(AOF) – Celyad Oncology announces that as of September 30, 2023, it had cash and cash equivalents of 2.3 million euros. The biotech specializing in chimeric antigen receptor T cell (CAR-T) therapies expects these funds to be sufficient to finance operational expenses and capital expenditure requirements “through the first quarter of 2024.” The private placement commitments received “which could reach up to 9.8 million euros” would extend the horizon “until the second quarter of 2025”.
“We are delighted to present compelling data in our small hairpin RNA (shRNA)-based multiplexing platform, highlighting the versatility and adaptability of this technology,” said Georges Rawadi, Chief Executive Officer. “Additionally, we are making significant progress in our multispecies CAR-T program, and we look forward to sharing an update at international conferences in the coming months.”
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Oncology, priority of pharmaceutical giants
Sanofi’s stock market disappointment recorded at the end of October 2023 underlines the new direction for the group, which has now set oncology as its number 1 priority. Efforts in this segment, where therapies are advancing the fastest, notably involve investments in R&D which weigh on profitability. Sanofi therefore announced a drop in its earnings per share in 2024 and the abandonment of its objective of an operating margin of 32% in 2025. Merck has just unveiled a new alliance. It will pay up to $22 billion to the Japanese group Daiichi Sankyo as part of a partnership on experimental cancer treatments. While some experts estimate that the United States represents nearly half of global oncology spending (drugs and treatments), or $196 billion in 2022, Chinese spending in this area has more than doubled in five years, going from 5 to 11.8 billion dollars.