Immunome Reports First Quarter 2021 Financial Results



– IMM-BCP-01: Cocktail of selected antibodies demonstrating the neutralization of “variants of concern” of the CDC SARS-CoV-2 in preclinical tests, progressing towards the IND deposit –

– IMM-ONC-01: patented antibody advanced against IL-38, a new innate immune checkpoint, in studies enabling IND –

– Dennis Giesing, Ph.D. appointed Chief Development Officer and Corleen Roche appointed Chief Financial Officer –

– Raised $ 27 million in gross proceeds through a private placement –

Immunome, Inc. (Nasdaq: IMNM), a biopharmaceutical company that uses its human memory B-cell discovery engine platform to discover and develop first-class therapeutic antibodies, today announced its financial results for the first quarter closed March 31, 2021 and provided a company update.

Highlights of the first quarter and beyond

  • IMM-BCP-001: In February 2021, Immunome announced that it had discovered antibodies capable of neutralizing several variants of SARS-CoV-2, including the South African variant, during pseudovirus tests. In April 2021, the company announced the selection of antibodies for its IMM-BCP-01 cocktail and shared data showing that IMM-BCP-01 neutralizes CDC SARS-CoV-2 “variants of concern” during preclinical tests. The cocktail was effective in Syrian hamsters infected with SARS-CoV-2 (USA-WA1 / 2020) in prophylactic and therapeutic programs. In addition, the cocktail neutralized the South African and UK variants in live virus tests and the Brazil and California variants in pseudovirus tests. An Investigational New Drug (IND) submission for IMM-BCP-001 is scheduled for end of Q2 / start of Q3 2021.

  • IMM-ONC-001: In March 2021, Immunome announced that its proprietary antibody against IL-38 had been switched to studies allowing IND. Based on Immunoma research results, IL-38 functions as a novel innate immune checkpoint that inhibits the infiltration and pro-inflammatory activity of innate immune cells. The company’s analysis also suggests that IL-38 is overexpressed in some tumors and is potentially linked to reduced infiltration of innate immune cells. Immunome plans to file an IND for this product candidate in 2S 2021.

  • Appointed Dr Dennis Giesing as Director of Development and Corleen Roche as CFO. In March 2021, the company announced the appointment of Dennis Giesing, Ph.D. as Director of Development. Dr Giesing brings to Immunome over 35 years of experience in the pharmaceutical industry and will be responsible for leading Immunome’s programs into clinical development. In April 2021, Immunome announced that it had appointed Corleen Roche as CFO. Ms. Roche is a highly accomplished CFO with over 30 years of industry experience leading the finance and corporate strategy functions of the company.

  • Completion of a private placement of $ 27 million. In April 2021, the company announced a private placement of its common shares for gross proceeds to Immunome of approximately $ 27 million, before the deduction of placement agent commissions and other offering costs. The company currently expects the proceeds from this private placement, along with its cash on hand, to be sufficient to fund its operations through fiscal 2022.

“I am delighted with the significant progress that Immunome has made in developing our product portfolio,” said Purnanand Sarma, Ph.D., President and CEO of Immunome. “We are delighted to welcome Dr. Giesing and Ms. Roche to the Immunoma team as we move towards becoming a clinical-stage biopharmaceutical company.”

Financial highlights

  • Research and development (R&D) costs: R&D expenses for the quarter ended March 31, 2021 were $ 2.0 million.

  • General and administrative expenses (G&A): General and administrative expenses for the quarter ended March 31, 2021 were $ 1.9 million.

  • Net loss: The net loss for the quarter ended 2021 was $ 3.9 million.

  • Cash and cash equivalents: As at March 31, 2021, cash and cash equivalents totaled $ 36.3 million (excluding $ 27.0 million of private placement proceeds in April 2021).

About Immunoma

Immunome is a biopharmaceutical company that uses its proprietary human memory B cell platform to discover and develop first-class therapeutic antibodies designed to change the way diseases are treated. The company’s initial goal is to develop therapies to treat oncology and infectious diseases, including COVID-19. Immunoma’s proprietary discovery engine identifies novel therapeutic antibodies and their targets by taking advantage of highly educated components of the immune system, memory B cells, in patients whose bodies have learned to fight their disease. For more information, please visit www.immunome.com.

Forward-looking statements

This press release includes certain disclosures that contain “forward-looking statements” intended to qualify for the “safe harbor” of liability established by the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to limit, express or implied statements regarding beliefs and expectations regarding the advancement of its therapeutic antibody programs in oncology and COVID-19, the execution of its clinical and strategic plans, the next steps planned for IMM-BCP-01 and IMM-ONC-01, including expectations regarding therapeutic potential and benefits thereof, and IND filings. Forward-looking statements may be identified by the words “anticipate”, believe “,” estimate “,” expect “,” intend “,” plan “,” plan “,” could “,” may “. , “Could”, “” should “,” seek “,” potential “and similar expressions. Forward-looking statements are based on Immunoma’s current expectations and are subject to uncertainties, risks and inherent assumptions which are difficult Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties associated with: the impact of the COVID-19 pandemic on business, operations, strategy, Immunome’s intended objectives and milestones; Immunome’s ability to execute its strategy, including with respect to the timing of its R&D efforts, IND filings, initiation of clinical studies and other anticipated milestones ; the timing and effectiveness of any treatment based on antibodies that could be developed by Immunoma; Immunome’s ability to fund operations as planned; and the additional risks and uncertainties are t further detailed under the heading “Risk Factors” in Immunoma Form 10-K filed with the United States Securities and Exchange Commission (SEC) on March 25, 2021, and elsewhere in Immunoma’s files and reports to the SEC. The forward-looking statements contained in this announcement are made as of this date, and Immunome assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except if it may be required under law.

IMMUNOMA, INC.

Condensed income statements

(Unaudited; in thousands, except per share and per share data)

Three months ended March 31

2021

2020

Operating costs :

Research and development

$

1 979

$

2 115

general and administrative

1,918

540

Total operating expenses

3 897

2,655

Operating loss

(3,897

)

(2.655

)

Interest expense, net

(1

)

(22

)

Net loss

$

(3,898

)

$

(2,677

)

Information per share:

Net loss per share of common shares, basic and diluted

$

(0.37

)

$

(2.44

)

Weighted average common shares outstanding, basic and diluted

10 640 870

1,099,270

IMMUNOMA, INC.

Condensed balance sheets

(Unaudited; in thousands, except share data)

March 31, 2021

December 31, 2020

Assets

Current assets:

Cash

$

36,276

$

39 766

Prepaid expenses and other current assets

4 831

3 128

Total current assets

41 107

42,894

Property and equipment, net

1,386

1,531

Restricted species

100

100

Total assets

$

42,593

$

44 525

Liabilities and equity

Current liabilities :

Long-term debt portion

$

366

$

366

Equipment loan payable

78

113

Accounts payable

2 958

1 187

Accrued charges and other current liabilities

1,169

1372

Total current liabilities

4,571

3,038

Long-term debt, net of current portion

134

134

Deferred rent

5

8

Total responsibilities

4 710

3 180

Equity:

Ordinary actions

1

1

Premium

96 174

95,738

Accumulated deficit

(58,292

)

(54,394

)

Total equity for shareholders

37 883

41 345

Total liabilities and equity

$

42,593

$

44 525

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210512005372/en/

Contacts

Contact Immunoma
Corleen Roche
Financial director
Immunoma, Inc.
[email protected]

Investor contact
Laurence Watts
General manager
Gilmartin, LLC
[email protected]

Immunoma media contact
Megan McGrath or Nick Chang
MacDougall
781-235-3060
[email protected] or [email protected]



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