Q32 Bio Transfers Phase 2 Complement Inhibitor ADX-097 to Akebia Therapeutics
Q32 Bio's Sale of ADX-097: Q32 Bio, Inc. has sold its Phase 2 complement inhibitor, ADX-097, to Akebia Therapeutics for $12 million upfront, with potential total payments reaching up to $592 million based on future milestones and royalties.
Details of ADX-097: ADX-097 is a humanized anti-C3d Factor H monoclonal antibody fusion protein designed to inhibit complement activation, targeting various diseases while minimizing systemic effects.
Q32 Bio's Future Plans: Despite the sale, Q32 Bio retains rights to its tissue-targeted complement inhibitor platform and is exploring strategic options for its remaining assets, including ADX-096.
Funding Outlook: The proceeds from the sale are expected to fund Q32 Bio's operations into the second half of 2027, supporting ongoing clinical trials and development efforts.
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Q32 Bio Transfers ADX-097, a Complement Inhibitor, to Akebia Therapeutics
Q32 Bio's Sale of ADX-097: Q32 Bio Inc. has sold its Phase 2 complement inhibitor ADX-097 to Akebia Therapeutics for $12 million upfront and potential future payments totaling up to $592 million, extending its cash runway into 2027.
Focus on Bempikibart: Following the sale, Q32 Bio is concentrating on its flagship program, bempikibart (ADX-914), which is in Phase 2 development for alopecia areata, with results expected in mid-2026.
Retained Rights and Future Plans: Q32 Bio retains rights to its tissue-targeted complement inhibitor platform, including ADX-096, and is exploring strategic options for these programs while advancing bempikibart.
Stock Performance: QTTB's stock experienced a significant increase of 74.43% before slightly declining, with trading volume surging to about 16.6 million shares, indicating heightened investor interest.
Crude Oil Rises More Than 1%; November Sees Decline in ISM Manufacturing PMI
U.S. Stock Market Performance: U.S. stocks declined, with the Dow Jones falling approximately 250 points, while the S&P 500 and NASDAQ also experienced losses. Energy shares rose by 1%, but utilities stocks dropped by 2.1%.
Manufacturing PMI Data: The ISM manufacturing PMI fell to 48.2 in November, marking the lowest reading in four months and missing market expectations, while the S&P Global manufacturing PMI was revised slightly higher to 52.2.
Notable Stock Movements: Q32 Bio Inc. shares surged 103% after a significant sale, while New Fortress Energy Inc. and KALA Bio, Inc. also saw substantial gains. Conversely, Sionna Therapeutics, Inc. and CN Energy Group Inc. experienced notable declines.
Global Market Trends: European shares mostly fell, with the eurozone's STOXX 600 down 0.20%, while Asian markets closed mixed, with Japan's Nikkei dropping 1.89% and Hong Kong's Hang Seng gaining 0.67%.
