AIM ImmunoTech Inc. (NYSEAMERICAN:AIM), the immune-pharma firm formerly known as Hemispherx Biopharma, has revealed that over the past few months it has raised approximately $10 million from the public markets to support its lead drug cancer treatment candidate Ampligen.
In a statement on Monday, the company pointed out that Ampligen is being studied in six ongoing clinical trials and it anticipates Phase 2 data in Stage 4 metastatic triple-negative breast cancer, where Ampligen is being tested for therapeutic synergy with pembrolizumab, being released in as early as six months.
It also anticipates Phase 2 data in advanced recurrent ovarian cancer, where Ampligen is being tested for therapeutic synergy with pembrolizumab, in as early as 12 months.
AIM ImmunoTech said it believes its recent capital raises should provide sufficient capital to support the company's ongoing business activities as it awaits results in multiple immuno-oncology clinical trials, all part of the company's active Ampligen program.
In addition, the company announced that Roswell Park Comprehensive Cancer Center and Moffitt Cancer Center received approximately $15 million total in U.S. Department of Defense "Breakthrough Awards" to fund two separate but parallel clinical trials to study Ampligen as a potential synergistic agent in combination with several other immunotherapies - including pembrolizumab and Intron A - in the treatment of brain-metastatic breast cancer at Roswell and Moffitt.
AIM ImmunoTech CEO Thomas K. Equels commented: "The $10 million that we raised over the past few months is critical for our ongoing research and development, as it provides us with a financial cushion while we await reportable data in our immuno-oncology clinical trials - trials that are already funded by grants to the research institutions from prestigious third parties.
"This type of third-party support mitigates our risk in these projects, as the grantors directly fund the research institutions and our principal obligation is to supply the Ampligen."
Equels continued, "I am pleased to report that, as of the end of the third quarter, we will report approximately $12.5 million of cash on hand. At the same time, we are carefully managing our expenses in a way we believe will allow us to clearly focus on near-term clinical goals, as outlined below, and as our short-term clinical trial manufacturing objectives are reached we will strive to reduce our burn rate."
AIM ImmunoTech's Ampligen has six ongoing immuno-oncology clinical trials, five planned clinical trials and an active Early Access Program (EAP) in pancreatic cancer.
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