CAMBRIDGE, Mass. - Foghorn Therapeutics Inc. (NASDAQ:FHTX), a biotechnology company focused on gene expression-based treatments, has announced that pharmaceutical giant Lilly will advance FHD-909, an oral BRM selective inhibitor, into clinical development. This move marks a significant step in the pursuit of new therapies for non-small cell lung cancer (NSCLC) patients with BRG1 mutations.
Lilly's decision comes as part of a strategic collaboration with Foghorn, initiated in December 2021, to develop novel oncology medicines. The partnership includes co-development and co-commercialization of Foghorn's Selective BRM oncology program in the United States. An Investigational New Drug (IND) application for FHD-909 is expected to be filed in the second quarter of 2024.
FHD-909 is designed to selectively inhibit BRM, a protein essential for the survival of certain tumor cells, without affecting healthy cells. This targeted approach is based on the understanding that tumors with BRG1 mutations rely on BRM for their survival. Preclinical studies have demonstrated the potential of FHD-909 to significantly reduce tumor growth in multiple BRG1-mutant lung tumors.
The companies also plan to present preclinical data at upcoming scientific conferences. Furthermore, the collaboration extends to three discovery programs utilizing Foghorn's proprietary Gene Traffic Control platform.
Foghorn Therapeutics is at the forefront of developing a new class of chromatin regulatory system-targeted medicines. The company's Gene Traffic Control platform is a systematic approach to studying and validating potential drug targets within this system.
This press release includes forward-looking statements regarding the anticipated clinical trials and product candidates. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially. Factors influencing these outcomes include market conditions and regulatory challenges, as detailed in Foghorn's Annual Report on Form 10-K for the year ended December 31, 2023.
The information in this article is based on a press release statement from Foghorn Therapeutics Inc.
InvestingPro Insights
As Foghorn Therapeutics Inc. (NASDAQ:FHTX) takes strides in its collaboration with Lilly for the development of FHD-909, a novel oncology therapeutic, the financial health and market sentiment surrounding the company may influence investor perceptions. According to InvestingPro data, Foghorn Therapeutics currently holds a market capitalization of 204.75 million USD, reflecting the market's valuation of the company's potential.
Despite the challenges often faced by biotech firms, one of the notable InvestingPro Tips for Foghorn is that the company holds more cash than debt on its balance sheet. This financial stability is crucial for sustaining research and development activities, especially as Foghorn continues to burn through cash quickly. Additionally, while analysts do not anticipate the company will be profitable this year, they have revised their earnings upwards for the upcoming period, suggesting a positive outlook on Foghorn's prospects.
Investors should also be aware of the stock's performance dynamics. Foghorn's stock has experienced significant volatility, with a strong return over the last week of 63.85% but a notable decline over the last six months of 48.62%. This volatility underscores the high-risk, high-reward nature of investing in emerging biotech companies.
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