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Applied Molecular Transport Inc. - AMTI STOCK NEWS

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Applied Molecular Transport Inc. (AMTI) is a clinical-stage biopharmaceutical company focused on the development of innovative oral biological therapeutics. Leveraging its proprietary technology platform, AMTI designs novel biologic product candidates in patient-friendly oral dosage forms. Their core expertise lies in mucosal immunology and microbiome-epithelial interfaces, leading to the creation of first-in-class molecules aimed at treating autoimmune, inflammatory, and other grievous diseases, including cancer, metabolic, and hepatologic disorders.

Recent developments highlight AMTI's pursuit of strategic alternatives, with MTS Health Partners, L.P. advising the company. As of June 30, 2023, cash and cash equivalents stood at $22.5 million. The company has undergone significant restructuring, including workforce reductions and the cessation of all research and development activities, reflected in a decrease in R&D expenses from $22.8 million in Q2 2022 to $2.6 million in Q2 2023.

AMTI's most advanced product candidate, AMT-101, has completed four Phase 2 clinical trials. In a strategic move, AMTI has entered a merger agreement with Cyclo Therapeutics, Inc., expected to finalize by the end of 2023. This merger aims to advance Cyclo Therapeutics' pivotal Phase 3 study of Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1), with the combined company operating under the Cyclo Therapeutics name and trading on Nasdaq as CYTH.

The merger is anticipated to bolster the combined company's cash position, extending the runway into the second half of 2024, crucial for meeting clinical and regulatory milestones. Shawn Cross, CEO of AMTI, will join the Cyclo Therapeutics Board, ensuring continuity and strategic alignment.

Rhea-AI Summary
Cyclo Therapeutics, Inc. (CYTH) and Applied Molecular Transport Inc. (AMTI) have completed a merger, forming a combined company operating as Cyclo Therapeutics with a focus on advancing Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1 (NPC1). The cash runway has been extended into 2H 2024 with approximately $11.0 million cash on hand to fund operations.
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Cyclo Therapeutics, Inc. (Nasdaq: CYTH) reported strong enrollment in its pivotal Phase 3 global study evaluating Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (“NPC1”). The company is also on track to close a merger with Applied Molecular Transport, Inc. before the year ends. Additionally, they have taken steps to strengthen their balance sheet and extend their cash position.
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Applied Molecular Transport Inc. (AMTI) entered into a definitive merger agreement with Cyclo Therapeutics, focusing on advancing Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1 (NPC1). The merger is expected to close by year end 2023, with upcoming milestones including completion of enrollment in pivotal Phase 3 clinical trial in NPC1, reporting top line data and preparation for NDA submission. Financially, the company reported a significant decrease in research and development expenses compared to the same period in 2022, leading to a reduced net loss and cash and cash equivalents of $18.1 million as of September 30, 2023.
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Cyclo Therapeutics and Applied Molecular Transport have entered into a merger agreement, forming Cyclo Therapeutics, Inc. The combined company will focus on advancing Trappsol Cyclo for the treatment of Niemann-Pick Disease Type C1 (NPC1). The closing of the merger is expected to result in approximately $13.7 million in cash for operations until 2H 2024. Upcoming milestones include completing enrollment in a pivotal Phase 3 clinical trial, reporting top-line data, and preparing for NDA submission.
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Applied Molecular Transport Inc. (AMTI) reported financial results for Q2 2023, with a net loss of $17.3 million compared to $35.9 million in Q2 2022. Cash and cash equivalents as of June 30, 2023, were $22.5 million.
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FAQ

What is Applied Molecular Transport Inc. (AMTI)?

AMTI is a clinical-stage biopharmaceutical company focused on developing oral biological therapeutics for treating autoimmune, inflammatory, and other grievous diseases.

What are the recent financial highlights for AMTI?

As of June 30, 2023, AMTI reported cash and cash equivalents of $22.5 million, with a significant reduction in R&D expenses due to restructuring.

What is AMTI's most advanced product candidate?

AMTI's most advanced product candidate is AMT-101, which has successfully completed four Phase 2 clinical trials.

What strategic move has AMTI recently made?

AMTI has entered a definitive merger agreement with Cyclo Therapeutics to advance the Phase 3 study of Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1).

When is the AMTI-Cyclo Therapeutics merger expected to close?

The merger is expected to close by the end of 2023.

What will be the focus of the combined company post-merger?

The combined company, operating as Cyclo Therapeutics, will focus on advancing the pivotal Phase 3 study evaluating Trappsol® Cyclo™ for NPC1.

Who will join the Cyclo Therapeutics Board post-merger?

Shawn Cross, CEO of AMTI, will be appointed to the Cyclo Therapeutics Board of Directors following the merger.

How will the merger impact the combined company's financial position?

The merger is expected to strengthen the combined company's cash position, extending the funding runway into the second half of 2024.

What proprietary technology platform does AMTI use?

AMTI uses a proprietary technology platform that enables the design of novel biologic product candidates in oral dosage forms, leveraging their expertise in mucosal immunology and microbiome-epithelial interfaces.

Where can I find more information about AMTI?

For additional information, please visit AMTI's website at www.appliedmt.com.

Applied Molecular Transport Inc.

Nasdaq:AMTI

AMTI Rankings

AMTI Stock Data

11.01M
31.86M
21.36%
37.28%
0.47%
Pharmaceutical Preparation Manufacturing
Manufacturing
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United States
South San Francisco