Following a host of trial flops, Angion halts R&D work, searches for ‘strategic alternatives’

26 Jul 2022
endpts.com
Acquisition
After scrapping a Phase II kidney disease study last month, it appears Angion Biomedica may be out of moves. The Uniondale, NY-based biotech announced Monday afternoon that it would be looking into “strategic alternatives” — suggesting a potential merger, reverse merger and sale or licensing of its candidates as options it would be exploring. In the meantime, Angion will be shuttering its R&D work. “In order to preserve as much of the over $60 million in cash and cash equivalents in place at the end of the second quarter, we are discontinuing development of ANG-3070 for all indications and discontinuing most other development activities pending conclusion of this process, plus taking other actions to immediately reduce cash burn to better position the company for this strategic alternatives process,” Angion president and CEO Jay Venkatesan said in a press release . ANG-3070 was pushed to the front of Angion’s pipeline as its lead candidate faced one trial fail after another. In July of last year, ANG-3777 missed in a Phase II study for Covid-19. Then not long after, the drug flunked two separate kidney studies, leading Angion to pivot to ANG-3070. However, ANG-3070, a TKI inhibitor, didn’t pan out either. Angion shelved a Phase II study of the drug in kidney diseases after one patient reportedly had “unexpected and substantial decline” in their kidney function. In premarket trading, $ANGN was down 5%, floating around the $1 mark.
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