BerGenBio Q1 2024 Results: Progressing to Next Development Phase

BerGenBio ASA, a clinical-stage biopharmaceutical company based in Bergen, Norway, is at the forefront of developing selective AXL kinase inhibitors to address significant unmet medical needs. On May 29, 2024, the company disclosed its financial results for the quarter ending on March 31, 2024, and provided a comprehensive business update.

Significant milestones achieved during this period include a positive review by the Data Safety Monitoring Board, which supported dose escalation in Phase 1b trials and the commencement of Phase 2a trials. Moreover, site activation for Phase 2a trials in the United States and Europe is progressing effectively. Bemcentinib, BerGenBio's leading selective AXL inhibitor, continues to show promise in the clinic. It has been selected for inclusion in a National Cancer Institute funded study focusing on advanced non-small cell lung cancer (NSCLC). This study is being led by the Mays Cancer Center at the University of Texas Health Science Center in San Antonio.

From a financial perspective, BerGenBio reported a robust position with NOK 117.3 million as of March 31, 2024. This position was significantly bolstered by raising NOK 138.9 million through the exercise of warrants in April 2024. Additionally, the company continued to reduce its operational expenses substantially, cutting them from NOK 72.4 million in the first quarter of 2023 to NOK 39.9 million in the first quarter of 2024. However, the net cash flow stood at NOK -42.5 million.

The company's CEO, Martin Olin, highlighted the importance of the ongoing clinical developments. He pointed out that patients with 1L NSCLC STK11 mutations currently lack targeted therapy options and face a dire prognosis. This patient group represents a market estimated to be worth between USD 4 and 5 billion. The initiation of Phase 2a trials for bemcentinib in these patients marks a critical milestone for BerGenBio. The clinical advancements and successful capital raise via warrants set the stage for advancing this much-needed therapeutic option.

The company's Q1 2024 financial report, along with a detailed presentation, is accessible on BerGenBio's official website. Moreover, a webcast featuring the senior management team, including CEO Martin Olin and CFO Rune Skeie, was held to provide further business updates. This webcast was made available live and can be accessed for on-demand viewing on the company's website.

BerGenBio remains focused on developing its proprietary lead candidate, bemcentinib, which is currently in clinical trials for treating STK11 mutated NSCLC and in preclinical stages for severe respiratory infections. The company envisions bemcentinib as a potential first-in-class selective AXL inhibitor that could transform the therapeutic landscape for these challenging diseases.

Headquartered in Bergen, Norway, with a subsidiary in Oxford, UK, BerGenBio is listed on the Oslo Stock Exchange under the ticker BGBIO. The company continues to navigate the complexities of clinical development with a vision to bring innovative therapies to patients with high unmet medical needs.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!