Cabaletta Bio Reports Second Quarter 2020 Financial Results and Provides Business Update
PHILADELPHIA, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Cabaletta Bio, Inc. (Nasdaq: CABA), a clinical-stage biotechnology company focused on the discovery and development of engineered T cell therapies for patients with B cell-mediated autoimmune diseases, today announced financial results for the second quarter ended June 30, 2020 and provided a business update.
“The recent initiation of patient recruitment in the DesCAARTesTM Phase 1 trial is an important milestone for Cabaletta that reflects the commitment of our outstanding team and academic partners to patients suffering with mucosal pemphigus vulgaris. This trial, evaluating the safety and tolerability of DSG3-CAART, is the first trial exploring whether a highly specific targeted cellular therapy can provide a deep and durable, perhaps curative, treatment for patients with a B cell-mediated autoimmune disease. We look forward to reporting acute safety data from the initial cohort by the first half of 2021,” said Steven Nichtberger, M.D., Chief Executive Officer and co-founder of Cabaletta. “Our lead preclinical program targeting patients with the MuSK form of myasthenia gravis is currently advancing with IND-enabling studies ongoing. We remain on track to submit an IND in the second half of 2021. Based on progress with our two lead programs, we recently added three new undisclosed disease targets to our pipeline through the expansion of our Sponsored Research Agreement with the University of Pennsylvania. In addition, the recent announcement of our gene editing research and collaboration agreement with Artisan Bio may potentially allow us to expand and enhance our product portfolio by creating the next-generation of CAAR T cell therapies for B cell-mediated autoimmune diseases.”
Pipeline Highlights and Anticipated Upcoming Milestones
DSG3-CAART: Desmoglein 3 chimeric autoantibody receptor (CAAR) T cells as potential treatment for patients with mucosal pemphigus vulgaris (mPV).
MuSK-CAART: Muscle Specific Kinase (MuSK) CAAR T cells as potential treatment for MuSK-associated myasthenia gravis.
Upcoming August Events
Second Quarter 2020 Financial Results
The Company expects that its cash and cash equivalents and investments as of June 30, 2020 will enable it to fund its operating plan through at least the third quarter of 2022.
About Cabaletta Bio
Any forward-looking statements in this press release are based on management’s current expectations and beliefs of future events, and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks related to the impact of COVID-19 affecting countries or regions in which we have operations or do business, including potential negative impacts on our employees, customers, supply chain and production as well as global economies and financial markets; risks related to Cabaletta’s ability to protect and maintain its intellectual property position; risks related to Cabaletta’s relationship with third parties, including its licensors and licensees; risks related to the ability of its licensors to protect and maintain their intellectual property position; uncertainties related to the initiation and conduct of studies and other development requirements for its product candidates; the risk that any one or more of Cabaletta’s product candidates will not be successfully developed and commercialized; and the risk that the results of preclinical studies or clinical studies will not be predictive of future results in connection with future studies. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Cabaletta’s actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in Cabaletta’s most recent quarterly report on Form 10-Q as well as discussions of potential risks, uncertainties, and other important factors in Cabaletta’s other filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Cabaletta undertakes no duty to update this information unless required by law.
Selected Balance Sheet Data
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