Money to help company advance Ampligen as a treatment for locally advanced or metastatic advanced pancreatic cancer
AIM ImmunoTech Inc (NYSE: AIM) closed its third quarter with a balance sheet of $ 53.7 million as the company offers Ampligen as a therapy for locally advanced or metastatic advanced pancreatic cancer.
“We are proud of the progress made during the third quarter,” CEO Thomas Equels said in a statement. “We continue to advance several clinical trials towards major inflection points that we believe will deliver significant benefits to patients and generate shareholder value.”
As for Ampligen, Equels said the company strongly believes in the drug’s “huge market potential” for several indications.
“We have maintained a strong balance sheet, which provides us with funding to execute our business strategy, as well as internal funding for clinical trials, which should accelerate our therapeutic development. We remain very encouraged by the outlook for the company and look forward to reporting on major upcoming developments, ”he said.
READ: AIM ImmunoTech submits IND and Fast Track applications for Phase 2 trial of pancreatic cancer treatment with Ampligen
The company has submitted an Investigational New Drug Application (IND) and an accompanying Fast Track Status application to the United States Food and Drug Administration (FDA) for a planned Phase 2 study of Ampligen.
The AMP-270 clinical trial of approximately 250 subjects will be a randomized, open-label, controlled, parallel-arm study whose main objective is to compare the effectiveness of Ampligen when added to SOC (standard of care) compared to SOC alone for subjects with advanced pancreatic carcinoma recently treated with the FOLFIRINOX chemotherapy regimen. Secondary objectives include the comparison of safety and tolerability.
AIM ImmunoTech also provided more results for its 3rd quarter ended September 30, 2021:
- Research and development expenses amounted to $ 2 million, compared to $ 1.1 million for the same period last year.
- General and administrative expenses were $ 1.8 million, compared to $ 2.1 million in quarter 2020.
- Net operating loss was $ 3.8 million, or $ 0.08 per share, compared to $ 3.3 million, or $ 0.08 per share, in the prior year quarter.
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