Clene Reports Second Quarter 2022 Financial Results and Recent Operating Highlights

Clene Reports Second Quarter 2022 Financial Results and Recent Operating Highlights

  • Topline results from the Phase 2 VISIONARY-MS clinical trial with CNM-   Au8 ® met the primary and secondary endpoints of Low Contrast Letter Acuity (LCLA) and modified Multiple Sclerosis Functional Composite (mMSFC) compared to placebo over 48 weeks   in the mITT population
  • Updated data from RESCUE-ALS demonstrate a statistically significant decrease in mortality in participants who entered open-label extension study (   5 CNM-Au8 deaths vs. 14 placebo deaths, HR=0.301, p=0.0143)
  • Topline results from HEALEY ALS Platform Trial expected this quarter
  • Cash, cash equivalents and marketable securities of $26.3 million as of June 30, 2022
  • Entered into a $3.0 million loan facility from State of Maryland to support development of commercial manufacturing facility

Clene Inc. (Nasdaq: CLNN) (along with its subsidiaries, "Clene") and its wholly owned subsidiary Clene Nanomedicine Inc., a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease, today reported its second quarter 2022 and recent operating highlights.

"We are on the cusp of a transformative period for the Company as we await a key data readout in ALS for our lead asset, CNM-Au8 ® ," said Rob Etherington, President and CEO of Clene. "The ALS patient population is desperate for new treatments to help mitigate the disease course and following the statistically significant survival benefits demonstrated in our open label trial, we are hopeful that we can deliver an effective therapy for people living with ALS."

Second Quarter 2022 and Recent Operating Highlights

CNM-Au8 ® , a gold nanocrystal suspension, for the treatment of amyotrophic lateral sclerosis (ALS)

  • Topline data from the HEALEY ALS Platform Trial, led by the Sean M. Healey & AMG Center for ALS at Massachusetts General Hospital, are expected this quarter.
  • Demonstrated statistically significant reduction in mortality in the open-label extension of the RESCUE-ALS trial. As of the July 5, 2022, data cutoff, early CNM-Au8 treatment resulted in a significant survival benefit (5 CNM-Au8 deaths vs. 14 placebo deaths, HR=0.301, p=0.0143). CNM-Au8 was well-tolerated, and the safety profile was consistent with previously reported data.
  • Received European Orphan Drug Designation for CNM-Au8 in amyotrophic lateral sclerosis (ALS) from the European Medicines Agency (EMA) Committee for Orphan Medicinal Products (COMP).
  • Presented five posters from the RESCUE-ALS trial at the European Network to Cure ALS (ENCALS) conference on June 1-3, 2022. The data included information on the neuroprotective efficacy and survival benefits of CNM-Au8 in ALS as well as on patient quality of life and biomarker data. The posters are available in the Scientific Posters & Presentations section of the Clene website.
  • Clene continues to support expanded access programs, providing CNM-Au8 treatment at five clinical sites for up to 55 total participants with ALS.

CNM-Au8 for the treatment of multiple sclerosis (MS)

  • Reported topline results from the Phase 2 VISIONARY-MS clinical trial with CNM-Au8 that met the primary and secondary endpoints of LCLA and mMSFC compared to placebo over 48 weeks in a modified intent to treat (mITT) population.
    • Primary endpoint: LCLA letter change in the clinically affected eye (least squares [LS] mean difference, 3.13; 95% CI: -0.08 to 6.33, p = 0.056)
    • Secondary outcomes:
      • mMSFC mean standardized change (LS mean difference, 0.28; 95% CI: 0.04 to 0.52, p = 0.0207)
      • mMSFC average rank score (LS mean difference, 13.38; 95% CI: 2.83 to 23.94, p = 0.0138)
      • Time to first repeated clinical improvement to Week 48 (45% vs. 29%, log-rank p=0.3991)
    • CNM-Au8 treatment was well-tolerated and there were no significant safety findings reported.
    • Results provide support to advance CNM-Au8 into Phase 3 clinical development.
  • As announced in February 2022, the trial was stopped prematurely due to COVID-19 pandemic operational challenges, limiting enrollment to 73 out of the 150 planned participants. Due to the limited enrollment, the threshold for significance was pre-specified at p=0.10 prior to database lock. The primary analysis was conducted in a modified intent to treat (mITT) population, which censored invalid data. The mITT population excluded data from a single site (n=9) with LCLA testing execution errors and the timed 25-foot walk data from one subject with a change in mobility assist device. The ITT results were directionally consistent with the mITT results, although the ITT results were not significant.
  • Clene has initiated a second cohort of the more severe non-active, progressive MS population in the REPAIR-MS Phase 2 clinical trial to confirm target engagement following the target engagement demonstrated in the first cohort of relapsing MS patients.

CNM-ZnAg for the treatment of COVID-19

  • Topline results for the ZnAg COVID Phase 2 clinical trial in acutely symptomatic, non-hospitalized COVID-19 patients in Brazil are expected this quarter.

Second Quarter 2022 Financial Results

Clene's cash, cash equivalents and marketable investments securities totaled $26.3 million as of June 30, 2022, compared to $50.3 million as of December 31, 2021.

Research and development expenses were $9.2 million for the quarter ended June 30, 2022, compared to $6.5 million for the same period in 2021. The year-over-year increase is primarily attributable to the development of CNM-Au8 and CNM-ZnAg (including the rapid completion of the COVID study due to a viral wave leading to increased patient recruitment), rent expense for the newly-leased facility in Elkton, Maryland, and personnel expenses due to increased headcount as a result primarily of increased manufacturing hours, partially offset by decreased stock-based compensation expense.

General and administrative expenses were $4.5 million for the quarter ended June 30, 2022, compared to $6.9 million for the same period in 2021. The year-over-year decrease is primarily attributable to a decrease in directors' and officers' insurance costs, stock-based compensation expense and other general and administrative costs, including decreases in investor relations, accounting and consulting fees. These decreases were offset by increases in personnel compensation due to increased headcount as well as increases on other miscellaneous general and administrative expenses.

Clene reported a net loss of $4.5 million, or $0.07 per share, for the quarter ended June 30, 2022, compared to a net loss of $3.4 million, or $0.05 per share, for the same period in 2021. Included in net loss for the quarter ended June 30, 2022, is an unrealized gain from the change in fair value of contingent earn-out liabilities of $9.4 million, compared to an unrealized gain of $9.9 million in the prior year period.

About Clene
Clene is a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease by targeting energetic failure, an underlying cause of many neurological diseases. The company is based in Salt Lake City, Utah, with R&D and manufacturing operations in Maryland. For more information, please visit www.clene.com or follow us on Twitter , LinkedIn and Facebook.

About CNM-Au8 ®
CNM-Au8 is an oral suspension of gold nanocrystals developed to restore neuronal health and function by increasing energy production and utilization. The catalytically active nanocrystals of CNM-Au8 drive critical cellular energy producing reactions that enable neuroprotection and remyelination by increasing neuronal and glial resilience to disease-relevant stressors. CNM-Au8 ® is a federally registered trademark of Clene Nanomedicine, Inc.

About CNM-ZnAg
CNM-ZnAg, a proprietary zinc-silver ionic solution, has demonstrated broad antiviral and antimicrobial activity.

Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the "safe harbor" provisions created by those laws. Clene's forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding our future operations. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "contemplate," "continue," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements represent our views as of the date of this press release and involve a number of judgments, risks and uncertainties. We anticipate that subsequent events and developments will cause our views to change. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include our ability to demonstrate the efficacy and safety of our drug candidates; the clinical results for our drug candidates, which may not support further development or marketing approval; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; our ability to achieve commercial success for our drug candidates, if approved; our limited operating history and our ability to obtain additional funding for operations and to complete the development and commercialization of our drug candidates; and other risks and uncertainties set forth in "Risk Factors" in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to rely unduly upon these statements. All information in this press release is as of the date of this press release. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.

Media Contact
Ignacio Guerrero-Ros, Ph.D., or David Schull
Russo Partners, LLC
Ignacio.Guerrero-Ros@russopartnersllc.com
David.schull@russopartnersllc.com
858-717-2310
Investor Contact
Kevin Gardner
LifeSci Advisors
kgardner@lifesciadvisors.com
617-283-2856

Source: Clene Inc.


Clene Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
  (In thousands, except share and per share amounts)
  (Unaudited)

Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Revenue:
Product revenue $ 2 $ 138 $ 9 $ 337
Royalty revenue 33 63 56 77
Total revenue 35 201 65 414
Operating expenses:
Cost of revenue 555 798
Research and development 9,166 6,472 17,746 12,747
General and administrative 4,464 6,949 9,250 12,339
Total operating expenses 13,630 13,976 26,996 25,884
Loss from operations (13,595 ) (13,775 ) (26,931 ) (25,470 )
Other income (expense), net:
Interest expense (751 ) (26 ) (1,533 ) (577 )
Gain on extinguishment of notes payable 647
Gain on termination of lease 420
Change in fair value of common stock warrant liability 20 133 2 133
Change in fair value of Clene Nanomedicine contingent earn-out 8,310 8,640 8,253 (16,970 )
Change in fair value of Initial Stockholders contingent earn-out 1,066 1,232 1,054 (1,729 )
Australia research and development credit 356 375 655 714
Other income (expense), net 60 (2 ) 192 1
Total other income (expense), net 9,061 10,352 9,043 (17,781 )
Net loss before income taxes (4,534 ) (3,423 ) (17,888 ) (43,251 )
Income tax benefit 72 144
Net loss (4,534 ) (3,351 ) (17,888 ) (43,107 )
Other comprehensive loss:
Unrealized loss on available-for-sale securities (37 ) (87 )
Foreign currency translation adjustments (110 ) (61 ) (60 ) (37 )
Total other comprehensive loss (147 ) (61 ) (147 ) (37 )
Comprehensive loss $ (4,681 ) $ (3,412 ) $ (18,035 ) $ (43,144 )
Net loss per share-- basic and diluted $ (0.07 ) $ (0.05 ) $ (0.28 ) $ (0.71 )
Weighted average common shares used to compute
basic and diluted net loss per share
63,335,271 61,165,018 63,095,400 60,919,340



Clene Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
  (In thousands, except share and per share amounts)
  (Unaudited)

June 30, December 31,  
2022 2021
ASSETS
Current assets:
Cash and cash equivalents $ 7,253 $ 50,288
Marketable securities 19,033
Accounts receivable 49
Inventory 107 41
Prepaid expenses and other current assets 5,194 4,205
Total current assets 31,587 54,583
Restricted cash 58 58
Right-of-use assets 4,808 3,250
Property and equipment, net 8,089 5,172
TOTAL ASSETS $ 44,542 $ 63,063
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,526 $ 1,923
Accrued liabilities 2,566 3,610
Operating lease obligations, current portion 440 347
Finance lease obligations, current portion 123 146
Total current liabilities 7,655 6,026
Operating lease obligations, net of current portion 5,858 4,370
Finance lease obligations, net of current portion 55 97
Notes payable 15,551 14,484
Convertible notes payable 4,709 4,598
Common stock warrant liability 167 474
Clene Nanomedicine contingent earn-out 9,847 18,100
Initial Stockholders contingent earn-out 1,263 2,317
TOTAL LIABILITIES 45,105 50,466
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $0.0001 par value: 150,000,000 shares authorized;
63,421,908 and 62,312,097 shares issued and outstanding at June 30, 2022
and December 31, 2021, respectively
6 6
Additional paid-in capital 180,534 175,659
Accumulated deficit (181,189 ) (163,301 )
Accumulated other comprehensive income 86 233
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (563 ) 12,597
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 44,542 $ 63,063

Primary Logo

News Provided by GlobeNewswire via QuoteMedia

CLNN
The Conversation (0)
Presenting on Emerging Growth Conference 81 Day 1 on April 16; Register to live stream

Presenting on Emerging Growth Conference 81 Day 1 on April 16; Register to live stream

EmergingGrowth.com a leading independent small cap media portal announces the schedule of the 81 th Emerging Growth Conference on April 16 & 17, 2025.

The Emerging Growth Conference identifies companies in a wide range of growth sectors, with strong management teams, innovative products & services, focused strategy, execution, and the overall potential for long-term growth.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Clene Announces Closing of $5 Million Debt Facility from the State of Maryland

Clene Announces Closing of $5 Million Debt Facility from the State of Maryland

Clene Inc. (Nasdaq: CLNN) (along with its subsidiaries "Clene") and its wholly owned subsidiary Clene Nanomedicine Inc., a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease, today announced the closing of a $5 million debt facility (the "Loan") with the Maryland Department of Housing and Community Development ("DHCD").

The State Small Business Credit Initiative ("SSBCI") program within DHCD sourced the funds for the Loan from the U.S. Department of Treasury. All conditions related to the Loan were satisfied by Clene. The Loan bears interest at a rate of 6% per annum and has a maturity date 60 months from the first day of the second full month following the date the Loan closes.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
VISIONARY-MS Trial Results Featured in Platform Presentation at PACTRIMS 2022: CNM-Au8® Demonstrated Global Neurological Improvement in Stable MS Patients as Adjunct to Background Disease Modifying Therapies

VISIONARY-MS Trial Results Featured in Platform Presentation at PACTRIMS 2022: CNM-Au8® Demonstrated Global Neurological Improvement in Stable MS Patients as Adjunct to Background Disease Modifying Therapies

  • CNM-Au8 demonstrated low contrast vision improvement and global neurological improvement (low contrast vision, cognition, upper extremity function, and walking speed) in stable MS patients as adjunct to background immunomodulating disease modifying therapies (DMTs)
  • No approved MS DMTs have shown global neurological improvement in stable MS patients, a significant unmet medical need in MS
  • CNM-Au8 treatment was well-tolerated, and no significant safety findings were observed

Clene Inc. (Nasdaq: CLNN) (along with its subsidiaries, "Clene") and its wholly owned subsidiary Clene Nanomedicine Inc., a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative diseases, today announced that the VISIONARY-MS trial results were featured as a platform presentation by Professor Michael Barnett, MBBS FRACP PhD at the 14th Annual Singapore Pan-Asian Committee on Treatment and Research in Multiple Sclerosis (PACTRIMS) Congress held November 24-26.

The platform presentation titled, " VISIONARY-MS Top-line Results: A Phase 2, Randomized, Double-Blind, Parallel Group, Placebo-Controlled Study to Assess the Safety and Efficacy of CNM-Au8, a Catalytically Active Gold Nanocrystal Suspension in Relapsing Multiple Sclerosis ," provided proof-of-concept evidence for global neurological improvement as assessed by the modified Multiple Sclerosis Functional Composite (mMSFC), evaluating low contrast vision, cognition, upper extremity function, and walking speed with CNM-Au8 as adjunct to approved background immunomodulatory disease modifying therapies (DMTs) in stable MS patients.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Clene Reports Third Quarter 2022 Financial Results and Recent Operating Highlights

Clene Reports Third Quarter 2022 Financial Results and Recent Operating Highlights

  • Secondary survival endpoint for the   CNM-Au8 ®   30 mg dose investigated in the Healey ALS Platform Trial demonstrated a >90% reduction in the risk of death or death equivalent (permanently assisted ventilation) and risk of death alone at 24 weeks . This survival benefit was consistent with prior results reported from the Phase 2 RESCUE-ALS trial long term open-label extension.
  • Topline results from the Phase 2 VISIONARY-MS clinical trial of   CNM-Au8 ® met the primary and secondary endpoints of Low Contrast Letter Acuity (LCLA) and global neurological improvement measured by the modified Multiple Sclerosis Functional Composite (mMSFC) compared to placebo over 48 weeks in the modified intent to treat (mITT) population   .
  • Cash, cash equivalents, and marketable securities of $16.2 million as of September 30, 2022.
  • Closed a registered direct offering of $10.8 million with certain existing stockholders, including existing stockholders affiliated with Clene's board of directors, for the purchase and sale of 10,723,926 shares of the Company's common stock at a purchase price per share of $1.01, priced at-the-market based on the October 28, 2022, closing stock price, in a registered direct offering.
  • Executed a Commitment Letter with the Maryland Department of Housing and Community Development to borrow $5.0 million.

Clene Inc. (Nasdaq: CLNN) (along with its subsidiaries, "Clene") and its wholly owned subsidiary Clene Nanomedicine Inc., a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease, today reported its third quarter 2022 financial results and recent operating highlights.

"Clene was pleased to report the significant survival benefit in people living with ALS in the Healey ALS Platform Trial at six months with the CNM-Au8 ® 30 mg dose. To our knowledge, this is the only study to show a survival benefit at 6-months in ALS," said Rob Etherington, President and CEO of Clene. "Subsequent to the Healey data read-out, we have been able to secure sufficient capital to further strengthen our balance sheet, extend our financial runway, and support the regulatory path to potential marketing authorization. We remain in active discussions with potential strategic partners regarding CNM-Au8. We are also looking forward to the further results from the full Healey data set, including biomarker data and exploratory endpoints, during the coming months."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Clene Announces $10.8 Million Registered Direct Offering and $5 Million Debt Facility from the State of Maryland

Clene Announces $10.8 Million Registered Direct Offering and $5 Million Debt Facility from the State of Maryland

Clene Inc. (Nasdaq: CLNN) (along with its subsidiaries "Clene") and its wholly owned subsidiary Clene Nanomedicine Inc., a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease, today announced that it has entered into a securities purchase agreement with certain existing stockholders, including existing stockholders affiliated with Clene's board of directors, for the purchase and sale of 10,723,926 shares of the Company's common stock at a purchase price per share of $1.01, priced at-the-market based on the October 28, 2022 closing stock price, in a registered direct offering.

The closing of the registered direct offering is expected to occur on or about November 2, 2022, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $10.8 million. The registered direct offering is being made without a placement agent, underwriter, broker or dealer and, as a result, Clene is not paying any underwriter commission or discount. Clene intends to use the proceeds from this offering together with its existing cash for expenses primarily related to general corporate purposes, including to fund the clinical development of its lead drug candidate, CNM-Au8 ® .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
AbbVie Partners with Chicago Cubs on "Striking Out Cancer"

AbbVie Partners with Chicago Cubs on "Striking Out Cancer"

Chicago -based institutions aim to create greater awareness for cancer advocacy and to support non-profit cancer organizations

AbbVie (NYSE: ABBV) announced a multi-year partnership with the Chicago Cubs to support people living with cancer through a campaign called "Striking Out Cancer" which starts today when the Chicago Cubs play the Cincinnati Reds. As part of the first year of the partnership, AbbVie will make a $233 donation for every strikeout by a Chicago Cubs pitcher at home during the 2025 regular season. The donation amount is in honor of the approximately 233 Americans diagnosed with cancer every hour, according to the American Cancer Society. 1

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
AbbVie Features New Data Across Difficult-to-Treat Solid Tumors and Blood Cancers at ASCO 2025, Highlighting Breadth and Depth of its Oncology Portfolio

AbbVie Features New Data Across Difficult-to-Treat Solid Tumors and Blood Cancers at ASCO 2025, Highlighting Breadth and Depth of its Oncology Portfolio

- Key oral presentations highlight new data from AbbVie's novel investigational antibody-drug conjugates (ADCs) including telisotuzumab adizutecan (ABBV-400, Temab-A) in advanced non-small cell lung cancer (NSCLC), ABBV-706 in high-grade neuroendocrine neoplasms (NENs) and pivekimab sunirine (PVEK) in blastic plasmacytoid dendritic cell neoplasm (BPDCN).

AbbVie (NYSE: ABBV) today announced that key data from its broad oncology portfolio will be showcased across multiple oral presentations and posters at the upcoming American Society of Clinical Oncology (ASCO) Annual Meeting ( May 30 - June 3, 2025 ). These new data highlight significant progress in AbbVie's robust oncology pipeline, across a range of difficult-to-treat solid tumors and blood cancers.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
AbbVie and U of T Mississauga's SpinUp Announce Neuropeutics Inc as First AbbVie Biotech Innovators Award Recipient

AbbVie and U of T Mississauga's SpinUp Announce Neuropeutics Inc as First AbbVie Biotech Innovators Award Recipient

  • Following a national competition, AbbVie and SpinUp – the University of Toronto's lab-based, life sciences accelerator – announce Neuropeutics Inc as recipient of first AbbVie Biotech Innovators Award
  • Neuropeutics Inc receives a year of laboratory space and equipment at no cost, as well as access to support and mentorship

AbbVie (NYSE: ABBV) in partnership with the University of Toronto's SpinUp, are pleased to announce Neuropeutics Inc as the recipient of the AbbVie Biotech Innovators Award, a national prize to help foster innovation and support growth in Canada's life sciences sector. Following a competitive selection process, the award, funded by AbbVie, has been granted to Neuropeutics Inc for developing small molecules preventing and reversing protein aggregation as therapeutics for neurodegenerative diseases.

AbbVie Biotech Innovators Award. (CNW Group/AbbVie Canada)

"We are delighted to have this opportunity to collaborate with a global biopharmaceutical company such as AbbVie, and the University of Toronto's SpinUp, to advance Neuropeutics' therapeutic research and development across multiple neurodegenerative diseases. At Neuropeutics, we are committed to developing targeted therapies to extend neurodegenerative disease patients' survival and improve their quality of life. This award allows us to pursue that mission with greater momentum," said Dr. Marc Shenouda , CEO & Co-Founder of Neuropeutics Inc.

Neuropeutics Inc's scientific entrepreneurial spirit directly aligns with the mandate of the AbbVie Biotech Innovators Award to foster research, innovation and growth within Canada's life sciences sector. A hallmark of neurodegenerative diseases is protein aggregation. One such protein is TDP-43, a normally nuclear DNA/RNA binding protein, which in disease conditions becomes mislocalized and forms cytoplasmic aggregates causing neuronal toxicity. Neuropeutics Inc has developed a novel strategy to address diseases such as: Amyotrophic Lateral Sclerosis (ALS), Frontotemporal dementia, Alzheimer's disease, Huntington's disease and Parkinson's disease.

"It was impressive and motivating to see the variety of entries and the calibre of early-stage biotech companies who applied for the Award. We thank all who participated in this life science competition," said Rami Fayed, Vice President and General Manager of AbbVie Canada. "After a rigorous evaluation process, it is with great pleasure that we are announcing that Neuropeutics has been named the recipient of the AbbVie Biotech Innovators Award for its pioneering work in neurodegenerative diseases. We look forward to supporting the journey of Neuropeutics, in collaboration with SpinUp, to accelerate their efforts to deliver life-changing innovation to patients."

"Congratulations to Neuropeutics on being the first AbbVie Biotech Innovators Award recipient, and welcome to SpinUp – the University of Toronto's wet lab incubator," said France Gagnon , Vice-Principal, Research and Innovation at the University of Toronto Mississauga. "This is the place where the potential of Neuropeutics' work in neurodegenerative diseases can be realized and the impact on life sciences can be game changing. We are pleased to collaborate with AbbVie, a global leader in the biopharmaceutical industry, to offer this unique opportunity to this competitively chosen startup."

The AbbVie Biotech Innovators Award was launched in 2024 in collaboration with SpinUp, a purpose-built laboratory for chemistry and biological work or wet lab incubator at the University of Toronto . The Award is to support early-stage Canadian biotechnology startup companies with the potential to generate transformational therapies in areas that align with AbbVie's therapeutic areas of focus: immunology, oncology, neuroscience, and eye care. Neuropeutics Inc will receive a year of laboratory space at no cost, in addition to access to SpinUp's core equipment, services, entrepreneurship programming, and research talent community at the University of Toronto . Neuropeutics Inc will also benefit from mentorship by AbbVie's scientific and business executives.

For more information on the AbbVie Biotech Innovators Award, please visit: https://spinup.utm.utoronto.ca/biotech-innovators-award/ .

About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas – immunology, oncology, neuroscience, and eye care – and products and services in our Allergan Aesthetics portfolio.

For more information about AbbVie, please visit us at www.abbvie.ca . Follow AbbVie Canada on Instagram or find us on LinkedIn .

About SpinUp
SpinUp is the first wet lab startup incubator at the University of Toronto , Canada's leading centre for learning and discovery and one of the world's top-two universities for health science productivity . SpinUp is purpose built to drive life science innovation. It offers early-stage start-ups access to outstanding and highly subsidized wet lab space, equipment, entrepreneurship programming and expertise at a brand new, state-of-the-art research facility at U of T's Mississauga campus. Visit our website at spinup.utm.utoronto.ca and connect with us on Instagram and LinkedIn .

SpinUp is proudly part of U of T Entrepreneurship , a network of 12 accelerators across three campuses. Over the past 10 years, this network has supported more than 1,200 capital-backed companies, which have created 17,000 jobs and raised $12 billion in external investment. U of T now launches more research-based start-ups than any university in North America outside of MIT . The AbbVie Biotech Innovators Award is part of U of T Mississauga's Blue Ticket program at SpinUp, which provides a one-year SpinUp membership.

About Neuropeutics Inc  
Neuropeutics is a for-profit Canadian pharmaceutical company developing targeted therapies to extend neurodegenerative disease patients' survival and improve their quality of life. To learn more, please visit us at www.neuropeutics.ca , contact us at info@neuropeutics.ca , and connect with us on LinkedIn .

Neuropeutics Inc CSO & co-founder Dr. Janice Robertson (left) and Dr. Marc Shenouda, CEO & Co-Founder. (CNW Group/AbbVie Canada)

SOURCE AbbVie Canada

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2025/22/c0315.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Adicet Bio to Participate in a Fireside Chat at the 2025 Jefferies Global Healthcare Conference

Adicet Bio, Inc. (Nasdaq: ACET), a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, today announced that Chen Schor, President and Chief Executive Officer, will participate in a fireside chat at the Jefferies Global Healthcare Conference being held from June 3-5, 2025 in New York.

Details of the event are as follows:
Date: Wednesday, June 4, 2025
Time: 4:20 p.m. ET

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Zoono Group

Exclusive UK Packaging Agreement signed between Sharpak Aylesham Limited, Zoono, and OSY

Zoono Group Limited (Company) (ASX: ZNO) is pleased to update the market on an exclusive contract signed with Sharpak Aylesham Limited (Sharpak) and the Company’s partner in the food supply chain sector, OSY Group Limited (OSY).

Keep reading...Show less
Amplia Therapeutics

Accent Trial Data Demonstrates that Narmafotinib + Chemotherapy Combination Superior to Chemotherapy Alone

Amplia Therapeutics Limited (ASX: ATX), (“Amplia” or the “Company”), is pleased to announce important new data from our ongoing ACCENT clinical trial in pancreatic cancer. The trial is investigating the Company’s best-in-class FAK inhibitor narmafotinib in combination with standard-of-care chemotherapies gemcitabine and Abraxane. Fifteen (15) confirmed partial responses (PRs) have now been recorded in the trial, a level of response sufficient to demonstrate that the combination of narmafotinib and chemotherapy is superior to chemotherapy alone.
Keep reading...Show less

Latest Press Releases

Related News

×