Ascelia Pharma: Update on timeline and funding on Orviglance re-evaluation.
Ascelia Pharma: Update on timeline and funding on Orviglance re-evaluation.
Shares in Ascelia Pharma gained almost 30 percent yesterday following the release of the pre-notified mid-September update regarding the timelines and financial implications of the re-evaluation of the SPARKLE images.
According to the announcement Ascelia Pharma now expects the re-evaluation of the images collected in the SPARKLE study to be finished in May 2024. Importantly, following the recently announced cost-reduction program, Ascelia Pharma also expects that the company’s current funding is now sufficient to finish the SPARKLE study.
This is probably the main reason shares surged yesterday. To further protect its financial situation, Ascelia Pharma will also consider expanding its commercialization strategy to include launching Orviglance in US with a partner which will likely also lower and postpone the need to raise capital.
Read full announcement here: https://www.ascelia.com/mfn_news/ascelia-pharma-to-reach-headline-results-from-sparkle-re-evaluation-by-may-2024-with-current-funding/
Disclaimer:
HC Andersen Capital receives payment from Ascelia for a Digital IR/Corporate Visibility subscription agreement. /Claus Thestrup 8:30 AM 14-09-2023.
Ascelia Pharma
Ascelia Pharma is a Swedish biotech company with a focus on orphan oncology treatments. They develop and commercialize novel drugs that address unmet medical needs and have a clear development and market pathway. Currently, Ascelia pharma has two pipeline products, namely Orviglance and Oncoral. Orviglance is a novel contrast agent for MR-Imaging developed to improve the detecting and visualization of focal liver lesions (Including liver metastases – and primary tumors) in patients with reduced kidney function. Oncoral is a daily tablet with an established potent anti-tumor effect – even in difficult to treat cancers with the potential to offer better patient outcomes with improved safety following a daily tablet treatment compared to intravenous high-dose infusions at the hospital. Ascelia Pharma is listed on Nasdaq Small Cap Stockholm with ticker ACE.
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