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Codiak BioSciences reported fourth quarter and full year 2020 financial results, highlighting a revenue increase to $1.6 million in Q4 from $0.2 million in 2019, and $2.9 million for the year compared to $0.4 million. The company recorded a net loss of $18.0 million for Q4 and $91.7 million for the year, driven by clinical development costs. They closed a public offering raising $62.0 million in net proceeds and have cash reserves of approximately $88.9 million, expected to fund operations through 2022. Initial data from their exoIL-12 program has validated their approach, with multiple data read-outs anticipated in 2021.
Codiak BioSciences (Nasdaq: CDAK) announced the acceptance of late-breaking abstracts for exoIL-12 at the AACR Annual Meeting 2021, scheduled for April 10, 2021. The presentation will showcase Phase 1 trial results in healthy volunteers, indicating localized pharmacologic activity with exoIL-12, which targets cancer treatment. Additionally, Codiak will present preclinical data on exoASO-STAT6, an engineered exosome targeting the STAT6 transcription factor. Both presentations highlight the potential of exosome-based therapeutics in oncology.
Codiak BioSciences (Nasdaq: CDAK) has closed its public offering of 3,162,500 shares at $21.00 each, raising approximately $66.4 million in gross proceeds. This includes the full exercise of the underwriter's option for an additional 412,500 shares. After expenses, Codiak expects net proceeds to be around $62.0 million. The funds are intended to enhance the development of their exosome-based therapeutic pipeline, addressing diseases with significant unmet needs. The offering was managed by Goldman Sachs, Evercore ISI, and William Blair.
Codiak BioSciences, Inc. (Nasdaq: CDAK) announced a public offering of 2,750,000 shares at $21.00 per share, aiming to raise approximately $57.8 million. The offering includes a 30-day option for underwriters to purchase an additional 412,500 shares. The transaction is set to close on February 17, 2021, pending customary conditions. Goldman Sachs, Evercore ISI, and William Blair are the joint book-running managers for the offering. This capital will support Codiak's innovative work in exosome-based therapeutics for various diseases.
Codiak BioSciences (Nasdaq: CDAK) announced an underwritten public offering of 2,500,000 shares of its common stock, with an option for underwriters to purchase an additional 375,000 shares. The offering, subject to market conditions, is intended to raise capital for the clinical-stage development of exosome-based therapeutics. The shares will be sold by Codiak, and the offering is being managed by Goldman Sachs, Evercore ISI, and William Blair. This announcement follows a registration statement filed with the SEC on February 9, 2021, which has yet to be declared effective.
Codiak BioSciences announced positive results from its Phase 1 trial of exoIL-12, an engineered exosome therapeutic candidate. The trial demonstrated localized pharmacologic activity without systemic IL-12 exposure, confirming the candidate's target profile. The next phase will involve a multi-dose study in patients with cutaneous T-cell lymphoma (CTCL), with preliminary data expected by year-end 2021. The company believes the optimal dose is 6 μg based on findings from healthy volunteers.
Codiak BioSciences (CDAK) announces the advance online publication of a manuscript detailing the identification of two novel exosome-associated proteins, PTGFRN and BASP1, essential to their engEx Platform. This platform is designed to harness exosomes for therapeutic applications across various diseases. The study shows that these proteins allow high-density incorporation of biologically active molecules, enhancing targeting and potency in preclinical models. Codiak is pursuing engineered exosomes with promising clinical data anticipated for exoIL-12 and exoSTING in mid-2021.
Codiak BioSciences (NASDAQ: CDAK) reported positive results from its Phase 1 trial of exoIL-12, an engineered exosome therapeutic. The trial met primary objectives, demonstrating a favorable safety and tolerability profile, with no local or systemic treatment-related adverse events. The drug exhibited no systemic exposure to IL-12, indicating localized effects. The company plans to advance to a multi-dose study in cutaneous T cell lymphoma patients, expected to commence in Q1 2021. The initial phase included ascending doses with favorable outcomes, marking a significant milestone for Codiak's innovative therapeutic approach.
Codiak BioSciences (NASDAQ: CDAK) announced significant advancements in its engineered exosome therapeutic candidate, exoIL-12, currently in Phase 1 clinical trial. The candidate exhibits enhanced anti-tumor activity and limited systemic exposure compared to traditional IL-12 treatments. Preclinical findings highlight its capability to improve local pharmacology and generate systemic anti-tumor immunity. Data from the trial involving healthy volunteers are expected by year-end 2020, with preliminary patient results anticipated by mid-2021.
On November 23, 2020, Codiak BioSciences, a clinical-stage company developing exosome-based therapeutics, announced that Douglas E. Williams, Ph.D., its President and CEO, will speak at the Evercore ISI 3rd Annual HealthCONx Conference. The fireside chat is scheduled for December 2 at 4:45 p.m. ET. A live webcast will be available on Codiak's website, with an archived replay accessible for 90 days. Codiak aims to revolutionize treatment for various diseases through its innovative engEx Platform, creating novel exosome therapeutic candidates.
