Quince Therapeutics Provides Pipeline Update and Business Outlook for 2023
Quince Therapeutics, Inc. (NASDAQ: QNCX) has announced an update on its development pipeline and business strategy for 2023. The company aims to prioritize resources on acquiring clinical-stage assets targeting rare diseases and intends to out-license its bone-targeting drug platform and NOV004, an anabolic peptide for accelerated fracture repair. Quince holds approximately $94 million in cash, with a projected annual expenditure of around $11 million in 2023, ensuring a runway until at least 2028. The company is actively seeking partnerships to enhance its strategic growth and has completed all IND-enabling studies for NOV004, preparing for out-licensing by the end of 2023.
- Strong cash position of approximately $94 million.
- Projected cash runway to support operations until at least 2028.
- Plan to out-license NOV004, potentially expanding revenue streams.
- Experienced management team with a track record of developing approved therapeutics.
- Financial statements for Q4 and full year 2022 are unaudited, leading to uncertainty.
- Corporate restructuring and business development costs may impact projected expenditures.
“We believe our optimal growth plan lies in dedicating our capital, drug development, and corporate resources toward the in-licensing and acquisition of clinical-stage assets. We are actively seeking partnership opportunities focused around clinical-stage assets in a broad variety of therapeutic areas,” said
Key highlights of the company’s strategic growth plan include:
Prioritizing pipeline expansion through in-licensing and acquisition
- Active diligence process to identify and evaluate actionable clinical-stage assets for in-licensing and acquisition.
- Primarily seeking clinical-stage assets targeting debilitating and rare disease therapeutic areas.
- Potential asset targets must have compelling data, a well-defined commercial opportunity, and efficient clinical and regulatory development pathway.
- Ability to leverage management team’s collective prior experience in developing and commercializing more than 25 approved therapeutics.
Out-licensing of bone-targeting drug platform and precision bone growth molecule NOV004
- Seeking to out-license bone-targeting drug platform and precision bone growth molecule NOV004.
- Precision bone growth molecule NOV004 is an anabolic peptide engineered to precisely target and concentrate at the bone fracture site, resulting in rapid increases in bone density, strength, and expedited healing as demonstrated in extensive preclinical studies.
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NOV004 has completed all IND-enabling studies, in addition to completion of a successful pre-IND meeting with the
U.S. Food and Drug Administration . - Out-licensing effort to commence immediately with goal of identifying a partner and concluding the process by the end of 2023.
Competitively positioned with strong balance sheet
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Strong cash position of approximately
$94 million December 31, 2022 . - Significant cash runway to support pipeline expansion through in-licensing and acquisition, as well as fund capital and operating expenditures into at least 2028.
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Expect annual capital and operating expenditures to approximate
$11 million
The company has not completed preparation of its financial statements for the fourth quarter or full year of 2022. The cash, cash equivalents, and investments presented as of
About
Forward-looking Statements
Statements in this news release contain “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements contained in this news release may be identified by the use of words such as “believe,” “expect,” “intend,” “goal,” “will,” “can,” “may,” “estimate,” ”plan,” “potential,” ”seek,” “positioned,” or other similar words. Examples of forward-looking statements include, among others, statements relating to the company’s cash position; its expectations regarding its plan to out-license its bone-targeting drug platform and NOV004 and related timing; ability to find different partnership opportunities to expand its development pipeline through in-licensing and acquisition of clinical-stage assets; and cost savings and expenses associated therewith. Forward-looking statements are based on Quince’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict and could cause actual results to differ materially from what the company expects. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, but are not limited to, the risks and uncertainties described in the section titled “Risk Factors” in the company’s its Quarterly Report on Form 10-Q filed with the
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Vice President,
ir@quincetx.com
Source:
FAQ
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