Phaxiam Therapeutics (Euronext: PHXM) has released its financial results for the third quarter of 2024, alongside updates on its clinical development programs. The company reported cash and cash equivalents of €5.7 million as of September 30, 2024, a significant increase from €1.5 million in June 2024, following a capital increase of €7.8 million. This financial boost extends the company's cash runway until March 2025.
Thibaut du Fayet, Chief Executive Officer of Phaxiam, stated, "The third quarter of 2024 was marked by the steady execution of our clinical roadmap. Our recent efforts have culminated in the U.S. FDA approval of the GLORIA Phase II study protocol, the first global bacteriophage study targeting prosthetic joint infections related to Staphylococcus aureus."
Financial Overview
The €7.8 million capital increase on July 1, 2024, resulted in a net increase of €6.8 million in Phaxiam's cash position after associated costs. The company is actively exploring options to extend its cash runway beyond March 2025, including cost reduction measures and seeking non-dilutive funding.
Clinical Development Milestones
Phaxiam anticipates several key milestones in the next 12 months:
- Clinical outcomes from updated compassionate real-life treatments and the PhagoDAIR pilot study are expected before the end of 2024.
- The Phase II (PHRC) study in Diabetic Foot Ulcer (DFU) is set to enroll its first patient in the fourth quarter of 2024.
- The GLORIA Global Phase II study has received clearance (CTA) from European and UK (MHRA) regulatory authorities to initiate patient enrollment in Europe, expected in Q1 2025.
- Preliminary results from the Phase I pharmacokinetic study in endocarditis are expected around mid-2025.
GLORIA Phase II Study
The GLORIA Phase II study is a pivotal trial evaluating Phaxiam's bacteriophage therapy for Staphylococcus aureus prosthetic joint infections. This study represents the first global bacteriophage study in this indication and has received FDA approval for its protocol. The company is actively working on launching patient recruitment for this strategic study in the first quarter of 2025, as planned.
About Phaxiam Therapeutics
Phaxiam Therapeutics is focused on developing innovative treatments for resistant bacterial infections using bacteriophages, natural bacterial-killing viruses. The company's portfolio targets three of the most resistant and dangerous bacteria: Staphylococcus aureus, Escherichia coli, and Pseudomonas aeruginosa.
