BerGenBio’s Fourth Quarter 2023 Results: Focused Strategy Gathers Momentum
Bergen (Norway), February 14, 2024 – BerGenBio ASA (OSE: BGBIO), a clinical-stage bio-pharmaceutical company developing novel, selective AXL kinase inhibitors for severe unmet medical needs, today announced financial results for the quarter ended December 31, 2023, and provided a business update.
Highlights, including post period
- Phase 1b part of BGBC016 (1L NSCLC STK11m) progressed as planned with no new safety signals identified.
- Regulatory approvals received from European countries for Phase 2a part of BGBC016 (1L NSCLC STK11m) allowing initiation in H1 2024 in accordance with guidance.
- Significant reduction of operating expenses – NOK 43.9 million for the fourth quarter 2023, down from NOK 76.8 million from same period in 2022, a reduction of 43%, reflecting a laser focused strategy on NSCLC.
- Year-end cash position of NOK 156.4 million and a net cash flow in Q4 2023 of NOK -11.8 million including gross proceeds of NOK 8.9 million from exercise of warrants in Q4.
- Multiple Phase 2 bemcentinib data presented at prestigious oncology meetings, including ESMO, SITC and ASH.
- New preclinical data in models of severe respiratory infections continues to support the potential of bemcentinib beyond NSCLC.
Martin Olin, Chief Executive Officer of BerGenBio:
“As previously guided, we expect to initiate the Phase 2a part of the BGBC016 trial in 1L NSCLC STK11m patients during the first half of 2024. Bemcentinib represents a novel therapeutic option for NSCLC patients harboring mutations in the STK11 gene and we are gratified to see the medical community’s interest and support in exploring bemcentinib. The BGBC016 clinical trial is our highest priority and continues to progress as expected.”
“Our cost discipline coupled with our recently executed warrant offering provides the company with funding through the end of 2024 and potentially into the second half of 2025 if all outstanding warrants are exercised in April 2024.”
Presentation and Financial Report
The Q4 2023 Financial Report is attached to this stock exchange announcement and the Report and the Q4 2023 presentation are available at the Company's website.
Webcast details
BerGenBio's senior management team will provide a business update today at 10:00 am CET. The presentation will webcast live. To participate in the webcast please use the following registration link:
BerGenBio Q4 webcast (office.com)
A recording of the webcast will be available at www.bergenbio.com in the Investors/Financial Reports section shortly afterwards.
Exercise of Warrants
- Outstanding warrants (ticker BGBIS) can be exercised during the final warrant exercise window from April 1-15, 2024.
- For additional information on the upcoming Warrant Exercise window of April 1-15, 2024, please refer to: https://www.bergenbio.com/investors/investor-relations/warrants
Contacts
Martin Olin CEO, BerGenBio ASA
Rune Skeie, CFO, BerGenBio ASA
Media Relations
Jan Lilleby
About BerGenBio ASA
BerGenBio is a clinical-stage biopharmaceutical company focused on developing transformative drugs targeting AXL as a potential cornerstone of therapy for aggressive diseases, including cancer and severe respiratory infections. The Company is focused on its proprietary lead candidate, bemcentinib, a potentially first-in-class selective AXL inhibitor in clinical development for STK11 mutated NSCLC and preclinical development for severe respiratory infections.
BerGenBio is based in Bergen, Norway with a subsidiary in Oxford, UK. The company is listed on the Oslo Stock Exchange (ticker: BGBIO). For more information, visit www.bergenbio.com
Forward looking statements
This announcement may contain forward-looking statements, which as such are not historical facts, but are based upon various assumptions, many of which are based, in turn, upon further assumptions. These assumptions are inherently subject to significant known and unknown risks, uncertainties, and other important factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.