Celyad Oncology Provides Fourth Quarter 2023 Business Update and 2024 Outlook
16 Janvier 2024 - 10:01PM
Business Wire
Three main pillars to unlock the potential of proprietary
technology platforms and intellectual property:
- A proprietary non-gene editing technology platform based on
multiplexing of short hairpin ribonucleic acid (shRNAs)-derived
sequences to broaden the capacities of CAR-Ts
- Differentiated targets to widen the range of indications and
the development of multispecific CARs to overcome the main
limitations of current CAR-T therapies
- A robust and broad Intellectual Property (IP) portfolio
Celyad Oncology (Euronext: CYAD) (the “Company”), today provides
a fourth quarter 2023 business update and an outlook for 2024.
Michel Lussier, interim Chief Executive Officer of Celyad
Oncology, commented: “2023 has been a very important year for
Celyad Oncology, after the changes that occurred in 2022. Our
research team has made a remarkable progress to broaden the range
of cancer indications that could be targeted by chimeric antigen
receptor (CAR) T-cells and to tackle the main limitations of
current CAR T-cell therapies. We have shared new data at several
scientific and business conferences along the year, and published
in high impact peer-reviewed journals. We are eager to see the
impact of our efforts to unleash the power of our IP estate and
stay at the forefront of next-generation CAR T-cell
development.”
2023 corporate accomplishments
- On August 24, 2023, the Company announced that it obtained
commitments from Fortress, Tolefi and other longstanding existing
shareholders to subscribe to a capital increase of up to €9.8
million in 2 tranches:
- A first tranche of 2.0 million was disbursed in the context of
authorized capital as of September 4, 2023; and
- A second tranche subscribed by Fortress was approved by the
extraordinary shareholders’ meeting of November 14, 2023. Following
this private placement, the Company believes that its existing cash
and cash equivalents should be sufficient, based on the current
scope of activities, to fund operating expenses and capital
expenditure requirements into the second quarter of 2025.
2023 operational highlights
- Multiplex short hairpin ribonucleic acid (shRNA) non-gene
edited technology – All along 2023, we have collected and
presented data validating our shRNA multiplexing approach:
- We developed a chimeric micro-RNA (miRNA) cluster to enable
multiplexing of shRNAs, designed for easy, efficient, and tunable
downregulation of up to four target genes simultaneously in CAR
T-cells;
- Results detailing the technical aspects of the development of
this platform have been published in Molecular Therapy – Nucleic
Acids (Mol Ther Nucleic Acids. 2023, 34:102038). This publication
has raised much interest from the community and was subjected to an
editorial comment in the same volume of the Journal (Mol Ther
Nucleic Acids. 2023, 34:102077);
- Additional data which demonstrate feasibility of this approach
in the context of allogeneic cell therapies or with the aim to
create therapies able to overcome the coinhibitory effects of
exhaustion markers were presented at several scientific
conferences. Posters are available on the company’s website, at
https://celyad.com/our-science-technology/publications/.
- Multispecific NKG2D-based CAR T-cell platform – In 2023,
we have compiled and presented data validating our multispecific
approach targeting NKG2D ligands (NKG2DL):
- We have developed different CD19/NKG2DL, BCMA/NKG2DL and
PSMA/NKG2DL multispecific CAR T-cells, utilizing both tandem
constructs – that encompass the extracellular domain of the natural
NKG2D receptor fused to a scFv targeting CD19, BCMA or PSMA, or
dual constructs – that co-express the NKG2D-based CAR with an
anti-CD19, anti-BCMA or anti-PSMA CAR, respectively;
- Our data provides the proof-of-concept that NKG2DL are valuable
targets in a multispecific CAR approach and demonstrate our
CD19/NKG2DL multispecific CAR T-cells are highly effective to
counteract relapses due to CD19 antigen loss in vivo. In vitro data
generated with BCMA/NKG2DL and PSMA/NKG2DL multispecific CAR
T-cells further validate this approach in other hematological and
solid indications. Posters are available on the company’s website,
at https://celyad.com/our-science-technology/publications/.
Financial highlights
As of December 31, 2023, the Company had cash and cash
equivalents of €3.0 million and short-term investments of €4.0
million. The Company projects that its existing cash, cash
equivalents and short-term investments should be sufficient to fund
operating expenses and capital expenditure requirements into the
second quarter of 2025. Therefore, the Company continues to project
that its existing cash and cash equivalents will be sufficient to
fund its estimated operating and capital expenditures over at least
the next 12 months from the date of this press release.
Outlook for 2024
- More data and evidence in the context of the multispecific CAR
T-cell platform and shRNA multiplexing approach will be shared in
the first half of 2024, with the aim to develop assets ready for a
potential initiation of clinical trials either by the Company
and/or through strategic partnerships afterwards.
- Celyad Oncology will attend the 7th CAR-TCR Europe summit in
London, UK (February 27-29, 2024), the must-attend forum to
brainstorm and stay at the forefront of cell therapy
innovations.
Financial Calendar 2024
- Full Year 2023 Financial Results
- Annual shareholders meeting
- First Half 2024 Interim Results
The financial calendar is communicated on an indicative basis
and may be subject to change.
About Celyad Oncology
Celyad Oncology is a cutting-edge biotechnology company
dedicated to pioneering the discovery and advancement of
revolutionary technologies for chimeric antigen receptor (CAR)
T-cells. Its primary objective is to unlock the potential of its
proprietary technology platforms and intellectual property,
enabling to be at the forefront of developing next-generation CAR
T-cell therapies. By fully leveraging its innovative technology
platforms, Celyad Oncology aims to maximize the transformative
impact of its candidate CAR T-cell therapies and redefine the
future of CAR T-cell treatments. Celyad Oncology is based in
Mont-Saint-Guibert, Belgium. For more information, please visit
www.celyad.com.
Celyad Oncology Forward-Looking Statement
This release may contain forward-looking statements, within the
meaning of applicable securities laws, including the Private
Securities Litigation Reform Act of 1995, as amended, including,
without limitation, statements regarding beliefs about and
expectations for the Company’s updated strategic business model,
including associated potential benefits, transactions and
partnerships, statements regarding the potential value of the
Company’s IP, and statements regarding the continuation of the
Company’s existence, its cash and cash runway. The words “will,”
“potential,” “continue,” “target,” “project,” “should” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Any forward-looking statements in this release
are based on management’s current expectations and beliefs and are
subject to a number of known and unknown risks, uncertainties and
important factors which might cause actual events, results,
financial condition, performance or achievements of Celyad Oncology
to differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, risks related to the material uncertainty about
the Company’s ability to continue as a going concern; the Company’s
ability to realize the expected benefits of its updated strategic
business model; the Company’s ability to develop its IP assets and
enter into partnerships with outside parties; the Company’s ability
to enforce its patents and other IP rights; the possibility that
the Company may infringe on the patents or IP rights of others and
be required to defend against patent or other IP rights suits; the
possibility that the Company may not successfully defend itself
against claims of patent infringement or other IP rights suits,
which could result in substantial claims for damages against the
Company; the possibility that the Company may become involved in
lawsuits to protect or enforce its patents, which could be
expensive, time-consuming, and unsuccessful; the Company’s ability
to protect its IP rights throughout the world; the potential for
patents held by the Company to be found invalid or unenforceable;
and other risks identified in Celyad Oncology’s U.S. Securities and
Exchange Commission (SEC) filings and reports, including in the
latest Annual Report on Form 20-F filed with the SEC and subsequent
filings and reports by Celyad Oncology. These forward-looking
statements speak only as of the date of publication of this
document and Celyad Oncology’s actual results may differ materially
from those expressed or implied by these forward-looking
statements. Celyad Oncology expressly disclaims any obligation to
update any such forward-looking statements in this document to
reflect any change in its expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based, unless required by law or regulation.
Source: Celyad Oncology SA
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version on businesswire.com: https://www.businesswire.com/news/home/20240116941317/en/
Celyad Oncology Contacts:
Investor & Media Contact: David Georges, VP Finance and
Administration investors@celyad.com communications@celyad.com
Celyad Oncology (NASDAQ:CYAD)
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