Angion Biomedica Corp. (ANGN), a biopharmaceutical company, has plunged 56.73% in aftermarket trading session and is currently trading at $3.76. The dip could be attributed to the results from the phase-3 Trial of ANG-3777. On Tuesday, ANGN stock declined 3.98% during the normal trading session and closed the day at $8.69.
Reason for dip
On Tuesday, ANGN announced the topline results for the phase-3 trial of Angion’s ANG-3777. The company said that the results did not demonstrate a statistically significant difference from the placebo on the primary end-point in the population of deceased donor kidney transplant patients who were at the risk of developing DGF. ANG-3777 showed a minor difference in eGFR of 53.3mL/min/1.73m2 versus 50.4mL/min/1.73m2 for placebo. Besides, it also demonstrated an inconsistent benefit on key secondary endpoints. Based on the above-discussed data, it was not expected that there existed sufficient evidence to support an indication in the studied DGF population.
ANGN to present at the meeting
On 18th October, ANGN reported that it would present four posters at the American Society of Nephrology’s Kidney Week 2021 virtual meeting. The meeting would be held from November 4th to November 7th, 2021. The posters would include the subjects like safety and efficacy of ANG-3070 in patients with primary proteinuric kidney disease, effects of ANG-3070 in a mouse model of Alport syndrome, and others
ANGN to host R&D day
On 8th September, ANGN announced to have scheduled to host a virtual research and development day which was to focus on product candidate ANG-3070. The day was to be celebrated on 20th September 2021. The event was to feature presentations by some of the leading medical experts who were to discuss the current landscape with regards to treatment and unmet needs of patients with Kidney fibrosis as well as for lung fibrosis.
Q2 2021 financial highlights
On 12th August, ANGN reported the financial results for the second quarter of the fiscal year 2021 which ended on 30th June. The company had cash and cash equivalents of $117.3 million on 30th June. The contract revenue for the three months was $0.5 million against zero for the same period of 2020. The grant revenue for the period was zero against $0.7 million for the same period of 2020. R&D expenses for the period were $14.4 million against $12.2 million for the same period of 2020. The general and administrative expenses were $4.3 million against $5.4 million for the same period of 2020. The net loss for the period was $17.1 million (or $0.58 per diluted share) against $20.3 million (or $1.40 per diluted share) for the same period of 2020.
Future for ANGN
During the last three months, ANGN has declined more than 15% primarily due to the uncertainty associated with its lead product ANG-3070. Analysts are hopeful that the future seems quite positive for ANGN based on innovative strategies adopted by the company.