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Spyre Therapeutics, Inc. (NASDAQ: SYRE) is a leading biotechnology company focused on transforming the treatment landscape for Inflammatory Bowel Disease (IBD). By leveraging cutting-edge antibody engineering, rational therapeutic combinations, and precision medicine, Spyre aims to develop next-generation IBD therapies. Two main forms of IBD are Ulcerative Colitis (UC) and Crohn's Disease (CD), which affect millions globally.
Founded in 2013, Spyre has been making significant strides in the field with a strong pipeline of investigational drugs targeting key molecules involved in IBD. The Company's lead candidates include SPY001 and SPY002, both of which are extended half-life monoclonal antibodies. SPY001 targets integrin α4β7, and SPY002 targets TL1A, showing promising results in preclinical studies. These candidates are set for presentation at the 19th Annual Congress of the European Crohn's and Colitis Organisation (ECCO) in February 2024.
Spyre's approach includes developing precision diagnostics to match patients with the most effective therapies. This method ensures that treatments are not only potent but also tailored to individual needs, enhancing efficacy and safety. The company is also investigating rational therapeutic combinations, which could offer comprehensive solutions for IBD patients.
Financially, Spyre is robust, having secured nearly $400 million in funding from top-tier investors. This financial strength supports their ambitious R&D programs and the anticipated start of Phase 1 clinical trials for SPY001 and SPY002. Spyre’s management team, led by CEO Cameron Turtle, DPhil., is committed to advancing their mission of developing best-in-class IBD treatments.
Recent corporate updates reveal a solid cash position with $485 million available as of March 31, 2024. This financial cushion ensures sustained operations and development activities well into 2027. Spyre continues to attract top talent, evidenced by recent stock option grants to new employees as part of their equity inducement plan.
For more information, visit Spyre's website or follow them on social media: @spyretx and LinkedIn.
Spyre Therapeutics (NASDAQ: SYRE), a clinical-stage biotech company focused on Inflammatory Bowel Disease (IBD) treatment, has announced its addition to the Nasdaq Biotechnology Index (NBI), effective December 23, 2024. The inclusion comes as part of the NBI's annual evaluation process. Companies must meet specific eligibility criteria including minimum market capitalization, average daily trading volume, and public company seasoning requirements. The NBI tracks performance of biotechnology and pharmaceutical securities listed on Nasdaq and operates under a modified capitalization-weighted methodology.
Spyre Therapeutics (NASDAQ: SYRE), a clinical-stage biotech company focused on IBD treatments, has announced the approval of inducement stock options for three non-executive employees. The Compensation Committee granted options to purchase 45,000 shares of common stock at an exercise price of $27.65 per share. The options have a 10-year term and will vest over four years, with 25% vesting after the first year and the remaining vesting monthly over the following three years. These grants were made under the company's 2018 Equity Inducement Plan and align with Nasdaq Listing Rule 5635(c)(4).
Spyre Therapeutics (NASDAQ: SYRE) has initiated Phase 1 clinical trials for two half-life extended anti-TL1A antibodies, with first participants already dosed. The SPY002 molecules demonstrate picomolar potency and potential for quarterly or twice-yearly dosing, compared to current first-generation treatments requiring dosing every 2-4 weeks. Interim data is expected in Q2 2025, with plans to advance to Phase 2 studies in ulcerative colitis and beyond IBD. The company maintains a strong financial position with over $630M in proforma cash, providing runway into H2 2028.
Spyre Therapeutics (NASDAQ: SYRE), a clinical-stage biotech company focused on Inflammatory Bowel Disease (IBD) treatment, has announced its participation in the 7th Annual Evercore ISI HealthCONx Conference. The company will engage in a fireside chat and investor meetings on Tuesday, December 3, 2024, at 7:30 a.m. Eastern time.
The event will be accessible via webcast through the 'Events & Presentations' section of Spyre's investor relations website at ir.spyre.com, with a replay available after the conference.
Spyre Therapeutics (NASDAQ: SYRE) has priced its public offering of 7,275,000 common stock shares at $27.50 per share, expecting to raise $200.0 million in gross proceeds. The clinical-stage biotech company, focused on IBD treatments, has granted underwriters a 30-day option to purchase up to additional 1,091,250 shares. The offering, managed by Jefferies, Goldman Sachs, Evercore Group, and Guggenheim Securities, is expected to close around November 20, 2024.
Spyre Therapeutics (NASDAQ: SYRE), a clinical-stage biotech company focused on inflammatory bowel disease treatment, has announced a proposed public offering of up to $200 million in common stock and pre-funded warrants. The underwriters will have a 30-day option to purchase an additional $30 million of shares. The offering will be managed by Jefferies, Goldman Sachs, Evercore Group, and Guggenheim Securities as joint book-running managers, with LifeSci Capital as lead manager. The offering is subject to market conditions and will be made through a prospectus supplement and accompanying prospectus filed with the SEC.
Spyre Therapeutics (NASDAQ: SYRE) announced positive interim Phase 1 results for SPY001, its novel anti-α4β7 antibody for Inflammatory Bowel Disease treatment. The drug showed a favorable safety profile and exceeded expectations with a >90-day half-life, approximately 4 times longer than vedolizumab. The single lowest dose achieved complete α4β7 receptor saturation through Week 12.
The trial included 56 healthy participants across multiple dosing cohorts, with no serious adverse events reported. Based on these results, Spyre plans to initiate a platform Phase 2 trial in mid-2025, which will evaluate SPY001, SPY002, SPY003, and their combinations for treating ulcerative colitis.
Spyre Therapeutics (NASDAQ: SYRE) announced it will present interim results from its Phase 1 healthy volunteer trial of SPY001, a novel half-life extended anti-α4β7 antibody designed to treat Inflammatory Bowel Disease (IBD). The company will host a conference call and webcast on November 12, 2024, at 8:00am ET to discuss the findings. The webcast will be accessible through Spyre's Investor Relations webpage and will be archived for -time viewing.
Spyre Therapeutics announced its third quarter 2024 financial results and provided corporate updates. The company has $414 million in cash, cash equivalents, and marketable securities as of September 30, 2024, with an expected runway into 2027. Net loss for Q3 2024 was $69 million, compared to $40.1 million in Q3 2023. R&D expenses increased to $44.7 million due to ongoing IBD pipeline development.
Key pipeline updates include:
- SPY001: Interim Phase 1 data expected by year-end 2024.
- SPY002: First-in-human trials to begin in Q4 2024.
- SPY003: Accelerated first-in-human trials to Q1 2025.
New preclinical data for SPY003 showed a three-fold increase in half-life compared to risankizumab. Spyre also plans to investigate combination therapies to maximize efficacy in treating IBD.
Spyre Therapeutics (NASDAQ: SYRE), a clinical-stage biotech company focused on Inflammatory Bowel Disease (IBD) treatment, announced the approval of inducement stock options for two non-executive employees. The Compensation Committee granted options to purchase 90,000 shares of common stock under the 2018 Equity Inducement Plan. The options have a 10-year term with an exercise price of $33.98, matching Spyre's closing share price on November 1, 2024. The options vest 25% after one year and the remaining monthly over four years, contingent on continued employment.
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