SØBORG, Denmark, April 12, 2024 (GLOBE NEWSWIRE) -- Cbio A/S - Pioneering Next-Gen T-Cell Therapies for Solid Tumors, Unveils 2023 Financial Results and Company Updates.
Ulrik Cordes, Founder & CEO of Cbio, stated: "2023 was another great year for Cbio. We finalized the preclinical development of our lead T-cell therapy asset, novoleucel and made considerable progress in preparing for our upcoming phase I/II clinical trial at Karolinska, where we will treat 20 patients with late-stage cervical cancer.
Ulrik Cordes continues: "Our top priority for 2024 is to start our first clinical trial, thereby reaching a major value inflection point. Within the T-cell therapy space, Cbio holds a strong position, and we are dedicated to driving the industry towards our mission to enable cancer cure."
Recent and full year 2023 highlights:
- Completion of the preclinical development for the cervical cancer indication of novoleucel, a novel broad-spectrum T-cell therapy product with transformative potential
- Preclinical proof-of-concept for our REVITA platform technology demonstrating its applicability in kidney, ovarian and pancreatic cancers in collaboration with Odense University Hospital
- First patent allowed. 'Intention to grant' letter received from the European Patent Office for our base T-cell technology
- In-licensing of a key T-cell therapy technology from Karolinska arming T-cells against oxidative stress, a major escape route for cancers to evade the immune system, especially in gynecological cancers
- Secured DKK 28 million in non-dilutive financing from Innovation Fund Denmark and DKK 12 million in equity from new and existing shareholders, securing runway to 2026 as well as the completion of our phase I/II clinical trial at Karolinska in Stockholm
Full year 2023 financial results
The income statement for 01.01.23 - 31.12.23 shows a loss of DKK 621,556 against DKK -8,975,691 for 01.01.22 - 31.12.22 in line with the expected burn rate. The balance sheet shows equity of DKK 5,743,164.
About Cbio A/S
Cbio A/S is a biopharmaceutical company located in Copenhagen dedicated to improving the lives of patients and ultimately curing them with late-stage cancers by making T-cell-based therapies available to patients worldwide. Cbio's unique and proprietary technology forms the basis for a differentiated T-cell product with transformative potential.
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