AIM ImmunoTech CEO says the firm in ‘solid financial standing’ to move forward rapidly with clinical programs

AIM ImmunoTech Inc (NYSEAMERICAN:AIM) CEO Thomas Equels told investors that the immuno-pharma company rounded out the first quarter by increasing its cash reserves to “aggressively move forward” with its clinical programs.      

As of March 31, 2021, the Ocala, Florida-based company had cash, cash equivalents, and marketable securities of $63.6 million, compared to $54.4 million as of December 31, 2020.

“I’m extremely proud of the progress we have made throughout the first quarter. We have established a strong foundation of pre-clinical and clinical data with respect to the development of therapeutics aimed to treat multiple types of cancers, immune disorders, and viral diseases, including coronavirus (COVID-19),” Equels said in a business update.

READ: AIM ImmunoTech reports positive safety data in Cohort 2 of Phase 1 clinical study of Ampligen as an intranasal therapy

“With our solid financial standing, we intend to execute on our corporate strategy and aggressively move forward with our clinical programs that address critical unmet medical needs. We have reached many important milestones, are encouraged by the outlook for AIM and look forward to providing meaningful updates along the way,” he added.

In April, AIM ImmunoTech said it had completed dosing of Cohort 2 in a Phase 1 clinical study to assess the safety, tolerability, and biological activity of Ampligen as an intranasal therapy, reporting no serious adverse events (SAE). The clinical study is crucial for the company’s ongoing efforts to develop Ampligen as a potential prophylaxis or treatment for COVID-19 and other respiratory viral diseases. The company which reported no serious adverse events in Cohort 1, said the study will proceed with enrollment into Cohort 3.

Subjects in Cohort 1 received 75 micrograms (μg) of Ampligen, while subjects in Cohort 2 received 200 μg of Ampligen. The dosage will escalate to 500 μg in the next cohort, Cohort 3, with the highest level of 1250 μg planned for Cohort 4.

For the first quarter ended March 31, 2021, the company reported research and development expenses of $1.4 million, compared to $0.9 million for the three months ended March 31, 2020. Administrative expenses for the quarter amounted to $2.1 million, compared to $2.3 million for the same period a year earlier.

Most importantly, the company narrowed its losses from operations during the first quarter to $3.6 million, or $0.08 per share, compared to $3.8 million, or $0.22 per share, for the first quarter of 2020.

Contact the author Uttara Choudhury at [email protected]

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Story by ProactiveInvestors