Cartesian Therapeutics, Inc. - RNAC STOCK NEWS

Cartesian Therapeutics, a clinical-stage biotech company specializing in mRNA cell therapy for autoimmune diseases, has appointed Dr. Kemal Malik to its Board of Directors. Dr. Malik brings over 30 years of global experience in development, regulatory, and commercialization from his tenure at Bayer and Bristol-Myers Squibb. His expertise includes overseeing twenty positive Phase 3 trials and the approval of several blockbuster drugs. Cartesian's CEO Carsten Brunn expressed enthusiasm for Malik's contributions to advancing their pipeline of mRNA therapies. Malik also holds positions at Syncona, Atomwise, and Our Future Health.

Cartesian Therapeutics announced a $130 million private placement equity financing through a PIPE agreement, expected to close by July 3, 2024. The deal includes selling 3,563,247 common shares and 2,937,903 Series B Preferred shares at $20.00 each, convertible to common stock upon approval and certain conditions. Key investors include HBM Healthcare Investments, Invus, Schooner Capital, and others. Net proceeds will fund pipeline programs and corporate purposes. Leerink Partners and TD Cowen are lead placement agents. Securities involved are not registered under the Securities Act of 1933 and will be registered for resale with the SEC.

Cartesian Therapeutics (NASDAQ: RNAC) has initiated a Phase 2 open-label clinical trial to evaluate Descartes-08 in patients with systematic lupus erythematosus (SLE). Descartes-08 is an mRNA-engineered chimeric antigen receptor T-cell therapy (mRNA CAR-T) targeting B-cell maturation antigen (BCMA). Unlike traditional DNA-based CAR-T therapies, mRNA CAR-T doesn't require preconditioning chemotherapy and reduces the risk of genomic integration. The trial aims to assess the safety and tolerability of Descartes-08 as an outpatient therapy for moderate to severe SLE patients refractory to immunosuppressant therapy. The study will enroll up to 30 adult participants and will also measure overall disease activity.

Cartesian Therapeutics announced positive results from its Phase 2b trial of Descartes-08 in patients with generalized myasthenia gravis (MG). The trial met its primary endpoint, with 71% of treated patients showing significant improvement in MGC scores at Month 3 compared to 25% for placebo. Deep, durable responses were observed for at least six months. Descartes-08 was well tolerated, with mild and transient adverse events. The company plans to hold an End-of-Phase 2 meeting with the FDA by year-end. A conference call to discuss these results is scheduled for today at 8:00 a.m. ET. Cartesian also initiated a Phase 2 trial of Descartes-08 for systemic lupus erythematosus (SLE) and announced the appointment of Kemal Malik to its Board of Directors.

Cartesian Therapeutics (NASDAQ: RNAC) announced the issuance of an inducement award to a new employee. On June 3, 2024, the employee received an option to purchase 11,000 shares of the company's common stock at an exercise price of $36.00 per share, the closing trading price on the Nasdaq Global Market on the grant date.

The option is part of the company's Amended and Restated 2018 Employment Inducement Incentive Award Plan, approved by the board. It vests 25% on June 3, 2025, with additional equal annual installments thereafter, fully vesting by June 3, 2028. The option has a ten-year term and was granted under Rule 5635(c)(4) of the Nasdaq Listing Rules.

Cartesian Therapeutics announced that its lead product candidate, Descartes-08, has received FDA Regenerative Medicine Advanced Therapy (RMAT) designation for treating myasthenia gravis (MG). This designation, part of the 21st Century Cures Act, accelerates drug development for serious conditions. Descartes-08, an autologous mRNA CAR-T therapy targeting BCMA, showed promising results in a Phase 2a study, with no severe side effects and significant improvements in MG severity. The company is on track to release topline data from a Phase 2b trial by mid-2024.

Cartesian Therapeutics (NASDAQ:RNAC), a clinical-stage biotech company specializing in mRNA cell therapy for autoimmune diseases, announced its participation in the H.C. Wainwright 2nd Annual BioConnect Investor Conference. The event, scheduled for May 20, 2024, at 3:00 p.m. ET, will feature a live fireside chat with the company’s management team. The webcast will be available on the company's website for a time.

Cartesian Therapeutics reported its first-quarter 2024 financial results, highlighting progress in its pipeline of mRNA cell therapy product candidates. The company remains on track to report topline data from the Phase 2b trial of Descartes-08 for myasthenia gravis by mid-2024. The new headquarters in Frederick, Maryland, is expected to support the company's manufacturing capabilities. With approximately $104.8 million in cash, cash equivalents, and restricted cash as of March 31, 2024, Cartesian is well-positioned to support its operations into the second half of 2026.

Cartesian Therapeutics, Inc. (NASDAQ: RNAC) granted inducement awards to four new employees by issuing options to purchase shares of the Company's common stock. The options have an exercise price of $22.64 and are exercisable for a total of 72,769 shares. Each option vests over time and has a ten-year term. The grants were made under the Company's 2018 Employment Inducement Incentive Award Plan and were approved by the board of directors.