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TRACON Pharmaceuticals (OTCQB: TCON) has announced a significant operational change. The company has decided to wind down its operations, terminating all employees. This decision was made during a special board meeting. As part of this process, Craig R. Jalbert has been appointed as the company's new CEO, President, Treasurer, Secretary, and sole board member. Jalbert, 62, brings extensive experience in managing distressed businesses, having served as a principal at Verdolino & Lowey, P.C. since 1987. His expertise in handling companies during wind-down phases is expected to guide TRACON through this critical transition.
TRACON Pharmaceuticals (NASDAQ: TCON) announced the termination of its ENVASARC pivotal trial after the objective response rate (ORR) in 82 evaluable patients was only 5%, falling short of the 11% required to support a biologics license application (BLA). Consequently, TRACON will explore strategic alternatives, including potential mergers, acquisitions, or asset sales, leveraging its in-house Product Development Platform (PDP), which has been utilized for over 15 oncology trials at more than 120 sites. The company aims to reduce cash burn and improve its position for strategic transactions but cannot guarantee any successful outcomes.
TRACON Pharmaceuticals (NASDAQ: TCON) announced the publication of Phase 2 clinical data on its DNA damage repair inhibitor, TRC102, in recurrent glioblastoma patients.
Published in Clinical Cancer Research, the study evaluated TRC102 combined with Temodar in 19 patients who had progression following initial treatment.
Results showed extended survival in two patients, with progression-free survival of at least 17 months and overall survival over 32 months. Both patients had enriched DNA damage response pathways prior to treatment.
The study confirms the safety and feasibility of TRC102 with Temodar and suggests further trials in biomarker-enriched glioblastoma patients may be warranted.
Additionally, TRC102 is being studied in a Phase 2 trial for non-small cell lung cancer, with primary endpoint determination expected in 2025.
TRACON Pharmaceuticals (TCON) reported its Q1 2024 financial results, revealing cash reserves of $8 million, down from $8.6 million at the end of 2023. The company aims to leverage its Product Development Platform for non-dilutive capital. Key highlights include interim data from the ENVASARC Phase 2 trial showing an 11% ORR by investigator review and 5.5% by BICR, with a median response duration of over six months. TRACON is working to meet Nasdaq compliance requirements by June 3, 2024, following a reverse stock split and S-1 filing. R&D expenses dropped to $1.9 million from $5 million YoY, and net loss decreased to $3.2 million from $8.5 million YoY.
TRACON Pharmaceuticals, Inc. (Nasdaq: TCON) will report its first quarter 2024 financial results on May 14, 2024. The company utilizes a cost-efficient product development platform to advance cancer therapeutics and partner with life science companies. Management will host a conference call to discuss financial results and corporate activities.
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