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Connect Biopharm Has Cash; It Needs Drug Candidates

publication date: Sep 6, 2024

Connect Biopharma has moved its headquarters to San Diego from Suzhou in a move that makes the company US-centric. But the company’s future direction isn’t clear. It has two clinical stage autoimmune drug candidates and $110 million in cash after a $220 million IPO on Nasdaq three years ago. But it isn’t conducting any clinical trials currently. In 2023, it out-licensed China rights to its lead drug, rademikibart, to Simcere in a $141m ($21m upfront) deal. Simcere is conducting a China trial, and it supplied all of Connect’s $24 million in first-half revenues this year. Connect would like to find some way to conduct a US Phase III trial of rademikibart without paying for it, probably an out-licensing. What happens after that? The company doesn’t say. More details....

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