Fresh Tracks considers options to stay afloat and develop autoimmune candidates
2023-03-09
临床1期临床结果财报
Fresh Tracks Therapeutics is out with Phase I data on its atopic dermatitis candidate, FRTX-02. But to continue development, the clinical-stage biotech is considering a range of options to stay afloat, including selling assets or hunting for a buyout.
The company’s stock
$FRTX
spiked Wednesday, opening at $3.13, but took a dive to $1.55 as the day went on.
“To fully unlock the potential of the Company’s pipeline considering our current capital resources, we have determined it is prudent for us to initiate a comprehensive review of strategic options with the goal of maximizing shareholder value as we look to advance the clinical development of FRTX-02 and progress our earlier-stage assets,” CEO Andy Sklawer said in a prepared statement.
In its Q3 2022 report,
Fresh Tracks reported
$11.3 million in cash and cash equivalents as of Sept. 30, 2022 — compared to $26.9 million as of Dec. 31, 2021. At the time, the company expected it would fund its operations for at least the next 12 months. The company has yet to release its Q4 earnings.
The Phase I topline results showed the drug was “generally safe and well-tolerated” and came from the single and multiple ascending dose parts of Phase I, which included 89 people with and without atopic dermatitis. There were no drug-related serious adverse events.
Now, Fresh Tracks wants to move to part two of the study, which will investigate efficacy in patients with moderate-to-severe atopic dermatitis with once-daily oral doses of FRTX-02 compared to a placebo. The DYRK1A inhibitorDYRK1A inhibitor is meant to restore immune balance by modulating the immune responses in patients with autoimmune and inflammatory diseases.
Fresh Tracks used to be known as
Brickell Biotech
. It began trading under
$FRTX
in September of last year. In 2021, the company acquired exclusive rights to its DYRK1A inhibitorDYRK1A inhibitor program from Voronoi.
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