Scinai Immunotherapeutics (NASDAQ: SCNI) is a biopharmaceutical company focused on developing inflammation and immunology (“I&I”) biological products and providing CDMO services through its Scinai Bioservices business unit. The company today published its financial results for the second quarter ended June 30, 2024, and provided a business update. Scinai plans to host a webinar to discuss its Q2 2024 results and business update on August 20, 2024, at 11 a.m. EDT/6 p.m. Israel Time.
Recent highlights from Q2 2024 included the signing of an agreement to restructure a $29 million bank loan to equity and plans to regain Nasdaq compliance by August 23, 2024. The company also noted that it has received approximately $600,000 in CDMO work orders since January 2024 and maintains confidence in its guidance for 2024 of $1.25 million in expected sales revenues. The company anticipates revenues from the CDMO business to “increase materially in the coming years.”
In addition, the report noted that the company is “aggressively advancing” the NanoAb preclinical development. Scinai’s Phase 1/2a clinical trial of its anti-IL-17A/F NanoAb (SCN-1) in Plaque Psoriasis, which is expected to include approximately 24 patients, is anticipated to commence in the second half of 2025 with readout in 2026. The report further noted that additional NanoAbs for treating other autoimmune diseases have been discovered and characterized.
The financial results showed that R&D expenses for the six months ended June 30, 2024 (“H1 2024”) reached $2,788,000 compared to $3,449,000 in H1 2023. Marketing, general and administrative expenses for H1 2024 amounted to $1,003,000, compared to $2,332,000 for H1 2023, while the net loss for H1 2024 was $4,481,000 compared to a net loss of $7,277,000 H1 2023. The company ended H1 2024 with cash and cash equivalents and short-term deposits of $3,076,000 compared to $4,870,000 as of June 30, 2023.
To view the full press release, visit https://ibn.fm/mJil0
About Scinai Immunotherapeutics Ltd.
Scinai is a biopharmaceutical company with two complementary business units. One is focused on in-house development of inflammation and immunology (“I&I”) biological therapeutic products beginning with an innovative, de-risked pipeline of nanosized VHH antibodies (“NanoAbs”) targeting diseases with large unmet medical needs. The second business unit is a boutique CDMO providing biological drug development, analytical methods development, clinical GMP manufacturing, and preclinical and clinical trial design and execution services to early stage biotech companies. For more information, visit the company’s website at www.Scinai.com.
NOTE TO INVESTORS: The latest news and updates relating to SCNI are available in the company’s newsroom at https://ibn.fm/SCNI
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