SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Quince Therapeutics, Inc. (Nasdaq: QNCX), a biotechnology company focused on acquiring, developing and commercializing innovative therapies that transform the lives of patients, today provided an update on the development and the Company’s business outlook for 2023. The Company intends to prioritize capital resources for the expansion of its development pipeline through opportunistic licensing and acquisition of stage assets. clinic targeting debilitating and rare diseases. Quince plans to out-license its bone-targeting drug platform and its NOV004 precision bone growth molecule designed for accelerated fracture repair in patients with bone fractures and osteogenesis imperfecta.
“We believe our optimal growth plan is to focus our capital, drug development and company resources on licensing and acquiring clinical-stage assets. We are actively seeking partnership opportunities focused on clinical-stage assets in a wide variety of therapeutic areas,” said Dirk Thye, MD, CEO of Quince. “Supported by a strong balance sheet, an optimized cash flow and a highly experienced development team, Quince is well positioned to execute our plan as we work diligently to identify, evaluate and complete the licensing and acquisition of ‘commercially viable assets’.
Key highlights of the company’s strategic growth plan include:
Prioritize pipeline expansion through licensing and acquisition
Active due diligence process to identify and evaluate clinical-stage exploitable assets for licensing and acquisition.
Primarily seeks clinical-stage assets targeting debilitating and rare disease therapeutic areas.
Potential asset targets must have compelling data, a well-defined business opportunity, and an effective clinical and regulatory development pathway.
Ability to leverage the management team’s collective prior experience in the development and commercialization of over 25 approved therapeutic products.
Bone Targeting Drug Platform and Precision Bone Growth Molecule NOV004 Licensing
Seeks to license bone-targeting drug platform and precision bone growth molecule NOV004.
NOV004 Precision Bone Growth Molecule is an anabolic peptide designed to precisely target and concentrate at the site of bone fracture, resulting in rapid increases in bone density, strength, and accelerated healing, as demonstrated extensive preclinical studies.
NOV004 has completed all IND-enabling studies, in addition to successfully completing a pre-IND meeting with the US Food and Drug Administration.
The licensing effort is to begin immediately with the aim of identifying a partner and concluding the process by the end of 2023.
Competitive positioning with a strong balance sheet
Strong cash position of approximately $94 million in cash, cash equivalents and marketable securities as of December 31, 2022.
Significant cash flow to support pipeline expansion through licensing and acquisitions, as well as fund capital and operating expenditures through at least 2028.
Annual capital and operating expenses are expected to be approximately $11 million in 2023, excluding the impact of corporate restructuring and potential business development activities.
The company has not completed the preparation of its financial statements for the fourth quarter or full year of 2022. The cash, cash equivalents and investments presented as of December 31, 2022 are preliminary and unaudited and are therefore inherently uncertain. and subject to change over time. the company is completing its financial results for 2022. Quince is completing the company’s customary year-end closing and review procedures beginning December 31, 2022 and for the year ended December 31, 2022, and there can be no assurance that the final results for such period will not differ from such preliminary unaudited amounts. The Company’s independent registered public accounting firm has not audited, reviewed, compiled or performed any procedure with respect to this preliminary data for the fourth quarter and year ended December 31, 2022.
About Quince Therapeutics
Quince Therapeutics is a biotechnology company focused on acquiring, developing and commercializing innovative therapies that transform the lives of patients suffering from debilitating and rare diseases. The Company is actively seeking attractive clinical-stage assets available for out-licensing and acquisition to expand its development pipeline. For more information, visit www.quincetx.com and follow Quince Therapeutics on LinkedIn and @Quince_Tx on Twitter. Interests regarding licensing and acquisition opportunities can be directed to [email protected].
The statements in this press release contain “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements in this press release can be identified by the use of words such as “believe”, “expect”, “intend”, “target”, “will”, “may”. , “may”, “estimate”, “plan”, “potential”, “seek”, “positioned” or other similar words. Examples of forward-looking statements include, among others, statements regarding the Company’s cash position; its expectations regarding its licensing plan for its bone-targeting drug platform and NOV004 and associated timeline; ability to find different partnership opportunities to expand its development pipeline through out-licensing and acquisition of clinical-stage assets; and the cost savings and expenses associated therewith. Forward-looking statements are based on Quince’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict and could cause actual results to differ materially from what the company expects. In addition, certain forward-looking statements are based on assumptions about future events which may not prove to be accurate. Factors that could cause actual results to differ include, but are not limited to, the risks and uncertainties described in the section titled “Risk Factors” in the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 9, 2022, and other reports filed with the SEC. The forward-looking statements contained in this press release are made as of this date, and Quince undertakes no obligation to update such information except as required by applicable law.