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Codiak BioSciences, Inc. (NASDAQ: CDAK) has voluntarily filed for Chapter 11 bankruptcy protection, aiming to pursue a sale process for its assets. The company initiated a marketing process prior to the filing to gauge market interest and is currently in discussions with multiple parties. Douglas E. Williams, CEO, emphasized that this structured approach is the best solution considering the company's financial needs and the status of its clinical programs. Key executives will be departing effective April 7, with a Chief Restructuring Officer appointed to oversee the restructuring process. Legal and financial advisors have been retained to facilitate the transition.
Codiak BioSciences (Nasdaq: CDAK) announced participation in the 5th Annual Evercore ISI HealthCONx Conference on November 30, 2022, at 8:00 am ET. CEO Douglas E. Williams, Ph.D., will engage in a fireside chat, which will be available via a live webcast on the company's website. An archived replay will be accessible for 90 days post-event. Codiak is focused on developing exosome-based therapeutics, utilizing its engEx® Platform to target various disease areas, including oncology and infectious diseases.
Codiak BioSciences (NASDAQ: CDAK) reported promising preclinical data for its exoASO-STAT6 and exoASO-C/EBPβ programs, indicating strong pharmacokinetic and pharmacodynamic profiles. These engineered exosomes are designed to selectively deliver antisense oligonucleotides, targeting tumor-associated macrophages to induce anti-tumor responses, particularly in advanced hepatocellular carcinoma (HCC). A Phase 1 clinical trial for exoASO-STAT6 is ongoing, with initial data anticipated in H1 2023, showcasing the potential for effective cancer treatments and novel therapeutic strategies.
Codiak BioSciences (CDAK) reported its third quarter 2022 results, showing total revenues of $0.5 million, a decline from $1.2 million in Q3 2021. The net loss was $19.3 million, an improvement from $21.7 million year-over-year, driven by reduced lab and personnel expenses. The company continues its Phase 1 trial of exoASO™-STAT6 for advanced liver cancer with preliminary data expected in 1H 2023. Additionally, Codiak has partnered with CEPI for its pan beta coronavirus vaccine program, receiving up to $2.5 million in funding.
Codiak BioSciences (Nasdaq: CDAK) announced promising preclinical data for its exoVACC™ bivalent vaccine candidate, exoRBD, aimed at providing comprehensive protection against SARS-CoV-2 variants and other beta-coronaviruses. Presentation of this data at the Vaccines Summit 2022 highlights the vaccine's ability to induce strong antibody responses and T-cell immunity, indicating its potential to limit viral mutations. Codiak plans to advance exoRBD into IND-enabling studies, supported by funding from the Coalition for Epidemic Preparedness Innovations (CEPI).
Codiak BioSciences (CDAK) announced that new preclinical data on its exosome-based therapeutics will be presented at the SITC Annual Meeting in Boston from November 8-12, 2022. The company will showcase two therapeutic candidates, exoASO™-STAT6 and exoASO™-C/EBPβ, targeting tumor-associated macrophages and myeloid-derived suppressor cells (MDSCs) respectively. Both have shown promising activity in preclinical models. The exoASO-STAT6 trial is currently underway, focusing on advanced cancers. This meeting highlights Codiak’s commitment to advancing its innovative engEx® platform in oncology.
Codiak BioSciences, Inc. (Nasdaq: CDAK) announced the pricing of its public offering of 13,333,333 shares of common stock at $1.50 per share, raising approximately $20 million. Each share comes with a warrant exercisable at $1.875, expiring in five years. The underwriters have a 30-day option to purchase an additional 1,999,999 shares. This offering, closing on September 15, 2022, is made under a shelf registration statement previously filed with the SEC. Jefferies is the sole book-running manager for the offering.
Codiak BioSciences, Inc. (Nasdaq: CDAK) has announced its intention to conduct an underwritten public offering of common stock and accompanying warrants. The company plans to grant underwriters a 30-day option to purchase an additional 15% of the offered shares and warrants. All securities sold will originate from Codiak, with the offering subject to market conditions. Jefferies is acting as the sole book-running manager for this offering, which will be conducted under a previously filed shelf registration statement.
Codiak BioSciences (NASDAQ: CDAK) announced a strategic shift in its clinical and research initiatives, continuing enrollment in the Phase 1 clinical trial of exoASO™-STAT6 for advanced hepatocellular carcinoma. The company is prioritizing its vaccine program, funded by CEPI, and advancing its engEx-AAV™ gene delivery system. However, plans for initiating Phase 2 trials of exoSTING™ and exoIL-12™ have been paused. Additionally, Codiak will reduce its workforce by 37%, aligning with its streamlined priorities. As of June 30, 2022, the company had approximately $41.8 million in cash and securities.
Codiak BioSciences (NASDAQ: CDAK) reported strong progress in Q2 2022, achieving total revenues of $13.1 million, significantly up from $0.9 million in Q2 2021. The company announced successful Phase 1 data for exoSTING™ and exoIL-12™, paving the way for Phase 2 studies in 1H 2023. A Phase 1 trial for exoASO™-STAT6 has begun, targeting advanced cancers. Notably, the net loss reduced to $6.8 million from $21.8 million year-over-year, while cash reserves stand at $41.8 million. Codiak's partnership with CEPI further enhances its pipeline for Betacoronavirus vaccine candidates.
