9 Meters Biopharma Reduces Workforce to Extend Cash Runway
March 30, 2023
Rare Daily Staff
Rare digestive disease focused biotech 9 Meters Biopharma said in its full year 2022 financial report that it implemented cost-saving measures to further its cash runway fourth quarter and full year ended December 31, 2022.
The Board of 9 Meters approved a cost reduction plan in mid-March to help extend the cash runway, which will reduce operating expenses and further align the company’s workforce with immediate business needs. Essential activities will be transferred to existing staff members with relevant experience. At that time, 9 Meters also announced the closing of a $5 million registered direct offering priced at-the-market.
“Our priority for 2023 remains to progress our phase 3 vurolenatide program for short bowel syndrome including securing a clinical development and commercialization partner,” said John Temperato, president and CEO of 9 Meters Biopharma. “We firmly believe vurolenatide can establish a new standard of care in the treatment of short bowel syndrome with the potential to address the full SBS patient population and offer a rapid onset of action, sustained response, and a potentially convenient dosing regimen.”
The ongoing phase 3 study of vurolenatide is a randomized, double-blind, placebo-controlled, multicenter study evaluating the efficacy, safety, and tolerability of vurolenatide 50 mg administered subcutaneously every two weeks in adults with short bowel syndrome (SBS). The study design addresses the entire SBS population, serving patients in need of improved therapeutic options as well as helping the more than 50 percent of patients who are currently not served by existing therapeutics and late-stage development GLP-2 agonists. 9-Meters plans to present study results at the ASPEN 2023 Nutritional Science & Practice Conference in April.
Photo: John Temperato, president and CEO of 9 Meters Biopharma
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