Entrada Therapeutics Closes Agreement with Vertex to Discover and Develop Endosomal Escape Vehicle-Therapeutics for Myotonic Dystrophy Type 1 (DM1)
09 February 2023 - 11:00PM
Entrada Therapeutics, Inc. (Nasdaq: TRDA), a biopharmaceutical
company aiming to transform the lives of patients by establishing
intracellular Endosomal Escape Vehicle (EEV™)-therapeutics as a new
class of medicines, today announced the expiration of the waiting
period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act
of 1976 and closing of the Company’s previously announced strategic
collaboration and license agreement with Vertex.
Under the terms of the agreement announced on
December 8, 2022, Entrada will receive an upfront payment of $224
million, as well as an equity investment of $26 million at $16.26
per share. Entrada is eligible to receive up to $485 million for
the successful achievement of certain research, development,
regulatory and commercial milestones, and tiered royalties on
future net sales for any products that may result from this
collaboration agreement.
The agreement includes a four-year global research
collaboration whereby Entrada will continue to advance and receive
payments for certain research activities related to ENTR-701, as
well as additional DM1-related research activities. Vertex will be
responsible for global development, manufacturing and
commercialization of ENTR-701 and any additional programs stemming
from Entrada’s DM1 research efforts.
The Company anticipates that proceeds from the
collaboration, equity investment and achievement of certain
milestones, together with its existing cash, cash equivalents and
marketable securities will extend its cash runway into the second
half of 2025, supporting the Company’s expansion and continued
development of EEV-therapeutic candidates targeting Duchenne
muscular dystrophy as well as other indications beyond
neuromuscular diseases.
About Entrada Therapeutics
Entrada Therapeutics is a biopharmaceutical company aiming to
transform the lives of patients by establishing a new class of
medicines, Endosomal Escape Vehicle (EEV™)-therapeutics, to engage
intracellular targets that have long been considered inaccessible
and undruggable. The Company’s EEV therapeutics are designed to
enable the efficient intracellular delivery of a wide range of
therapeutics into a variety of organs and tissues, resulting in an
improved therapeutic index. Through its proprietary, highly
versatile and modular EEV platform, Entrada is building a robust
development portfolio of oligonucleotide-, antibody- and
enzyme-based programs for the potential treatment of neuromuscular
diseases, immunology, oncology and diseases of the central nervous
system. The Company’s lead oligonucleotide programs include
ENTR-601-44 and ENTR-601-45 for the potential treatment of people
living with Duchenne who are exon 44 and 45 skipping amenable,
respectively, as well as ENTR-701 targeting myotonic dystrophy type
1 (DM1).
For more information about Entrada, please visit
our website, www.entradatx.com, and follow us
on Twitter and LinkedIn.
Forward-Looking Statements This
press release contains forward-looking statements that involve
substantial risks and uncertainties. All statements, other than
statements of historical facts, contained in this press release,
including statements related to the potential benefits and results
that may be achieved through Entrada’s collaboration with Vertex,
Entrada’s expectations of the use of proceeds from its
collaboration with Vertex, the ability of Entrada and Vertex to
complete the proposed collaboration, the anticipated advancement of
Entrada’s DM1 program, Entrada’s strategy, future operations,
prospects and plans, objectives of management, the potential
therapeutic benefits of its EEV candidates, including Entrada’s
oligonucleotide-, antibody- and enzyme-based programs, and
expectations regarding the Company’s therapeutic candidates,
including ENTR-701, its related potential for the continued
development and advancement for the treatment of myotonic dystrophy
type 1 (DM1), ENTR-601-44 and ENTR-601-45 targeting Duchenne
muscular dystrophy (DMD), and non-neuromuscular programs,
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “objective,” “ongoing,” “plan,”
“predict,” “project,” “potential,” “should,” or “would,” or the
negative of these terms, or other comparable terminology are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Entrada
may not actually achieve the plans, intentions or expectations
disclosed in these forward-looking statements, and you should not
place undue reliance on these forward-looking statements. Actual
results or events could differ materially from the plans,
intentions and expectations disclosed in these forward-looking
statements as a result of various important factors, including:
uncertainties inherent in the development of product candidates,
including the conduct of research activities and the initiation and
completion of preclinical studies and clinical trials;
uncertainties as to the availability and timing of results from
preclinical studies; whether results from preclinical studies will
be predictive of the results of later preclinical studies and
clinical trials; the timing of and Entrada’s ability to submit and
obtain regulatory clearance for IND applications and initiate
clinical trials; uncertainties associated with the impact of the
ongoing COVID-19 pandemic on Entrada’s business and operations; as
well as the risks and uncertainties identified in Entrada’s filings
with the Securities and Exchange Commission (SEC), including the
Company’s most recent Form 10-K and in subsequent filings Entrada
may make with the SEC. In addition, the forward-looking statements
included in this press release represent Entrada’s views as of the
date of this press release. Entrada anticipates that subsequent
events and developments will cause its views to change. However,
while Entrada may elect to update these forward-looking statements
at some point in the future, it specifically disclaims any
obligation to do so. These forward-looking statements should not be
relied upon as representing Entrada’s views as of any date
subsequent to the date of this press release.
Investor and Media Contact Karla
MacDonald Chief Corporate Affairs Officer
kmacdonald@entradatx.com
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