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January 30, 2023 South San Francisco, CA–(BUSINESS WIRE)–Quince Therapeutics, Inc. (Nasdaq: QNCX), a biotechnology company focused on acquiring, developing and commercializing innovative therapies that transform patients’ lives, announced Today, we provided an update on the company’s development pipeline and business outlook. The company will prioritize capital resources towards expanding its development pipeline through opportunistic licensing and acquisition of clinical-stage assets targeting debilitating and rare diseases. Quince plans to license its bone-targeted drug platform and precision bone growth molecule NOV004, designed to accelerate fracture repair in patients with fractures and osteogenesis imperfecta.
“We believe our optimal growth plan is to direct capital, drug development and corporate resources towards licensing and acquiring clinical-stage assets. We are actively seeking partnership opportunities that focus on the growth of the company,” said Dirk Thye, M.D., Ph.D., Chief Executive Officer of Quince.”With a strong balance sheet, optimized cash runway and experienced Backed by a strong development team, Quince is well positioned to execute our plans as we work diligently to identify, evaluate and complete the licensing and acquisition of commercially viable assets. I have.”
Key highlights of the company’s strategic growth plan include:
Prioritize pipeline expansion through in-licensing and acquisitions
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A proactive due diligence process to identify and evaluate viable clinical-stage assets for licensing and acquisition.
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We are looking for clinical-stage assets primarily targeting the therapeutic area of ​​debilitating and rare diseases.
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Potential asset targets require compelling data, well-defined commercial opportunities, and efficient clinical and regulatory development pathways.
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Ability to leverage the management team’s collective prior experience in the development and commercialization of over 25 approved therapeutics.
Bone-targeted drug platform and out-licensing of precision bone growth molecule NOV004
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We aim to license our bone-targeted drug platform and the precision bone growth molecule NOV004.
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The precision bone growth molecule NOV004 is an anabolic peptide designed to precisely target and concentrate at the fracture site, resulting in improved bone density, strength, and rapid healing, as demonstrated in extensive preclinical studies. result in a rapid increase.
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NOV004 has completed all IND-ready studies in addition to a successful pre-IND meeting with the U.S. Food and Drug Administration.
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We will identify partners and begin licensing efforts immediately, with the goal of completing the process by the end of 2023.
Competitive positioning with a strong balance sheet
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Strong cash position of approximately $94 million in cash, equivalents and marketable securities as of December 31, 2022.
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Significant cash runway to support pipeline expansion through licensing and acquisitions and to fund capital and operational expenditure through at least 2028.
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Excluding the impact of corporate restructuring and potential business development activities, annual capital and operating expenses in 2023 are expected to be approximately $11 million.
The company has not finished preparing its fourth quarter or full year 2022 financial statements. Cash, cash equivalents and investments presented as of December 31, 2022 are preliminary, unaudited, and therefore inherently uncertain and subject to change. The company is completing his 2022 financial results. Quince is in the process of completing the company’s normal year-end closing and review procedures for the fiscal year as of and ended December 31, 2022, and is not assured of final results for this period. not. No change from these preliminary unaudited amounts. The Company’s independent registered public accounting firm did not audit, review, edit or process the preliminary data for the fourth quarter and year ended December 31, 2022.
About Quince Therapeutics
Quince Therapeutics is a biotechnology company focused on acquiring, developing and commercializing innovative life-changing treatments for patients suffering from debilitating and rare diseases. The company is actively seeking attractive clinical-stage assets available for in-licensing and acquisition to expand its development pipeline. For more information, visit www.quincetx.com and follow Quince Therapeutics on LinkedIn and @Quince_Tx on Twitter. Interests regarding in-licensing and acquisition opportunities may be directed to bd@quincetx.com.
Forward-Looking Statements
Statements in this news release contain “forward-looking statements” that involve significant risks and uncertainties. Forward-looking statements contained in this news release are defined as “believe,” “expect,” “intend,” “goal,” “will,” “could,” “could,” “estimate, Words like “plan”, “potential”, “seek”, “locate”. Examples of forward-looking statements include, among other things, statements regarding the company’s cash position. The company’s expectations regarding timing related to the bone-targeted drug platform and his plans to license NOV004. Ability to identify various partnership opportunities to expand the development pipeline through licensing and acquisition of clinical-stage assets. Cost savings and related expenses. Forward-looking statements are based on Quince’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict and may cause actual results to differ materially from the company’s expectations. In addition, certain forward-looking statements are based on assumptions about future events that may not prove to be accurate. Factors that could cause actual results to differ include the risks described in the section entitled “Risk Factors” in the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 9, 2022. and uncertainties. and other reports filed with the SEC. The forward-looking statements contained in this news release are made as of this date and Quince does not undertake any obligation to update such information, except as required by applicable law. .
View source version at businesswire.com: https://www.businesswire.com/news/home/20230130005565/en/
contact address
Stacy Lohan
Quince Therapeutics, Inc.
Vice President, Corporate Communications and Investor Relations
ir@quincetx.com
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