UNIONDALE, N.Y. , Aug. 15, 2022 (GLOBE NEWSWIRE) — Angion Biomedica Corp (NASDAQ:ANGN), a biopharmaceutical company that has focused on the discovery, development, and commercialization of novel small molecule therapeutics to address fibrotic diseases, today provided a corporate update and reported its financial results for the quarter ended June 30, 2022.
On June 29, 2022, Angion announced discontinuation of JUNIPER, its Phase 2 dose-finding trial of ANG-3070 in patients with primary proteinuric kidney diseases, specifically focal segmental glomerulosclerosis (FSGS) and immunoglobulin A nephropathy (IgAN). This trial, which began enrolling patients in December 2021, was discontinued in the interest of patient safety based upon a reassessment of the risk/benefit profile of ANG-3070 in patients with established serious kidney disease.
On July 25, 2022, Angion announced the commencement of a process to explore and evaluate strategic options to enhance and preserve shareholder value and the engagement of Oppenheimer & Co., Inc. as the company’s strategic advisor to assist in this process. Potential strategic options to be explored or evaluated as part of this process may include, but are not limited to, merger, reverse merger, other business combination, sale of assets, licensing, or other strategic transactions involving Angion. There can be no assurance the exploration of strategic alternatives will result in any agreements or transactions, or, if completed, any agreements or transactions will be successful or on attractive terms. Angion has discontinued development of ANG-3070 for all indications and discontinued most other development activities pending conclusion of this process.
“The strategic options process is under way and we are taking the steps we deem appropriate to preserve cash resources,” stated Dr. Jay Venkatesan, Angion’s President and Chief Executive Officer. “As we noted in our press release on July 25, we do not expect to disclose developments with respect to this process unless and until the process has been completed or a disclosure is otherwise deemed necessary or legally required.”
Second Quarter 2022 Financial Results
As of June 30, 2022, Angion had cash and cash equivalents totaling $63.4 million. Angion expects current cash resources to be sufficient to fund projected operating requirements for at least 12 months following the issuance date of its condensed consolidated financial statements.
Contract revenue for the quarter ended June 30, 2022 was $0.7 million compared with $0.5 million in the second quarter of 2021.
Research and development expenses for the quarter ended June 30, 2022 were $6.1 million compared with $14.4 million in the second quarter of 2021.
General and administrative expenses for the quarter ended June 30, 2022 were $3.6 million compared with $4.3 million in the second quarter of 2021.
Other income (expense) for the quarter ended June 30, 2022 was $(0.1) million compared with $1.2 million in the second quarter of 2021.
Net loss for the quarter ended June 30, 2022 was $9.1 million, or $0.30 per share, compared with $17.1 million, or $0.58 per share, in the second quarter of 2021.
About Angion
Angion has focused on the discovery, development, and commercialization of novel small molecule therapeutics to address fibrotic diseases. For more information, please visit angion.com.
