Jason Loveridge, Ph.D., CEO of 4SC, commented: "In Q1 2023 all resources continued to be focused on completing the RESMAIN study. Progress has been solid in the first quarter and we still expect to obtain a study outcome as previously forecast in Q2, 2023."
Development of cash balance in Q1 2023 and financial forecast
As of 31 March 2023, 4SC holds cash balance/funds of €12.3 million as compared to €14.8 million as of 31 December 2022. The monthly use of cash from operations amounted to €0.84 million on average in the first quarter of 2023 (Q1 2022: €1.67 million) and was within the range of €0.8 million and €1.1 million forecast for 2023.
The Management Board of 4SC estimates that current funds should be sufficient to finance 4SC into Q2 2024.
Forward-looking information
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 is a clinical-stage biopharmaceutical company developing small-molecule drugs that target key indications in cancer with high unmet medical needs. 4SC’s pipeline is protected by a comprehensive portfolio of patents and currently comprises one drug candidate in clinical development: resminostat.
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 16 employees as of 31 March 2023 and is listed on the Prime Standard of the Frankfurt Stock Exchange (FSE Prime Standard: VSC; ISIN: DE000A3E5C40).
4SC AG
Fraunhoferstr. 22
82152 Planegg-Martinsried
Telefon: +49 (89) 700763-0
Telefax: +49 (89) 700763-29
http://www.4sc.de
Telefon: +49 (89) 700763-0
E-Mail: ir-pr@4sc.com
