World News: 12:30 GMT Friday 10th August 2018. [Solid Biosciences Inc. via Globe Newswire via SPi World News]
- IGNITE DMD Phase I/II Clinical Trial Patient Screening Has Resumed -
CAMBRIDGE, Mass., Aug. 10, 2018 (GLOBE NEWSWIRE) -- Solid Biosciences Inc. (NASDAQ:SLDB) today reported financial results for the second quarter ended June 30, 2018 and provided a business update.
“It is an exciting time for Solid as we work to advance our innovative pipeline designed to address Duchenne muscular dystrophy for all patients with this devastating disease,” said Ilan Ganot, Chief Executive Officer, President and Founder of Solid Biosciences. “We look forward to dosing additional patients with our microdystrophin gene therapy candidate, SGT-001, in IGNITE DMD at the University of Florida, where patient screening is now underway. We also continue to build upon our scalable GMP manufacturing process and capabilities so that we are well positioned to bring this potentially transformative therapy to patients, if approved.”
Research and development expenses for the second quarter of 2018 were $13.6 million as compared to $8.6 million for the prior year period. The increase in research and development expenses was primarily driven by compensation and other costs associated with additional headcount, as well as facility costs and increased costs related to the clinical development and manufacturing activities for SGT-001. These increases were offset by a reduction in the preclinical costs associated with SGT-001.
General and administrative expenses were $4.6 million for the second quarter of 2018 as compared to $3.3 million for the prior year period. The increase in general and administrative expenses was primarily due to personnel and facility related costs, as well as other corporate expenses.
Solid ended the second quarter of 2018 with $162.8 million in cash, cash equivalents and available-for-sale securities as compared to $69.1 million as of December 31, 2017. The increase was primarily the result of the completion of the Company’s initial public offering on January 30, 2018.
SGT-001 is based on pioneering research in dystrophin biology by Dr. Jeffrey Chamberlain of the University of Washington and Dr. Dongsheng Duan of the University of Missouri. SGT-001 has been granted Rare Pediatric Disease Designation, or RPDD, in the United States and Orphan Drug Designations in both the United States and European Union.
Globe Newswire: 12:30 GMT Friday 10th August 2018
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