West Lafayette-based Endocyte Inc. (Nasdaq: ECYT) has announced updates to its pipeline and released second quarter earnings. The company is reporting a net loss of $14 million, compared to a loss of $10.6 million during the same period in 2015. It attributes much of the widening loss to a $3.6 million separation agreement with co-founder and former President and Chief Executive Officer Ron Ellis, who left in June.
When Mike Sherman was named successor, Endocyte said Ellis would stay on as a consultant with the company he helped launch more than 20 years ago.
Sherman says "excitement is building" for two of its most promising potential therapies, called EC1456 and EC 1169. He says "data to date has demonstrated attractive safety profiles and signs of anti-tumor activity for both agents. Later this month, we will advance EC1456 into targeted patients with non-small cell lung cancer expressing the folate receptor, who are most likely to respond. We look forward to our first visibility into efficacy data for both compounds during the second half of the year."
The company says it spent slightly more on research and development in the most recent quarter than it did in Q2 of 2015. Endocyte also revised higher its expected cash guidance for the full-year, anticipating it will finish the year above $130 million, compared to previous guidance between $125 million and $150 million.
You can connect to more details of the company’s earnings and progress on its pipeline by clicking here.