Jason Loveridge, Ph.D., CEO of 4SC, commented: "Despite ongoing challenges due to the coronavirus pandemic and widespread government lockdowns, recruitment continued positively in the first quarter of 2021 across all of our studies, and especially in RESMAIN, where we expect to recruit all remaining patients in 2021. Financially, the Company is also in a good position having sold our remaining royalty rights back to Immunic, generating significant additional non-dilutive financing, which provides us with additional runway into the second half of 2022. As such, overall 4SC is well placed to execute on its business plan and generate important clinical data for both resminostat and domatinostat in the remainder of 2021."
Development of cash balance in Q1 2021 and financial forecast
As of 31 March 2021, 4SC holds cash balance/funds of €31.588 million as compared to €36.203 million as of 31 December 2020. The monthly use of cash from operations amounted to €1.538 million on average in the first quarter of 2021 (Q1 2020: €1.677 million) and was below the range of €2.2 million and €2.7 million forecast for 2021.
Taking into account the additional funds provided by the settlement agreement with Immunic, the Management Board of 4SC estimates that current funds should be sufficient to finance 4SC into the second half of 2022. In addition, the effects of the transaction with Immunic reduce the forecast monthly use of cash for the full year 2021 to a range of between €1,000 and €1,500 thousand.
Information set forth in this press release contains forward-looking statements, which involve risks and uncertainties. The forward-looking statements contained herein represent the judgement of 4SC as of the date of this press release. Such forward-looking statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond 4SC’s control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. 4SC expressly disclaims any obligation or undertaking to release any updates or revisions to any such statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
4SC AG (http://www.4SC.com) is a clinical-stage biopharmaceutical company developing small-molecule drugs that can target key indications in cancer with high unmet medical needs. 4SC’s pipeline is protected by a comprehensive portfolio of patents and currently comprises two drug candidates in clinical development: resminostat (http://www.4sc.com/product-pipeline/resminostat/) and domatinostat (http://www.4sc.com/product-pipeline/4sc-202/).
4SC aims to generate future growth and enhance its enterprise value by entering into partnerships with pharmaceutical and biotech companies and/or the eventual marketing and sales of approved drugs in select territories by 4SC itself.
4SC is headquartered in Planegg-Martinsried near Munich, Germany. The Company had 48 employees as of 31 March 2021 and is listed on the Prime Standard of the Frankfurt Stock Exchange (FSE Prime Standard: VSC; ISIN: DE000A14KL72).
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