Antengene Reports 2024 Interim Financial Results, Progress in R&D and Commercialization

Antengene Corporation (6996.HK), based in SHANGHAI and HONG KONG, recently revealed its interim results for the first half of 2024, showcasing significant achievements in research, development, and commercialization. Dr. Jay Mei, Founder, Chairman, and CEO, highlighted substantial progress in both these areas, underscoring the advancement of its four key global assets: ATG-022, ATG-037, ATG-101, and ATG-031.

ATG-022, a Claudin 18.2 antibody-drug conjugate (ADC), has advanced to Phase II dose expansion, showing efficacy in gastric cancer patients regardless of their Claudin 18.2 expression levels. This has bolstered the belief that ATG-022 could emerge as a leading global treatment for Claudin 18.2-targeted therapies. Furthermore, ATG-022 has secured two Orphan Drug Designations from the U.S. FDA for gastric and pancreatic cancers.

ATG-037, a CD73 small molecule inhibitor, has shown potential in overcoming resistance to anti-PD-1 therapies. By inhibiting CD73, the molecule aims to reduce adenosine production, a significant immunosuppressive agent in the tumor environment. ATG-037 has demonstrated safety and efficacy in preclinical studies, particularly when used in combination with KEYTRUDA® (pembrolizumab) in patients with advanced solid tumors. Following successful Phase I trials, Phase II dose expansion is set to begin in China and Australia later in 2024.

ATG-101, a PD-L1/4-1BB bispecific antibody, is designed to address PD-L1 resistant cancers through conditional T-cell activation. The treatment is undergoing dose-escalation studies across the U.S., China, and Australia, demonstrating strong tolerability and no significant liver toxicity. Promising results include durable stable disease and partial responses in patients with colorectal cancer, indicating its potential efficacy at low doses. Completion of Phase I is expected by the first half of 2025.

ATG-031, an anti-CD24 monoclonal antibody, has entered clinical trials in the U.S. as the first macrophage activator targeting CD24. The PERFORM study's early data reveals that ATG-031 is safe and has shown stable disease and tumor shrinkage in late-stage cancer patients. This first-in-class treatment is being tested at prestigious cancer centers, with Phase I data expected in 2025.

In addition to these clinical advancements, Antengene is enhancing its presence in the Asia-Pacific region by securing health insurance approvals for XPOVIO® (selinexor), an important revenue-generating asset. In recent months, XPOVIO® has received approvals for new indications and market entries in multiple countries, including China, South Korea, and Malaysia. These approvals have expanded XPOVIO®'s reach and boosted its sales revenue, which reached RMB 60.8 million in the first half of 2024.

Financially, Antengene is in a strong position with a cash and bank balance of RMB 1.024 billion as of June 30, 2024. This financial stability, combined with strategic spending, supports the company's growth and long-term objectives. The company is committed to leveraging its innovative R&D capabilities and strategic partnerships to drive further development and commercialization of its pipeline assets.

Antengene's vision of "Treating Patients Beyond Borders" is reflected in its robust pipeline of oncology therapeutics, with numerous assets at various stages of development and commercialization. The company has obtained multiple investigational new drug approvals and submitted several new drug applications across the Asia-Pacific region. The ongoing development and commercialization efforts aim to bring innovative treatments to patients globally, demonstrating Antengene's commitment to addressing unmet medical needs in oncology.