Clean room operator cutting tumor tissue
Søborg, Denmark, April 12, 2024 (Globe Newswire) — Cbio A/S – Pioneer in next-generation T-cell therapy for solid tumors announces 2023 financial results and company update.
Ulrik Cordes, Founder and CEO of Cbio, said: “2023 was another great year for Cbio. We completed preclinical development of our lead T-cell therapy asset, Novoleucel, and made significant progress in preparing for our upcoming Phase I/II clinical trial at Karolinska. This clinical trial will treat 20 patients with late-stage cervical cancer.
Ulrik Kordes continued: “Our top priority in 2024 is to begin our first clinical trials and thereby reach a significant value inflection point. In the field of T-cell therapy, Cbio has a strong position. , is dedicated to advancing the industry towards its mission of making cancer treatments possible.”
Recent and full year 2023 highlights:
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Preclinical development of Novoleucel, a novel broad-spectrum T cell therapy product with transformative potential, completed for cervical cancer
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Preclinical proof of concept for our REVITA™ platform technology to demonstrate applicability in kidney, ovarian, and pancreatic cancers in collaboration with Odense University Hospital
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First patent granted.Received letter of intent to grant for our base T cell technology from the European Patent Office
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Introducing key T-cell therapy technology from Karolinska to arm T-cells against oxidative stress, a key escape route from the immune system in cancer, especially gynecological cancers
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Secured DKK 28 million in non-dilutive financing from the Danish Innovation Fund and DKK 12 million in capital from new and existing shareholders to support Runway and Phase I/II clinical trials at Karolinska in Stockholm until 2026 completed.
Full year 2023 financial results
The income statement for 01.01.23 to 31.12.23 shows a loss of 621,556 DKK compared to -8,975,691 DKK for 01.01.22 to 31.12.22, consistent with the expected burn rate. The balance sheet shows equity as DKK 5,743,164.
About Cbio A/S
Cbio A/S is a Copenhagen-based biopharmaceutical company that makes T-cell-based therapies available to patients around the world, improving their lives and ultimately eliminating terminal cancer. I am focused on healing. Cbio's unique proprietary technology forms the basis of differentiated T cell products with transformative potential.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/da804352-900d-42d4-ac10-eb9515473640.
CONTACT: For more information: Cbio A/S Ulrik Cordes, Founder & CEO (+45) 31 62 53 33 Transformervej 8 DK-2860 Søborg Denmark
