Cartesian Therapeutics, Inc., (RNAC), a clinical-stage biotech company, has reported promising findings from its Phase 2b trial of Descartes-08 in patients with generalized myasthenia gravis.
Myasthenia gravis is an autoimmune neuromuscular disorder characterized by muscle weakness and fatigue.
Descartes-08, the company's lead product candidate, is an autologous mRNA-engineered chimeric antigen receptor T-cell therapy (mRNA CAR-T) targeting the B cell maturation antigen (BCMA).
According to the trial results, the phase IIb trial demonstrated a statistically significant improvement in myasthenia gravis patients treated with Descartes-08, with deep and durable responses observed for at least six months.
The treatment was well-tolerated, with no cases of cytokine release syndrome or immune effector cell-associated neurotoxicity syndrome, noted the company.
Cartesian Therapeutics plans to hold an End-of-Phase 2 meeting with the FDA by the end of the year and has initiated a Phase 2 trial for systemic lupus erythematosus.
Additionally, the company announced that it has entered into a securities purchase agreement for a private investment in public equity ("PIPE") financing with new and existing investors.
The company is selling an aggregate of 3.56 million shares of its common stock and 2.94 million shares of its Series B Non-Voting Convertible Preferred Stock, each at a purchase price of $20.00 per share.
The PIPE financing is scheduled to close on or about July 3, 2024, and is expected to result in gross proceeds of about $130.0 million to the company.
RNAC has traded in a range of $11.66 to $42.60 in the last 1 year. Currently, the stock is at $18.59 down 29.21%
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