Rare Daily Staff
Sigilon, in releasing its fourth quarter results, said it decreased its external spending relating to its mucopolysaccharidosis type 1 program to preserve capital.
Sigilon said it has prioritized its product candidates based on their potential to provide meaningful clinical benefits to patients, rapid time to proof of concept, clear regulatory path, and validated biology and clinical endpoints. Based on these criteria, the company is focusing its efforts on its product candidate for type 1 diabetes, SIG-002, which is being developed in collaboration with Eli Lilly. Sigilon expects to initiate Investigational New Drug-enabling activities for SIG-002 in 2023.
The company said for MPS-1 and other lysosomal disorders, it is continuing to advance engineering techniques and other cell line strategies designed to minimize or otherwise avoid a patient’s immune response to the company’s product candidates, as well as optimize blood-brain barrier penetration and product half-life.
The decision comes after the company In December 2021 announced a strategic reprioritization to enable the company to focus on MPS-1 and diabetes as well as platform optimization.
The company said it had cash, cash equivalents, and marketable securities totaling $69.6 million as of December 31, 2022 compared to $123.4 million as of December 31, 2021. The decrease was primarily driven by $51.5 million used in operating activities and $1.7 million of debt principal repayments.
“Reflecting on 2022, we made many important strategic decisions that will help shape the future of our company, including conducting research that informed the optimization of our SLTx platform, as well as refocusing our pipeline to prioritize our diabetes candidate, SIG-002, in a fiscally disciplined manner,” said Rogerio Vivaldi president and CEO of Sigilon. “We believe our focused development strategy will help conserve resources and extend our cash runway into 2025, enabling us to successfully perform the activities needed to advance SIG-002 into the clinic, with an expected IND submission in 2024, and build upon the early successes of this program.”
Photo: Rogerio Vivaldi president and CEO of Sigilon
Stay Connected
Sign up for updates straight to your inbox.