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CARGO Therapeutics Inc. reported developments around its former clinical-stage cell therapy business and subsequent corporate-status changes. The company’s updates described firicabtagene autoleucel, or firi-cel, the FIRCE-1 Phase 2 study in large B-cell lymphoma, CRG-023, a CD19-, CD20- and CD22-targeting tri-specific CAR T candidate, and an allogeneic CAR T platform. Later updates addressed the discontinuation or suspension of those development programs, workforce reductions, strategic-alternative activity, governance changes, material agreements, shareholder voting matters, capital-structure disclosures, and operating and financial results.
CARGO Therapeutics has appointed Jane Pritchett Henderson as an Independent Director to its Board. Henderson brings extensive experience in healthcare investment banking and executive leadership in biotech companies.
She will also serve on the audit and compensation committees. This appointment comes as CARGO advances its Phase 2 clinical study for the CAR T-cell therapy candidate, firicabtagene autoleucel (firi-cel), and progresses the CRG-023 program incorporating tri-specific CAR T-cells with CD2 co-stimulation.
Henderson has a strong background in finance and operations, having held key roles at Apogee Therapeutics, Adagio Therapeutics, Turnstone Biologics, and Voyager Therapeutics. Her current board positions include Akero Therapeutics and Ventus Therapeutics.
CARGO Therapeutics (NASDAQ: CRGX) announced its participation in two major investor conferences: the TD Cowen 5th Annual Oncology Innovation Summit and the Jefferies Global Healthcare Conference. Gina Chapman, President and CEO, will take part in virtual fireside chats on May 28 and June 5, respectively. These events will provide insights into the company's advancements in next-generation cell therapies for cancer. Webcasts of the presentations will be available on CARGO's website under the News & Events section, with replays accessible for 30 days post-event.
CARGO Therapeutics announced a $110 million private placement equity financing, involving new and existing investors like EcoR1 Capital, Woodline Partners, and Novo Holdings. This funding supports the BLA preparation for the Phase 2 FIRCE-1 study of firicabtagene autoleucel (CRG-022) and IND-enabling studies for CRG-023. The financing is expected to extend CARGO's cash runway through 2026. The private placement, set to close on May 30, 2024, involves the sale of 6,471,000 shares at $17.00 per share, in accordance with Nasdaq rules. Jefferies, TD Cowen, and Piper Sandler acted as joint placement agents for this transaction.
CARGO Therapeutics (NASDAQ: CRGX) released its Q1 2024 financial results and business update. The FIRCE-1 Phase 2 clinical study of firicabtagene autoleucel (firi-cel) is advancing with 26 sites activated and over 20 patients dosed, with interim results expected in 1H25. The Independent Data Monitoring Committee (IDMC) recommended the study continue without modifications. Data from the Stanford Phase 1 study, to be presented at the 2024 EHA Congress, shows a median overall survival of 25.7 months and favorable safety at the dose level selected for Phase 2. CARGO’s cash position is $375.9 million, providing runway into 2026. R&D expenses for Q1 2024 were $30.5 million, and G&A expenses were $10.3 million, leading to a net loss of $35.8 million or $0.87 per share.
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