Welcome to our dedicated page for Foghorn Therapeutics news (Ticker: FHTX), a resource for investors and traders seeking the latest updates and insights on Foghorn Therapeutics stock.
Foghorn Therapeutics Inc., founded in 2015 and headquartered in Cambridge, Massachusetts, is a biopharmaceutical company focused on discovering and developing a new class of medicines. These medicines target genetically determined dependencies within the chromatin regulatory system using Foghorn's proprietary Gene Traffic Control® Platform. This platform provides an integrated, mechanistic understanding of how various components of the chromatin regulatory system interact, allowing the identification, validation, and potential drugging of targets within the system.
The company's lead programs include FHD-286 and FHD-609. FHD-286 is a small-molecule enzymatic inhibitor of BRG1 and BRM, targeting acute myeloid leukemia (AML) and uveal melanoma. FHD-609 is a protein degrader of BRD9 aimed at treating synovial sarcoma. Additionally, Foghorn is developing preclinical and discovery programs such as selective BRM targeting non-small-cell lung cancer and selective ARID1B modulators for bladder, ovarian, and endometrial cancer.
Foghorn has established a collaboration with Merck Sharp & Dohme Corp. to discover and develop novel oncology therapeutics against a transcription factor target. The company's financial stability is reflected in its cash and equivalents of approximately $259.9 million as of September 30, 2023, which supports its robust pipeline and strategic objectives for 2024 and beyond.
Recent Achievements and Current Projects:
- Initiated a Phase 1 combination study of FHD-286 in AML with data expected in the second half of 2024.
- Progress with the selective BRM inhibitor FHD-909, with an IND planned for the second quarter of 2024, primarily targeting non-small cell lung cancer.
- Presented preclinical data showcasing selective CBP and EP300 degrader programs, demonstrating significant tumor growth inhibition without associated hematopoietic toxicity.
- Announced multiple strategic milestones, including financial updates and corporate outlooks, reflecting continued progress across various therapeutic programs.
The company remains committed to advancing its preclinical and clinical programs, supported by collaborations and financial investments, with the goal of developing novel medicines that can transform the lives of patients with serious diseases.
Flagship Pioneering, a bioplatform innovation company, announced it has raised $3.6 billion to foster the growth of 25 groundbreaking companies in human health, sustainability, and AI. This includes $2.6 billion into Fund VIII and $1 billion from sector-specific partnerships, bringing the total capital raised since 2021 to $6.4 billion. The company now operates with an aggregate capital pool of $10.9 billion and manages $14 billion in assets.
Flagship's recent partnerships include collaborations with Pfizer, Samsung, Thermo Fisher Scientific, and Novo Nordisk. These alliances are part of Flagship's Innovation Supply Chain Partnership (ISC) model, which maximizes innovation across various stages of product development.
The company has expanded globally, establishing hubs in London and Singapore to enhance its R&D collaborations and access international talent. Flagship has also bolstered its leadership team with several key hires and promotions to drive its growth and innovation strategy.
Flagship Pioneering, a bioplatform innovation company, has expanded its leadership team with new appointments and promotions. These changes accompany an expanded capital base of $3.6 billion for the development of 25 breakthrough platform companies in human health, sustainability, and AI.
Key promotions include Lovisa Afzelius to General Partner, Paul Biondi to General Partner, Dina Ciarimboli as General Counsel, Marcello Damiani as Senior Partner, Gary Pisano as Chief Strategist, and other critical roles filled by experienced professionals. These leaders bring significant expertise from major firms like Pfizer, Bristol-Myers Squibb, Moderna, and Harvard Business School.
Flagship aims to leverage these appointments to drive innovation, enhance strategic partnerships, and improve operational efficiency across its ecosystem of companies, furthering its mission to pioneer transformative technologies.
Foghorn Therapeutics (Nasdaq: FHTX), a clinical-stage biotech company focused on treating serious diseases by correcting abnormal gene expression, announced its participation in two major investor conferences in June 2024. The Jefferies Global Healthcare Conference will feature Adrian Gottschalk, CEO, presenting on June 5, 2024, at 3:30 p.m. ET in New York. The Goldman Sachs 45th Annual Global Healthcare Conference will also include a presentation by Gottschalk on June 10, 2024, at 3:20 p.m. ET in Miami Beach. Both presentations will be accessible via webcast for 30 days on the company's website.
Foghorn Therapeutics has successfully closed a registered direct offering, raising approximately $110 million. This funding will bolster the company’s platform and advance its diverse pipeline of treatments for diseases, especially in oncology. The offering, which includes new and existing investors like BVF Partners and Flagship Pioneering, strengthens Foghorn's balance sheet, extending its cash runway into 2027. With $310 million in cash, cash equivalents, and short-term investments, the company is well-positioned for upcoming data readouts and clinical milestones. The offering priced 12,743,039 common shares at $5.51 each, and pre-funded warrants to buy 7,220,794 shares at $5.5099 each.
Foghorn Therapeutics (FHTX) has announced a registered direct offering of 12,743,039 shares of its common stock at $5.51 per share and pre-funded warrants for 7,220,794 shares at $5.5099 per warrant. This offering aims to raise approximately $110 million in gross proceeds. The closing is expected around May 22, 2024, pending customary conditions. Proceeds will be used for advancing preclinical and clinical programs and general corporate purposes. Jefferies, TD Cowen, and Evercore ISI are managing the offering. The securities are offered pursuant to an effective shelf registration statement filed with the SEC.
Foghorn Therapeutics Inc. provided a financial and corporate update for Q1 2024. The company showcased strong preclinical anti-tumor activity in multiple pipeline programs and progress in AML and NSCLC studies, with data expected in the second half of 2024. IND filing for a first-in-class oral BRM inhibitor was submitted, along with updates on selective CBP and EP300 degrader programs. The company presented promising data at AACR, appointed a new CFO, and reported cash reserves of $206.7 million.
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