$TCON reports strong clinical trial results and non-dilutive financing
Mar 8th 2023, 9:10 pm
Analyst Summary: TRACON Pharmaceuticals, a clinical stage biopharmaceutical company focused on developing targeted cancer therapeutics, reported Q4 and year end 2022 financial results. The company reported a double-digit objective response rate in its ongoing ENVASARC pivotal trial, with envafolimab achieving an objective response rate as a single agent and in combination with Yervoy. TRACON also secured a non-dilutive non-recourse financing of up to $30 million related to the I-Mab arbitration award decision. The company expects to complete accrual before year end with final data expected in 2024. The company's clinical-stage pipeline includes envafolimab, YH001, TRC102, and TJ004309. TRACON expects to serve as a CRO-independent solution for companies without clinical and commercial capabilities in the United States. Investors should note that this press release contains forward-looking statements that are subject to risks and uncertainties.