SAB BIO Announces Third Quarter 2024 Financial Results and Provides Company Update
Company announced completed Phase 1 enrollment for SAB-142 with no observation of serum sickness.
The company remains on track for a topline Phase 1 data readout by the end of the year.
MIAMI, Nov. 06, 2024 (GLOBE NEWSWIRE) -- SAB BIO (Nasdaq: SABS), ("SAB" or the "Company"), a clinical-stage biopharmaceutical company with a novel immunotherapy platform that is developing human anti-thymocyte immunoglobulin (hIgG) for delaying the onset or progression of type 1 diabetes (T1D), today reported financial results for the second quarter ended September 30, 2024, and provided a company update.
"This quarter we were pleased to report completed enrollment of SAB-142 Phase 1 study with no observed serum sickness," notes SAB chairman and CEO Samuel J. Reich. "This year we have advanced our SAB-142 Type 1 diabetes program from preclinical through Phase I to Phase II ready, which illustrates SAB management's ability to execute our business strategy according to plan. Enthusiasm for SAB-142 continues to grow among clinical advisors and the T1D patient community as the program advances, and we are well-positioned and on schedule for initiating a Phase II study in 2025."
Corporate Updates
SAB provided a clinical trial progress update on September 9, 2024 at the European Association for the Study of Diabetes Annual Meeting.
The update confirmed that SAB-142 has completed Phase 1 enrollment of all planned cohorts in healthy volunteers.
SAB is now progressing to enroll patients with T1D in the last cohort of the study to establish safety, tolerability, pharmacokinetic and immunogenicity profile of SAB-142 in patients with T1D prior to initiation of an upcoming Phase II SAFEGUARD study in patients with new-onset T1D.
Further, the target dose of SAB-142 2.5mg/kg is complete with no observation of serum sickness.
Anticipated Milestones
SAB-142 remains on track for a topline Phase 1 data readout by the end of the year.
Q3 2024 Financial Updates
Financial Guidance: Based on its current operating plans, if the Company receives funds upon the exercise of all outstanding Tranche B warrants, SAB would have cash sufficient to fund its operations into 2026.
Cash Position: Cash, cash equivalents, and available for sale securities totaled $30.4 million as of September 30, 2024 compared to $56.6 million as of December 31, 2023. This decrease ...