CAMP4 Therapeutics Corporation reported its financial results for the third quarter ended September 30, 2024, highlighting a transformative period for the company. The company successfully completed its Initial Public Offering (IPO), raising gross proceeds of $82.1 million, which significantly bolstered its financial position.
During the quarter, CAMP4 also entered into a strategic research collaboration with BioMarin Pharmaceutical Inc., a deal valued at over $370 million. This partnership aims to identify novel therapeutics targeting regulatory RNA sequences for genetic diseases, validating CAMP4's RNA Actuating Platform. Additionally, the lead program, CMP-CPS-001 for urea cycle disorders, received Orphan Drug Designation and Rare Pediatric Disease Designation from the FDA.
Financially, the company reported a net loss of $13.5 million for Q3 2024, compared to $11.7 million for the same period in 2023. Research and Development (R&D) expenses were $9.7 million, a slight decrease from $9.8 million in Q3 2023, while General and Administrative (G&A) expenses increased to $3.8 million from $2.9 million. The Single Ascending Dose (SAD) portion of the Phase 1 study of CMP-CPS-001 was completed, with safety data anticipated in Q1 2025.
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