Company focuses efforts and resources on advancing SRF617 and SRF388; Implements strategic restructuring
Initial clinical updates for SRF617 and SRF388 expected by the end of 2020
Extends current cash runway into 2022
“Since Surface’s founding approximately five years ago, we have brought four novel, internally developed programs to the IND stage,” said
The active INDs for both SRF617 and SRF388 enable
- SRF617 is a fully human anti-CD39 antibody designed to promote anti-tumor immunity through a dual mechanism of reducing immunosuppressive adenosine and driving the extracellular accumulation of immunostimulatory ATP within the tumor microenvironment. Due to this dual mechanism,
Surface Oncologybelieves CD39 is the most promising therapeutic target on the adenosine axis, a notable immunosuppressive pathway. The Company’s phase 1/1b trial will evaluate SRF617 in patients with advanced solid tumors both as a monotherapy and in combination with other cancer therapies.
- SRF388 is a fully human anti-IL-27 antibody designed to inhibit the activity of this highly immunosuppressive cytokine.
Surface Oncologyhas identified particular tumor types, including hepatocellular and renal cell carcinoma, where IL-27 appears to play an important role in the immunosuppressive tumor microenvironment and may contribute to resistance to treatment with checkpoint inhibitors. Furthermore, the Company has identified a potential biomarker associated with IL-27 that may be useful in helping identify patients most likely to respond to SRF388.
The Company also remains encouraged by the promise and progress of its wholly-owned, earlier-stage programs, SRF813 (targeting CD112R) and a regulatory T cell program, and will seek to partner these programs.
The strategic restructuring will reduce the Company’s workforce by approximately 35%. With these steps to focus resources, Surface Oncology’s current cash and cash equivalents are now projected to fund the Company into 2022. Anticipated milestones under the NZV930 (targeting CD73) collaboration with
About Surface Oncology:
Cautionary Note Regarding Forward-Looking Statements:
Certain statements set forth in this press release constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by terms such as “believes,” “expects,” “plans,” “potential,” “would” or similar expressions and the negative of those terms. These forward-looking statements are based on Surface Oncology’s management’s current beliefs and assumptions about future events and on information currently available to management.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Surface Oncology’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to Surface Oncology’s ability to successfully develop SRF388, SRF617, SRF813 and its other product candidates through current and future milestones or regulatory filings on the anticipated timeline, if at all, the therapeutic potential of Surface Oncology’s product candidates, the Company’s anticipated cash needs, the risk that results from preclinical studies or early clinical trials may not be representative of larger clinical trials, the risk that Surface Oncology’s product candidates, including SRF388, SRF617 and SRF813, will not be successfully developed or commercialized, and the risks related to Surface Oncology’s dependence on third parties in connection with its manufacturing, clinical trials and preclinical studies. Additional risks and uncertainties that could affect Surface Oncology’s future results are included in the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ending December 31, 2018, which is available on the Security and Exchange Commission’s website at www.sec.gov and Surface Oncology’s website at www.surfaceoncology.com.
Additional information on potential risks will be made available in other filings that Surface Oncology makes from time to time with the Securities and Exchange Commission. In addition, any forward-looking statements contained in this press release are based on assumptions that Surface Oncology believes to be reasonable as of this date. Except as required by law, Surface Oncology assumes no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Source: Surface Oncology, Inc.