AB Science presents first-half 2024 financial results and clinical updates
AB Science released its financial results for the first half of 2024 and key clinical development events. The company is awaiting re-examination of its masitinib submission for ALS by the EMA and Health Canada.
Biopharmaceutical company AB Science has announced its financial results for the first half of 2024 and provided an update on key clinical development activities.
The company is undergoing a re-examination by the European Medicines Agency (EMA) of its marketing authorization application for masitinib in amyotrophic lateral sclerosis (ALS) following a negative opinion. AB Science requested the re-examination, citing the urgent need for patient access to a promising treatment and the opportunity for a review by new rapporteurs. While the company cannot guarantee a positive outcome, it noted that the EMA confirmed the safety profile of masitinib as acceptable.
Similarly, Health Canada has initiated a review of masitinib for ALS treatment after issuing a Notice of Deficiency-Withdrawal. AB Science has been granted eligibility for this reconsideration process.
Financially, AB Science reported an operating deficit of €3.6 million as of June 30, 2024, a decrease of 59.5% compared to the first half of 2023. The company's cash position stood at €9.1 million, augmented by €5 million from a private placement capital increase completed in September 2024.
Further clinical updates include ongoing development of masitinib for progressive forms of multiple sclerosis and positive results from a Phase 2 study in COVID-19. AB Science also provided an update on its AB8939 microtubule program, currently in Phase 1 trials for refractory acute myeloid leukemia.