(AOF) – Celyad Oncology announces that as of March 31, 2023, it had cash and cash equivalents of 9.3 million euros. Net cash consumption during the first quarter of 2023 amounted to 3.2 million in line with expectations. This biotech company focused on chimeric antigen receptor T-cell (CAR-T) therapies, expects these funds to be sufficient to fund operating expenses and capital expenditure requirements through the fourth quarter of 2023 .
“Celyad Oncology is now fully committed to leveraging its expertise, know-how and intellectual property portfolio to deliver innovative solutions to overcome the current limitations of CAR-Ts approaches” commented Georges Rawadi, Chief Executive Officer of the Company.
“We have generated exciting data in our multiplexing platform based on small hairpin RNAs (shRNAs), which highlight the versatility and adaptability of the technology. We have also made significant progress in our CAR program -T dual-targeting, which we plan to report on at international conferences in the coming months,” he adds.
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Loss of speed in European research
European research is losing ground to American and Chinese research. In twenty years, Europe’s share has fallen from 41% to 31% in global R&D. China’s share jumped from 1% to 8%. As for the United States, which supplanted Europe, in 2001 it devoted only 2 billion euros per year more than Europe to R&D, whereas now this gap has reached 25 billion! Some experts accuse the European authorities of not having deployed effective policies. The financing of pharmaceutical research should therefore have been better targeted via the “Horizon 2020” programme. France only comes in eighteenth position in European funding despite the quality of its research. Conversely, the United States concentrates funding on Boston and a few centers of excellence.