Via: OncoMed
Enters 2017 with $184.6 Million in Cash
Potential for Five Program Opt-ins Totaling Over $170M
Anti-TIGIT (I/O#2) IND Filed
REDWOOD CITY, Calif., Jan. 05, 2017 (GLOBE NEWSWIRE) -- OncoMed Pharmaceuticals Inc. (NASDAQ:OMED), a clinical-stage company focused on discovering and developing novel anti-cancer stem cell and immuno-oncology therapeutics, today pre-announced its 2016 year-end cash balance and reviewed key anticipated events for 2017.
OncoMed ended 2016 with approximately $184.6 million in cash. OncoMed's current cash is estimated to be sufficient to fund operations through at least the third quarter of 2018, without taking into account future potential milestone payments from partners. Full-year cash expenses for 2016 were approximately $115 million, in accordance with the company's 2016 guidance. OncoMed expects 2017 operating cash burn to be less than $100 million, before considering potential milestones/opt-ins.
"2017 represents a potentially transformational year for our company," said Paul J. Hastings, OncoMed's Chairman and Chief Executive Officer. "Phase 2 clinical trial results for demcizumab and tarextumab are anticipated in the first half of the year, and together those investigational drugs will be eligible for potential partner opt-ins totaling close to $100 million. Three additional programs, vantictumab, ipafricept and anti-RSPO3, are also eligible for potential partner opt-ins this year, and OncoMed could receive more than $170 million in total 2017 partner opt-in payments. At the same time, our earlier-stage programs are making progress in the clinic, we will be reporting on that progress, our two novel immuno-oncology candidates, anti-TIGIT and GITRL-Fc trimer are advancing into the clinic, and we continue to discover and develop additional novel agents directed at new immuno-oncology targets."
Read More: http://investor.shareholder.com/oncomed/releasedetail.cfm?ReleaseID=1006643
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