TYME Secures Capital to Advance Pivotal Studies of SM-88 in Metastatic Pancreatic Cancer

Tyme Technologies (NASDAQ:TYME) has announced the closing of an underwritten registered offering with three existing investors and one new investor totaling gross proceeds of US$12 million.

As quoted in the press release:

he Company intends to primarily use the net proceeds from the offering to continue development of its clinical and preclinical programs, including two upcoming pivotal trials in pancreatic cancer, as well as for general corporate purposes.

TYME is in the process of finalizing a randomized pivotal trial protocol amendment for use of SM-88 in third-line pancreatic cancer. TYME also will be studying SM-88 in a pivotal trial for second-line pancreatic cancer in partnership with the Pancreatic Cancer Action Network as part of its innovative Precision Promise℠ adaptive design study.  Both trials are expected to initiate in mid-2019.

“We believe this funding demonstrates that the investors who reached out to TYME saw the promise of advancing SM-88 in late stage pancreatic cancer,” said Steve Hoffman, Chairman and CEO of TYME. “Our goal is to give these patients a new treatment option that can help them live longer while also maintaining better quality of life. There is no standard of care for the 10,000 patients actively seeking treatment for third-line pancreatic cancer and the expected prognosis for these patients is only a few months survival. We appreciate the investors’ support in providing us the necessary capital to accelerate our upcoming trials to reach multiple potential near- and long-term milestones.”

Click here to read the full press release.