Endocyte Loss Narrows, Reports Development Progress
WEST LAFAYETTE - West Lafayette-based Endocyte Inc. (Nasdaq: ECYT) is reporting a second quarter net loss of $11.7 million, compared to a net loss of $14 million a year ago. Despite the loss, Chief Executive Officer Mike Sherman says he is optimistic about progress being made on three development programs.
Sherman says the biopharmaceutical company's research and development partnership announced in March with Seattle Children's Research Institute is exceeding expectations, leading to expectations that Endocyte's chimeric antigen receptor T-cell therapy will enter the manufacturing process by the end of the year. He adds an Investigational New Drug Application has been filed for the company's EC2629 agent, which it says is the first of its kind that "simultaneously targets cancer cells and the tumor associated macrophages that support and protect them." Enrollment of taxane-exposed prostate cancer patients in another important trial is also expected to be complete this fall.
Sherman added in Endocyte's earnings report:
We believe our pipeline has significant potential to create value and we are committed to effective, timely execution in bringing these assets forward through clinical development and identifying paths to accelerate value-driving catalysts. With this in mind, our strategy is to select receptor-positive patients in highly-targeted indications from the beginning of development, including during dose escalation. We will also continue to objectively measure our pipeline investments relative to opportunities to outlicense assets or access external opportunities to ensure we are deploying capital productively.
You can connect to more about the company's Q2 earnings report by clicking here.
In June, Endocyte announced a restructuring that included a 40 percent reduction in its work force.