Q2 2024 Mendus AB (publ) Earnings Call Transcript
Key Points
- Mendus AB (OSTO:IMMU) raised approximately SEK69 million in April through the exercise of warrants, with participation from all major shareholders.
- The company presented positive data from the ALISON trial in ovarian cancer at the ESMO Gynecological Cancers Conference.
- Mendus AB (OSTO:IMMU) has a strong cash position of about SEK30 million, providing a cash runway into the third quarter of 2025.
- The company announced a collaboration with Institut Bergonie, a leading cancer center in France, to study their intra-tumoral primary product in soft-tissue sarcomas.
- The company successfully completed the first large-scale manufacturing runs as part of their alliance with Nordex Biologics, preparing for large-scale production to support clinical trials and potential commercial launch.
- The company experienced a relatively limited cash burn of SEK22 million in the second quarter, which may still be a concern for long-term financial sustainability.
- There is no current approved immunotherapy for AML, indicating a high-risk development path for Mendus AB (OSTO:IMMU)'s Vididencel.
- The company is still in the process of seeking regulatory feedback from the EMA and FDA, with outcomes expected only towards the end of the year.
- The ALISON trial in ovarian cancer showed that 7 out of 17 patients had image-confirmed recurrence, indicating mixed results.
- The company is heavily reliant on collaborations and investigator-sponsored trials, which, while cost-efficient, may limit control over trial execution and timelines.
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Good morning, everyone. Thanks to Mendus Q2 2024 for business update. My name is Erik Manting, CEO of Mendus. And today I'm joined by our Chief Medical Officer, Jeroen Rovers; and CFO, Lotta Ferm.
As a summary of the second quarter of 2024, we raised roughly SEK69 million in April through the exercise of warrants that were associated with the financing that we carried out in 2023, sorry, with participation of all major shareholders Management (inaudible) Board members. We're are very happy with our current shareholder bases and also with the fact that they all contribute to this part of the financing.
We also had some Board changes and importantly, a new Chairman of the Board in (inaudible) on the very happy (inaudible) to step up to this role. He is someone with a very broad experience, both in Europe and the US and has been on both sides in the pharmaceutical industry and the biotech industry and brings a lot of also business development expertise.
So we're happy with China's new Chairman
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