Cbio A/S, Pioneer in T-Cell Treatments, Releases 2023 Financials as It Gears Up for Clinical Trials with Secured Funding of DKK 40 Million

April 12, 2024 —Cbio A/S, a biopharmaceutical firm based in Copenhagen, has announced its financial results for 2023 and provided an update on the company's progress. The company, which is focused on developing next-generation T-cell therapies for solid tumors, reported a loss for the year that aligns with its projected expenditure rate. The financial statements for the period from January 1, 2023, to December 31, 2023, show a loss of DKK 621,556, which is consistent with the prior year's loss of DKK 8,975,691. At the end of the year, the company's equity stood at DKK 5,743,164. 

Ulrik Cordes, the company's Founder and CEO, expressed optimism about the year 2023, noting that it was a significant year for Cbio. The company completed the preclinical development of its leading T-cell therapy asset, novoleucel, and made significant strides towards initiating a phase I/II clinical trial at Karolinska University Hospital. This trial will involve the treatment of 20 patients suffering from advanced cervical cancer. Cordes emphasized that commencing the first clinical trial in 2024 is a top priority and represents a critical milestone for the company. He also highlighted Cbio's strong position within the T-cell therapy sector and the company's commitment to advancing the field towards the goal of cancer cure. 

The company's achievements in 2023 include the completion of preclinical development for novoleucel for the treatment of cervical cancer. This therapy is a novel and broad-spectrum product with the potential to transform cancer treatment. Additionally, Cbio's REVITA™ platform technology demonstrated its potential in treating kidney, ovarian, and pancreatic cancers in a collaboration with Odense University Hospital. The company also received notification of an 'Intention to Grant' a patent from the European Patent Office for its foundational T-cell technology. Furthermore, Cbio secured a key T-cell therapy technology license from Karolinska, which focuses on equipping T-cells to combat oxidative stress, a common mechanism by which cancers evade the immune system, particularly in gynecological cancers. 

In terms of financing, Cbio raised DKK 28 million from Innovation Fund Denmark and DKK 12 million in equity investments from both new and existing shareholders. This funding will support the company's operations through to 2026 and enable the completion of the phase I/II clinical trial at Karolinska in Stockholm. 

Cbio A/S is dedicated to enhancing the lives of patients with late-stage cancers by making innovative T-cell therapies accessible globally. The company's proprietary technology serves as the foundation for a unique T-cell product with the potential to significantly impact cancer treatment. An image accompanying the announcement can be found at the provided link, depicting a cleanroom operator engaged in the process of cutting tumor tissue for T-cell therapy production.

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