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Selecta Biosciences Inc (NASDAQ:SELB) provided an update on its ongoing strategic initiative to maximize stockholder value related to its economic interests in SEL-212, which is being developed for the treatment of chronic refractory gout, which Selecta will continue to support.
To preserve capital, the company plans to suspend further investment in its pipeline assets, including ImmTOR-IL, and instead focus on maximizing the value of its pipeline through potential licensing and corporate development activities. These initiatives are expected to extend its cash runway into 2027.
"At Selecta, we remain committed to SEL-212, a potentially unique and differentiated once-monthly uricase-based treatment option for patients with chronic refractory gout, which we believe has the potential to exceed $700 million in peak sales in the U.S.," said Carsten Brunn, President & CEO of Selecta.
The company will continue to Advance SEL-212 in patients with Chronic Refractory Gout in Partnership with Sobi. A BLA submission remains on track for the first half of 2024.
Selecta will continue the development activities of IdeXork (Xork) under its January 2023 licensing and development agreement with Astellas Gene Therapies.
Selecta had $115.0 million in cash, cash equivalents, restricted cash, and marketable securities as of June 30, 2023, which is expected to meet its operating requirements into 2027.
Collaboration and license revenue for the second quarter of 2023 was $5.2 million compared to $39.3 million for the same period in 2022.
Price Action: SELB shares are up 1.96% at $1.11 on the last check Thursday.
Posted In: SELB
