- The
immunology company released its financial results for the second quarter
of 2019 and also delivered an update on its clinical trials
- The
phase I trial of INmune Bio’s cancer treatment INB03 has delivered
promising results in terms of safety and tolerability. The company will
now be moving forward with the phase II of the trial
- INmune
Bio also announced the appointment of biotechnology executive Edgardo
Baracchini as a new member of the board of directors
INmune Bio Inc.’s (NASDAQ: INMB) clinical program
continues to advance, CEO RJ Tesi, M.D., noted during a presentation of the
company’s 2019 second quarterly report. The business update, year-to-date,
focused on financial results and on the advancement of the INB03 program (http://ibn.fm/shHin).
At the beginning of August, INmune Bio announced positive
preliminary data from the INB03 phase I clinical trial. INB03 is a
second-generation soluble tumor necrosis factor (sTNF) inhibitor, which the
company believes alters the immunobiology of the tumor microenvironment to
improve tumor killing in the body.
The phase I trial enlisted patients with advanced solid
tumors. These volunteers received INB03 to determine the safety of the
treatment in cancer patients. The medication was administered for an average of
74 days, and no adverse side effects were reported. INB03 was well tolerated.
As the company begins phase II testing, it hopes to
establish the effectiveness of the medication in combination immunotherapy.
INmune Bio also announced that it expects to begin enlisting
patients for a phase I trial of its other drug candidate, XPro1595, targeting
Alzheimer’s disease. Patient enrollment is expected to begin in the second half
of 2019.
Apart from announcing strategic developments, INmune Bio
also presented its most important financial results for the second quarter. Net
loss attributable to common stockholders for the second quarter was $0.4
million, in comparison to $6.2 million for the same quarter of 2018. Research
and development expenditure remained unchanged at $0.3 million. The total
research and development expenditure was $0.6 million, but it was partially
offset by a $0.3 million Alzheimer’s Association grant.
As of June 30, INmune Bio had cash and cash equivalents of
$9.4 million with no debt. In May 2019, INmune closed a private placement of
nearly $4.7 million. As of August 9, INmune Bio has 10.8 million common and
13.9 million fully diluted shares outstanding.
INmune Bio has made another important announcement in line
with its strategic development plans. On August 8, 2019, the company announced
that Edgardo Baracchini, Ph.D., will be joining the INmune Bio team as a member
of the board of directors (http://ibn.fm/zPl7l).
Barracchini brings extensive business development and
deal-making experience to the board of directors, Tesi said. These are critical
skills that are expected to benefit INmune Bio as it continues to advance its
three main drug candidates through clinical trials, Tesi concluded.
Baracchini has over 25 years of experience in biotech
business development. He has negotiated over 80 business transactions with
multinational pharmaceutical firms, biotech businesses and prominent
universities. His efforts have resulted in transactions estimated at over $5.3
billion.
“INmune Bio has very exciting clinical trials in cancer and
Alzheimer’s disease,” Baracchini noted in a news release. “I am looking forward
to working closely with its seasoned leadership team, each of whom have
demonstrated their own track record of success.”
For more information, visit the company’s website at www.INmuneBio.com
NOTE TO INVESTORS: The latest news and updates
relating to INMB are available in the company’s newsroom at http://ibn.fm/INMB
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