- Closed December 2022 with just
over CAD 37 million cash on hand,
expecting to provide a runway into early 2024.
- Plans to divest its remaining non-core assets, to further
extend runway.
- Nominated LMNL6511 as its GPR84 Antagonist lead preclinical
drug candidate.
- Selection of initial target indication for LMNL6511 expected
in coming months.
- OXER1 Antagonist development program progressing to
identification of lead preclinical drug candidate in H1
2023.
LAVAL, QC and CAMBRIDGE, England, Jan. 6, 2023 /PRNewswire/ -- Liminal BioSciences
Inc. (Nasdaq: LMNL) ("Liminal BioSciences" or the "Company"), is
pleased to provide an overview of the Company's priorities for this
calendar year.
"We are thrilled to be starting the year with two promising
early-stage programs, and the potential opportunities they bring
for further development in 2023, along with a cash runway expected
to support our near-term development plans," stated Bruce Pritchard, Chief Executive Officer of
Liminal BioSciences. "We are nominating LMNL6511 as the lead
preclinical drug candidate for our GPR84 Antagonist program,
meeting another key milestone for the Company and strengthening our
pipeline, bringing us closer to the clinic."
Research and Development
GPR84 Antagonist Development Plan
- Based on the data from our development work so far, we are
pleased to announce the lead preclinical drug candidate for our
GRPR84 Antagonist program, LMNL6511. Subject to continued
satisfactory results in ongoing clinical trial application
(CTA)-enabling work, we expect to seek approval to commence a
first-in-human Phase 1 clinical trial of LMNL6511 during 2023.
- On-going In-vivo experiments will allow us to select a
lead clinical indication in the coming months.
OXER1 Antagonist Development Plan
- Development of potential OXER-1 Antagonists is progressing
well, and subject to preclinical data, we expect to nominate a lead
preclinical drug candidate and announce the potential indication
for further development of our OXER1 antagonist program in H1
2023.
- IND and/or CTA enabling studies for an OXER1 Antagonist lead
candidate are expected to commence in 2023.
As we continue development work on our GPR84 antagonist
and OXER1 antagonist programs, we are simultaneously assessing the
commercial opportunities for both assets. We believe that both our
GPR84 antagonist and OXER1 antagonist programs have the potential
to address significant unmet medical needs. In addition to these
programs, we continue to explore other development opportunities to
add to our pipeline.
We expect to update the market on our clinical development plans
in 2023.
Additional information on our GPR84 Antagonist
Program
The GPR84 receptor could be an important biological target in a
number of therapeutic areas of interest. Our preclinical research
indicates that expression levels of GPR84 increase significantly
under inflammatory conditions. Inhibition of GPR84 appears to
inhibit neutrophil and macrophage migration and reduce cytokine
release. Preclinical research conducted by the Company also
indicates a potential beneficial role for the antagonism of GPR84,
including in the reduction of fibrosis.
Additional information on our OXER-1 Antagonist
Program
OXER-1 is a G protein-coupled receptor (GPCR) that is highly
selective for 5-oxo-eicosatetraenioc acid (5-oxo-ETE), a potent
human eosinophil chemo-attractant known to be involved in
eosinophilic driven diseases (EDDs). EDDs are inflammatory
illnesses, generally in respiratory, GI and skin conditions in
which elevated levels of activated eosinophils are a direct cause
or thought to play a pivotal role. OXER-1 may represent a promising
target in a novel pathway for the treatment of eosinophilic driven
diseases (EDDs).
Cash Balances
- We finished 2022 with just over CAD 37
million cash on hand, which is anticipated to support our
near-term development goals into early 2024.
- We are pleased to have completed the sale of the Labrosse
facility, a non-core real estate asset, at the end of December 2022, for a purchase price of
CDN 3,175,000, subject to customary
adjustments, paid in cash at closing.
- We continue to actively seek opportunities to divest remaining
non-core assets to reduce costs and to possibly further extend the
cash runway.
- As we develop our research and development programs, we will
continue to seek partnering or out-licensing opportunities for our
programs with the potential of bringing in upfront and milestone
payments to add to our cash runway.
Share Consolidation
We will be holding a Special Meeting of Shareholders on
January 20, 2023, to vote on a
proposed share consolidation to regain compliance with the NASDAQ
listing requirements. If approved by the shareholders of the
Company, the Share Consolidation is expected to be completed in the
first quarter of 2023.
About Liminal BioSciences Inc.
Liminal BioSciences is a development-stage biopharmaceutical
company focused on discovering and developing distinctive novel
small molecule therapeutics for inflammatory, fibrotic, and
metabolic diseases using our drug discovery platform with a
data-driven approach. The Company is currently developing GPR84
antagonists and OXER1 antagonists. In addition to these programs,
the Company continues to explore other development opportunities to
add to its pipeline.
Liminal BioSciences has active business operations in
Canada and the United Kingdom.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Some of the forward-looking statements can be identified
by the use of forward-looking words. Statements that are not
historical in nature, including the words "anticipate," "expect,"
"suggest," "plan," "believe," "intend," "estimate," "target,"
"project," "should," "could," "would," "may," "will," "forecast"
and other similar expressions are intended to identify
forward-looking statements. These statements include those related
to Liminal BioSciences' objectives, strategies and businesses that
involve risks and uncertainties. Forward–looking information
includes statements concerning, among other things: advancement of
Liminal Biosciences' product candidates, the Company's expected
cash runway and our ability to extend the cash runway; timing of
the designation of a lead preclinical drug candidate for the
Company's development programs; the potential development of the
Company's R&D programs; the timing of initiation or nature of
preclinical and clinical trials and potential therapeutic areas;
our ability to obtain required authorizations to conduct
clinical trials, the potential sale of non-core assets; our ability
to regain compliance with the Nasdaq listing rules; our ability to
seek, identify and close on partnering or out-licensing
opportunities and our ability to build value for our shareholders
and reduce costs. These statements are "forward-looking" because
they are based on our current expectations about the markets we
operate in and on various estimates and assumptions. Actual events
or results may differ materially from those anticipated in these
forward-looking statements if known or unknown risks affect our
business, or if our estimates or assumptions turn out to be
inaccurate. Among the factors that could cause actual results to
differ materially from those described or projected herein include,
but are not limited to, risks associated with: the Company's
ability to develop, manufacture, and successfully commercialize
product candidates, if ever; the Company's ability to raise the
capital necessary to continue as a going concern; the availability
of funds and resources to pursue R&D projects, clinical
development, manufacturing operations or commercialization
activities; the successful and timely initiation or completion of
preclinical and clinical trials; the ability to take advantage of
financing opportunities or business opportunities in the
pharmaceutical industry; the ability to resolve the Nasdaq listing
deficiency and regain compliance with the Nasdaq Listing Rules;
uncertainties associated generally with research and development,
clinical trials and related regulatory reviews and approvals; the
impact of the COVID-19 pandemic on the Company's workforce,
business operations, clinical development, regulatory activities
and financial and other corporate impacts and general changes in
economic conditions. You will find a more detailed assessment of
these risks, uncertainties and other risks that could cause actual
events or results to materially differ from our current
expectations in the filings and reports the Company makes with the
U.S. Securities and Exchange Commission and Canadian Securities
Administrators, including in the Annual Report on Form 20-F for the
year ended December 31, 2021, as well
as other filings and reports Liminal Biosciences' may make from
time to time. Such risks may be amplified by the ongoing COVID-19
pandemic and any related impacts on Liminal BioSciences' business
and the global economy. As a result, we cannot guarantee that any
given forward-looking statement will materialize. Existing and
prospective investors are cautioned not to place undue reliance on
these forward-looking statements and estimates, which speak only as
of the date hereof. We assume no obligation to update any
forward-looking statement contained in this press release even if
new information becomes available, as a result of future events or
for any other reason, unless required by applicable securities laws
and regulations.
Corporate Contact: Shrinal Inamdar, Manager, Investor
Relations and
Communications, s.inamdar@liminalbiosciences.com, +1
450.781.0115; Media Contact: Kaitlin
Gallagher, kgallagher@berrypr.com, +1 212.253.8881
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