Longeveron (NASDAQ: LGVN), a clinical-stage biotechnology company developing regenerative medicines for unmet medical needs, has released a financial report for the year ended Dec. 31, 2023; the report also included a corporate update. The report noted that revenues for 2023 totaled $0.7 million with grant revenue for 2023 being less than $0.1 million; related cost of revenues was $0.5 million for 2023; and gross profit for the year came in at approximately $0.2 million. In addition, general and administrative expenses totaled $11.4 million for 2023; research and development expenses decreased to approximately $9.1 million with selling and marketing expenses for 2023 reaching $0.8 million. In addition, as of Dec. 31, 2023, the company had $5.4 million in cash and cash equivalents and marketable securities. “In 2023 we made significant strides advancing studies of our investigational product, Lomecel-B, in hypoplastic left heart syndrome (‘HLHS’) and Alzheimer’s disease, with long-term survival data from ELPIS I trial presented at the American Heart Association annual meeting and clinically meaningful results announced from our phase 2a CLEAR MIND clinical trial of Lomecel-B(TM) in the treatment of mild Alzheimer’s disease,” said Longeveron CEO Wa’el Hashad in the press release. “For 2024, our main strategic priority will be focused on our lead clinical program in HLHS, our most important near-term value driver.
Accordingly, we made the strategic decision to discontinue our phase 2 clinical program in Aging-Related Frailty in Japan. We are also exploring opportunities to advance our Alzheimer’s disease program through potential partnerships or other sources of funding. These steps will allow us to focus our available resources on completing enrollment in our follow-on ELPIS II study in 2024. HLHS patients are in critical need of new therapeutic options to improve outcomes in this rare and life-threatening indication.”
To view the full press release, visit https://ibn.fm/twZTY
About Longeveron Inc.
Longeveron is a clinical-stage, biotechnology company developing regenerative medicines to address unmet medical needs. The company’s lead investigational product is Lomecel-B(TM), an allogeneic medicinal signaling cell (“MSC”) therapy product isolated from the bone marrow of young, healthy adult donors. Lomecel-B has multiple potential mechanisms of action encompassing provascular, proregenerative, anti-inflammatory, and tissue repair and healing effects with broad potential applications across a spectrum of disease areas. Longeveron is currently advancing Lomecel-B through clinical trials in three indications: hypoplastic left heart syndrome (“HLHS”), Alzheimer’s disease and Aging-Related Frailty. To learn more about the company, visit www.Longeveron.com.
NOTE TO INVESTORS: The latest news and updates relating to LGVN are available in the company’s newsroom at https://ibn.fm/LGVN
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