ASIT Biotech 2017 Annual Results: Ongoing ASIT+ Products Development in Respiratory and Food Allergies

* Cash position at end-2017 of €2.13 million, reinforced by €9.4 million from the recent private placement

* Reduction in operating expenses in line with the Company’s expectations

* Clinical and R&D programs on track with multiple development milestones expected in 2018

Brussels, Belgium, 12 February 2018 - 07:00 am CET - ASIT Biotech (ASIT - BE0974289218), a Belgian clinical-stage biopharmaceutical company focused on the research, development and future commercialization of breakthrough immunotherapy products for the treatment of allergies, today announces its annual results[1] for the year 2017, prepared in accordance with the IFRS standards adopted by the European Union, as well as its recent clinical developments and 2018 outlook.

Thierry Legon, CEO of ASIT biotech, says: “2017 was a pivotal year in terms of both clinical and corporate developments. The first Phase III clinical study with gp-ASIT+™ in grass pollen rhinitis has confirmed, for the first time ever, the clinical efficacy in real life of our proprietary allergenic peptides. This clinical study has also allowed a more complete understanding of the mechanism of action of our peptides. This understanding paves the way for the development of other ASIT+™ therapeutic product candidates for house dust mite and food allergies, indications with even higher unmet medical need. The publications of the clinical data of gp-ASIT+™ in renowned scientific peer-reviewed journals such as Allergy and JACI (Journal of Allergy and Clinical Immunology) confirmed the high quality and the real originality of the results that we have obtained with our first product candidate. ASIT biotech is now focusing all its efforts on maximizing the chances of success of the next Phase III clinical trial with

gp-ASIT+™. Site selection would start in late 2018 in order to treat all

gp-ASIT+patients prior to the 2019 grass pollen season. In parallel, we

gp-ASIT+continue

the optimization of our second product candidate for house dust mite rhinitis, hdm-ASIT+™ with the objective to start human trials at the beginning of 2019. ASIT biotech also received a €6 million non-diluting financing from the Walloon Region for a very promising food allergy drug development program with the objective to select, by the end of this year, at least one product candidate with an optimal immunogenicity. Finally, the approval received in December from our shareholders to proceed with a refinancing round was a strong mark of confidence that allowed us to successfully complete a €9.4 million private placement at the very beginning of this year, with a potential further funding of €23 million. This strengthened financial structure will enable us to continue the development of all our drug candidates aiming to treat millions of people suffering from allergies.”

Full press release in PDF ( http://www.newcontact.eu/secure/index.php?subid=88030&option=com_acymailing&ctrl=url&urlid=8071&mailid=10224&Itemid=104 )

Back to news