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Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) has announced its participation in two virtual investor conferences: the H.C. Wainwright 23rd Annual Global Investment Conference on September 13, 2021, starting at 7:00 a.m. ET, and the Cantor Virtual Global Healthcare Conference on September 30, 2021, at 3:20 p.m. ET. Webcasts will be available on the company’s website for two weeks post-event. Concert is focused on developing small molecule drugs utilizing its DCE Platform® and is advancing a lead product candidate for alopecia areata.
In September, during Alopecia Areata Awareness Month, landmarks across the U.S. will be illuminated blue to raise awareness of this autoimmune disease. The initiative, led by Concert Pharmaceuticals (CNCE), aims to unite cities while encouraging community participation via social media using the hashtag #LightItUpBlue4AlopeciaAreata. Notably, alopecia areata affects about 1 million Americans and can lead to psychological issues. The campaign highlights a lack of FDA-approved treatments currently available for the condition.
Concert Pharmaceuticals (NASDAQ: CNCE) reported Q2 2021 financial results, with revenues reaching $32.0 million, a significant increase from $6.4 million in Q2 2020. The net income stood at $5.4 million or $0.16 per share, compared to a loss of $13.0 million in the prior year. The company is advancing its CTP-543 drug for alopecia areata, with pivotal trials ongoing and topline results expected in 2022. Cash reserves totaled $122.4 million, providing operational funding into Q2 2022.
Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) will release its second quarter 2021 financial results on August 5, 2021, before U.S. markets open. A conference call and webcast will follow at 8:30 a.m. ET for financial discussions and business updates. Interested parties can join the call by dialing (855) 354-1855 (U.S.) or (484) 365-2865 (International). The webcast will be available on their website and will remain accessible for three months. Concert specializes in developing small molecule drugs using its DCE Platform, with a focus on alopecia areata.
Concert Pharmaceuticals presents an update on CTP-543, an investigational drug for alopecia areata, showing promising long-term efficacy. In a one-year study, approximately 57% of participants achieved a meaningful hair regrowth score. The drug has Breakthrough Therapy designation from the FDA, and data from Phase 3 trials will support a future New Drug Application. The long-term study reports a low discontinuation rate due to adverse events, indicating good tolerability. CTP-543 represents a potential first therapy for alopecia areata, a condition affecting about 1 million Americans.
Concert Pharmaceuticals (NASDAQ: CNCE) has launched the THRIVE-AA2 Phase 3 clinical trial for CTP-543, an oral Janus kinase inhibitor aimed at treating moderate to severe alopecia areata in adults. The trial anticipates enrolling 440 patients and aims to report topline results in late 2022. Positive findings from both Phase 3 trials could lead to a New Drug Application submission to the FDA in early 2023. The trial's primary endpoint is the percentage of patients achieving a SALT score of ≤ 20 after 24 weeks of treatment.
Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) will participate in two upcoming virtual investor conferences. The Jefferies Virtual Healthcare Conference will feature a fireside chat presentation on June 2, 2021, at 3:30 p.m. ET, while the JMP Securities Life Sciences Conference will take place on June 16, 2021, at 11:30 a.m. ET. Interested parties can access a live webcast of these events on the company's website, which will also host a replay for two weeks post-event.
Concert focuses on developing small molecule drugs using its DCE Platform®, particularly targeting alopecia areata treatment.
Concert Pharmaceuticals (NASDAQ: CNCE) announced the sale of potential future milestones relating to VX-561 to Vertex Pharmaceuticals for $32 million. This transaction enhances Concert's balance sheet as it progresses its lead asset, CTP-543, through Phase 3 trials for alopecia areata. With these proceeds, the company expects its financial resources to extend into Q2 2022. Vertex now holds worldwide rights to VX-561, previously acquired under a 2017 agreement, which included an initial $160 million payment and potential for $90 million in milestones; no further obligations remain.
Concert Pharmaceuticals reported its Q1 2021 financial results, highlighting a commitment to advancing CTP-543 for alopecia areata. The net loss for the quarter was $22.7 million, or $0.67 per share, an increase from $20.5 million in Q1 2020. Cash and investments decreased to $111.8 million from $130 million at year-end 2020. R&D expenses rose to $18.5 million, reflecting ongoing clinical trials. The company is on track to report topline data from its THRIVE-AA1 Phase 3 trial in 2022.
Concert Pharmaceuticals (NASDAQ: CNCE) will report its Q1 2021 financial results on May 4, 2021, before U.S. markets open. A conference call and webcast will follow at 8:30 a.m. ET to discuss the results and provide a business update. Participants can join by dialing (855) 354-1855 for U.S. and Canada or (484) 365-2865 internationally. The webcast will be available on the company's website and can be replayed for three months.
Concert is focused on developing small molecule drugs utilizing its DCE Platform for conditions like alopecia areata.
