Quince Therapeutics Overview for Strategic Growth

On August 1, Quince Therapeutics, formally known as Cortexyme Corporate, released an overview of its planned growth. The strategic growth will address unmet medical needs, expected strong funding, and public trading. 

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Meeting unmet medical needs and clinical development

Each year in the U.S., there are an estimated 18 million bone fractures, leading to $50 million in medical costs. Due to many of these occurring in underserved communities, in combination with an ever-increasing percentage of older people, this has led to fractures becoming more life-threatening.

The launch of Quince Therapeutics marked its name change and its shift in focus. The company will now prioritize the clinical development for NOV004, its highly differentiated bone-targeting drug platform and lead precision bone growth molecule.

NOV004 is an anabolic peptide designed to treat bone fractures. It targets fractures, proceeding to rapidly increase bone density, strength, and healing. With its efficacy displayed in preclinical trials, Quince expects the treatment to enter Phase 1 clinical trials sometime in 2023. 

Expected funding of $105 million and public trading

Quince expects to receive around $105 million in cash, equivalents, and marketable securities. This funding will support capital and operating expenses well into the second half of 2025. In addition, these funds will fully finance the research and development of their headlining NOV004 molecule. Quince also claims that corporate restructuring in the first half of 2022 laid the groundwork for optimized operating efficiency.

In a statement,  Dirk Thye, M.D., Quince’s chief executive officer, said ,”We are eager and enthusiastic about launching Quince Therapeutics and introducing our new corporate strategy focused on the development and acquisition of innovative precision therapeutics for patients suffering from debilitating and rare diseases. This team is empowered by a cash runway extending into the second half of 2025, providing us near-term financial security in a period of economic uncertainty in the biotech sector.”

In addition, as of August 1, Quince is trading on the Nasdaq Stock Market. Under the symbol ‘QNCX,’ they opened Wednesday with their price per stock at $1.97 and closed at $2.01. 

With these decisive actions, Quince is looking forward to a bright future as they continue to make meaningful strides in developing treatments for rare diseases.

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Author

Max Heirich