BerGenBio ASA Reports First Quarter Financial Results and Business Update
BerGenBio ASA, a clinical-stage biopharmaceutical company developing AXL kinase inhibitors for unmet medical needs, has announced its financial results for the first quarter ending on March 31, 2024. The company highlighted significant developments post-period, such as the Data Safety Monitoring Board review supporting dose escalation in Phase 1b and initiation of Phase 2a, site activations proceeding well in the US and Europe, and bemcentinib being chosen for a National Cancer Institute-funded study in advanced NSCLC.
With a financial position of NOK 117.3 million at the end of March, further strengthened by gross funding of NOK 138.9 million from warrants exercise in April 2024, BerGenBio continues to reduce operating expenses and advance clinical progress. CEO Martin Olin emphasized the importance of Phase 2a initiation in studying bemcentinib for 1L NSCLC STK11m patients, addressing high unmet medical needs in this group with a market potential estimated at 4 to 5 billion USD.
For more detailed financial information, the Q1 2024 Financial report and presentation can be found on the company’s website. Additionally, a live webcast featuring senior management will take place at 10:00 am CET, with a recording available shortly after on http://www.bergenbio.com.
BerGenBio is dedicated to developing transformative drugs targeting AXL for aggressive diseases like cancer and severe respiratory infections. Their lead candidate, bemcentinib, is a selective AXL inhibitor in clinical development for STK11 mutated NSCLC and preclinical development for severe respiratory infections. Based in Bergen, Norway, with a subsidiary in Oxford, UK, the company is listed on the Oslo Stock Exchange.
Forward-looking statements in this announcement reflect the company’s ongoing commitment to advancing innovative therapies, while acknowledging the inherent risks and uncertainties in drug development. This information is considered inside information under the EU Market Abuse Regulation and is disclosed in accordance with the Norwegian Securities Trading Act.
For more information about BerGenBio and their groundbreaking research, visit http://www.bergenbio.com.
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