Aerovate Therapeutics, Inc. Stock Price, News & Analysis

Aerovate Therapeutics reported financial results for the year ending December 31, 2022, revealing a net loss of $51.5 million, up from $23 million in 2021, attributed to increased R&D and G&A expenses. The company continues progress on the IMPAHCT Phase 2b/Phase 3 clinical trial for AV-101, a potential treatment for pulmonary arterial hypertension (PAH), with topline data expected in late 2023 or early 2024. The firm expanded its intellectual property portfolio with four new patents and bolstered its management team. Cash and equivalents stood at $129.2 million as of year-end, sufficient to fund operations through mid-2025.

Aerovate Therapeutics, Inc. (Nasdaq: AVTE) announced its participation in the Cowen 43rd Annual Health Care Conference on March 8, 2023, at 10:30 a.m. ET. The panel discussion will cover respiratory diseases, specifically pulmonary arterial hypertension (PAH), the recent sotatercept phase 3 data, and provide insights into AV-101 and the IMPAHCT Phase 2b/Phase 3 trial. AV-101 is a proprietary dry powder inhaled formulation of imatinib aimed at treating PAH while minimizing side effects. The IMPAHCT trial evaluates AV-101's safety and efficacy across different doses, with primary endpoints focusing on changes in pulmonary vascular resistance and six-minute walk distance.

Aerovate Therapeutics (Nasdaq: AVTE) announced the appointment of Donald Santel to its Board of Directors, bringing over 40 years of biopharmaceutical experience. Santel's background includes leadership roles at multiple biopharmaceutical firms, enhancing Aerovate's efforts in developing AV-101, a novel dry powder formulation of imatinib for pulmonary arterial hypertension (PAH). CEO Timothy Noyes highlighted the strategic significance of Santel's experience in guiding Aerovate's growth and addressing the unmet needs of PAH patients. The Board aims to leverage Santel's expertise for advancing clinical development and delivering innovative therapies.