be achieved, if any.
Except as required by law, Imago does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Company details :
Temp worker Financial director
IMAGO BIOSCIENCES, INC.
Condensed consolidated balance sheets
(in thousands, excluding data per share and per share)
|SEPTEMBER 30,||THE 31ST OF DECEMBER,|
|Cash and cash equivalents||$||85,209||$||19,266|
|short term investments||145,144||57,375|
|Prepaid expenses and other current assets||4 245||1,181|
|Total current assets||234,598||77 822|
|Property and equipment, net||7||8|
|Long term investments||–||19 689|
|Other long-term assets||2,670||1,414|
|Total assets||$||237,275||$||98 933|
|LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS
|Accrued charges and other current liabilities||7,006||3,726|
|Total current liabilities||8 911||5 105|
|Commitments and contingencies|
|Convertible preferred stock, par value of $ 0.0001; 0 and 180,059,639 authorized shares, respectively as of September 30, 2021 and December 31, 2020; 0 and 21,435,632 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively; aggregate liquidation preference of $ 0 and $ 165,500 as of September 30, 2021 and December 31, 2020, respectively||–||162,612|
|Preferred shares, par value of $ 0.0001; 10,000,000 and 0 shares authorized respectively on September 30, 2021 and December 31, 2020; 0 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively||–||–|
|Common shares, par value of $ 0.0001; 300,000,000 and 228,300,000 shares authorized respectively on September 30, 2021 and December 31, 2020; 33,457,029 and 1,030,023 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively||3||–|
|Accumulated other comprehensive income||16||(3||)|
|Accumulated deficit||(97 927||)||(70 342||)|
|Total equity (deficit)||228,364||(68 784||)|
|Total liabilities, convertible preferred shares and equity (deficit)||$||237,275||$||98 933|
IMAGO BIOSCIENCES, INC.
Condensed consolidated income statements
(in thousands, excluding data per share and per share)
|THREE MONTHS ENDED
|NINE MONTHS COMPLETED
|Operating costs :|
|Research and development||$||8,680||$||3,576||$||20,551||$||10 622|
|general and administrative||3,040||734||7,159||1,884|
|Total operating expenses||11,720||4.310||27,710||12,506|
|Operating loss||(11,720||)||(4 310||)||(27,710||)||(12,506||)|
|Other income (expenses), net:|
|Change in the fair value of the portion of convertible preferred shares
|Other expenses, net||(22||)||(6||)||(116||)||(5||)|
|Total other income, net||50||2||125||223|
|Net loss||$||(11 670||)||$||(4,308||)||$||(27,585||)||$||(12 283||)|
|Net loss per share, basic and diluted||$||(0.44||)||$||(4.23||)||$||(2.85||)||$||(12.06)||)|
|Weighted average stocks used in the calculation of net loss per share,
basic and diluted
|26,671,511||1,018,119||9 688 747||1,018,119|