- The immunology company released its financial results for the second quarter of 2019 and also delivered an update on its clinical trials
- The phase I trial of INmune Bio’s cancer treatment INB03 has delivered promising results in terms of safety and tolerability. The company will now be moving forward with the phase II of the trial
- INmune Bio also announced the appointment of biotechnology executive Edgardo Baracchini as a new member of the board of directors
INmune Bio Inc.’s (NASDAQ: INMB) clinical program continues to advance, CEO RJ Tesi, M.D., noted during a presentation of the company’s 2019 second quarterly report. The business update, year-to-date, focused on financial results and on the advancement of the INB03 program (http://ibn.fm/shHin).
At the beginning of August, INmune Bio announced positive preliminary data from the INB03 phase I clinical trial. INB03 is a second-generation soluble tumor necrosis factor (sTNF) inhibitor, which the company believes alters the immunobiology of the tumor microenvironment to improve tumor killing in the body.
The phase I trial enlisted patients with advanced solid tumors. These volunteers received INB03 to determine the safety of the treatment in cancer patients. The medication was administered for an average of 74 days, and no adverse side effects were reported. INB03 was well tolerated.
As the company begins phase II testing, it hopes to establish the effectiveness of the medication in combination immunotherapy.
INmune Bio also announced that it expects to begin enlisting patients for a phase I trial of its other drug candidate, XPro1595, targeting Alzheimer’s disease. Patient enrollment is expected to begin in the second half of 2019.
Apart from announcing strategic developments, INmune Bio also presented its most important financial results for the second quarter. Net loss attributable to common stockholders for the second quarter was $0.4 million, in comparison to $6.2 million for the same quarter of 2018. Research and development expenditure remained unchanged at $0.3 million. The total research and development expenditure was $0.6 million, but it was partially offset by a $0.3 million Alzheimer’s Association grant.
As of June 30, INmune Bio had cash and cash equivalents of $9.4 million with no debt. In May 2019, INmune closed a private placement of nearly $4.7 million. As of August 9, INmune Bio has 10.8 million common and 13.9 million fully diluted shares outstanding.
INmune Bio has made another important announcement in line with its strategic development plans. On August 8, 2019, the company announced that Edgardo Baracchini, Ph.D., will be joining the INmune Bio team as a member of the board of directors (http://ibn.fm/zPl7l).
Barracchini brings extensive business development and deal-making experience to the board of directors, Tesi said. These are critical skills that are expected to benefit INmune Bio as it continues to advance its three main drug candidates through clinical trials, Tesi concluded.
Baracchini has over 25 years of experience in biotech business development. He has negotiated over 80 business transactions with multinational pharmaceutical firms, biotech businesses and prominent universities. His efforts have resulted in transactions estimated at over $5.3 billion.
“INmune Bio has very exciting clinical trials in cancer and Alzheimer’s disease,” Baracchini noted in a news release. “I am looking forward to working closely with its seasoned leadership team, each of whom have demonstrated their own track record of success.”
For more information, visit the company’s website at www.INmuneBio.com
NOTE TO INVESTORS: The latest news and updates relating to INMB are available in the company’s newsroom at http://ibn.fm/INMB
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