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Selecta Biosciences Announces Fourth Quarter and Year End 2018
Financial Results and Provides Corporate Update
Phase 2 head-to-head (COMPARE) clinical trial of SEL-212 vs. KRYSTEXXA® to begin in 1Q19, interim six-month data expected in 4Q19
Collaboration with CureCN projected to dose first patient with combination of ImmTOR + AAV gene therapy candidate in 2H19
Company raises $33M in gross offering proceeds and $31.3M in net proceeds in 1Q19, cash runway into 1Q20
Company to host conference call today at 8:30 a.m. ET
Watertown, Mass., March 15, 2019 - Selecta Biosciences, Inc. (Nasdaq: SELB), a clinical-stage biotechnology company focused on unlocking the full potential of biologic therapies based on its immune tolerance platform technology, ImmTOR, today reported financial results for the fourth quarter and full year ended December 31, 2018 and provided a corporate update.
“During 2018 we laid a strong groundwork for a year of execution in 2019. We kicked off the year by streamlining the company through a corporate restructuring, which is projected to cut our cash burn rate by 19%. We then completed an equity fundraise of approximately $33 million in gross proceeds and $31.3 million in net proceeds, and anticipate reporting key milestones for both our chronic refractory gout and gene therapy programs. We continue to believe that our lead program, SEL-212, has the potential to address several unmet needs in chronic refractory gout patients, including sustained serum uric acid reduction, reduced painful flares and once monthly dosing, and we look forward to initiating the planned six-month head-to-head (COMPARE) clinical trial against Krystexxa this month,” said Carsten Brunn, Ph.D., President and CEO of Selecta. “We also look forward to further advancing our ImmTOR + AAV gene therapy combination product candidate in Crigler-Najjar Syndrome in collaboration with CureCN in the second half of the year and identifying other ways to advance our ImmTOR platform and grow our strategic partnerships.”
2018 and Recent Highlights and Anticipated Upcoming Milestones
SEL-212 (ImmTOR+Pegadricase) for the Treatment of Chronic Refractory Gout:
Six-Month Head-to-Head (COMPARE) Clinical Trial of SEL-212 vs. Krystexxa Expected to Begin in 1Q19: Selecta expects to initiate a Phase 2 head-to-head (COMPARE) clinical trial of SEL-212, compared to the current FDA-approved uricase therapy, Krystexxa, in the first quarter of 2019. An interim six-month data readout is projected for the fourth quarter of 2019, with a full statistical data analysis expected in the first quarter of 2020. The results of the COMPARE trial
The following information was filed by Selecta Biosciences Inc (SELB) on Friday, March 15, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.