Welcome to our dedicated page for Surface Oncology news (Ticker: SURF), a resource for investors and traders seeking the latest updates and insights on Surface Oncology stock.
Surface Oncology, Inc. (NASDAQ: SURF) is a clinical-stage immuno-oncology company pioneering the development of next-generation cancer immunotherapies. Founded on cutting-edge research from world-renowned immunologists and cancer researchers from institutions like Memorial Sloan Kettering and Harvard, Surface Oncology aims to harness the power of the immune system to fight cancer more effectively.
The company's innovative pipeline is focused on the tumor microenvironment, featuring two wholly-owned antibody programs: SRF388 and SRF114. SRF388 targets IL-27, an immunosuppressive cytokine, and is currently in Phase 2 clinical trials. It has shown promise as both a monotherapy and in combination with checkpoint inhibitors, and has been granted Orphan Drug and Fast Track designations by the FDA for refractory hepatocellular carcinoma. SRF114, in Phase 1 trials, specifically depletes CCR8+ regulatory T cells within the tumor microenvironment, aiming to drive anti-tumor immunity.
Surface Oncology has also established significant partnerships with major pharmaceutical companies, including Novartis and GlaxoSmithKline, to advance additional pipeline programs. Their collaboration with Novartis targets CD73 (NZV930), currently in Phase 1, while their partnership with GlaxoSmithKline focuses on PVRIG (GSK4381562), also in Phase 1.
Recently, Surface Oncology completed a $35 million Series A financing round, bolstered by A-list investors such as Atlas Venture, New Enterprise Associates, Fidelity Biosciences, Lilly Ventures, Amgen Ventures, Novartis Institute for Biomedical Research, and former Bristol-Myers Squibb R&D head Elliott Sigal. The company has used these funds to advance its clinical programs and explore new therapeutic avenues.
In a significant development, Surface Oncology has announced a proposed merger with Coherus BioSciences. This merger aims to combine resources to advance SRF388 and SRF114 through clinical trials and eventually to market. The merger is expected to provide Surface with net cash of $20 million to $25 million at closing, although the outcome is contingent on shareholder approval.
Financially, Surface Oncology reported a net loss of $28.2 million for the second quarter of 2023. The company anticipates that its cash reserves will sustain operations through the end of 2023. Amidst these developments, Surface continues to focus on its core mission: to develop innovative, next-generation cancer treatments that offer meaningful and sustained anti-tumor responses.
Surface Oncology (Nasdaq: SURF) has announced that GlaxoSmithKline (GSK) has initiated a Phase 1 study for GSK4381562, a therapeutic targeting the PVRIG protein, in patients with solid tumors. This milestone will yield Surface a $30 million payment and potential future payments totaling up to $700 million, plus royalties on global sales. The study aims to evaluate the drug's ability to activate natural killer and T cells, positioning it as a promising immunotherapy. Surface is developing next-generation therapies focusing on the tumor microenvironment.
Surface Oncology (Nasdaq: SURF) announced the appointment of Theresa Boni, J.D., as general counsel and senior vice president, legal. Boni, who has over 20 years of experience in the biopharmaceutical sector, succeeds Liisa Nogelo. Chief Executive Officer Rob Ross emphasized her legal expertise as a valuable addition, particularly as the company advances clinical trials for anti-IL-27 antibody SRF388 and anti-CD39 antibody SRF617. Surface Oncology aims to develop innovative immunotherapies targeting cancer through ongoing and potential future collaborations.
Surface Oncology (Nasdaq: SURF) reported financial results for Q4 and full year 2021, showing significant revenue declines. Revenue for Q4 2021 was $0.2 million, down from $87.6 million in Q4 2020, and full-year revenue dropped to $2.7 million from $126.2 million. The company reported a net loss of $24.1 million for Q4, compared to a net income of $67.3 million last year. Despite these declines, Surface continues to advance its antibody portfolio and guides a cash runway through 2023, bolstered by a $30 million milestone payment linked to its GSK4381562 clinical trial.
Surface Oncology (Nasdaq: SURF), a clinical-stage immuno-oncology company, announced that CEO Rob Ross, M.D., will participate in the “Novel Immuno-Oncology” panel at Cowen’s 42nd Annual Health Care Conference on March 7, 2022, at 10:30 a.m. ET. The discussion will be accessible via a live webcast on the company's website, with an archived replay available for 30 days post-conference. Surface Oncology is focused on developing next-generation therapies targeting the tumor microenvironment, including clinical-stage programs and collaborations with major pharmaceutical companies.
Surface Oncology (Nasdaq: SURF) announced its participation in a fireside chat at Citi's 2022 Virtual Immuno-Oncology Summit on February 16, 2022, at 8 a.m. ET. The event will provide insights into the company's next-generation immunotherapies targeting the tumor microenvironment. Surface's portfolio includes clinical programs focusing on CD39 and IL-27, along with partnerships with Novartis and GlaxoSmithKline. A live audio stream and archived webcast will be available on the company's website.
Surface Oncology (Nasdaq: SURF) announces key leadership changes with Denice Torres appointed chair of the board, and Ben Hickey joining as a director. Torres, with over 25 years of healthcare leadership experience, aims to enhance diversity and inclusion efforts. Hickey, an oncology veteran, will leverage his expertise to advance the company's antibody pipeline. Additionally, Lisa McGrath has been promoted to chief people officer, and Shannon Devens to senior vice president of development operations. These strategic appointments are expected to strengthen Surface's mission in developing innovative cancer therapies.
Surface Oncology (NASDAQ: SURF) announced new data from its Phase 1 study of SRF617, an antibody targeting CD39, set to be presented at the ESMO-IO Congress. This first-in-human trial demonstrates promising activity as a monotherapy and in combination with pembrolizumab for gastric and non-small cell lung cancer patients. The recommended Phase 2 dose is 1400 mg Q2W, showing no dose-limiting toxicity and 31% disease stabilization in monotherapy. The trial is also enrolling first-line pancreatic cancer cohorts.
Surface Oncology has been recognized as one of the Top Places to Work in Massachusetts for 2021 by the Boston Globe. This award highlights employee satisfaction regarding company direction, management, and engagement. The survey, conducted by Energage, featured insights from over 80,000 employees across 363 organizations. CEO Rob Ross expressed pride in their culture of trust and collaboration, essential for their mission in developing cancer therapies. Surface Oncology’s pipeline includes promising clinical-stage programs targeting CD39 and IL-27.
Surface Oncology (SURF) announced a poster presentation revealing new clinical data from its ongoing SRF617 Phase 1 trial at the ESMO-IO Congress, occurring virtually from December 8 to 11, 2021. The trial investigates SRF617, an antibody targeting CD39, in advanced solid tumor patients, both as a monotherapy and in combination. The poster will highlight significant findings aimed at achieving enhanced anti-tumor responses. The full poster will be available on the company’s website post-presentation.
Surface Oncology (Nasdaq: SURF) announced the FDA's approval of its IND application for GSK4381562, a fully human IgG1 antibody targeting PVRIG, allowing it to enter a Phase 1 clinical trial. The company will receive a $30 million milestone payment upon the first patient being treated and is eligible for an additional $700 million in future milestone payments, as well as tiered royalties on global net sales. GSK4381562 aims to enhance NK and T cell activation within the tumor microenvironment, representing a promising therapeutic advancement.
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