What’s going on with Sierra Oncology?
Sierra Oncology, Inc. (SRRA) stock dipped after the San Mateo, Calif.-based late-stage biopharmaceutical company updated the development timeline for its lead product candidate momelotinib.
The company announced that topline data from the Phase 3 MOMENTUM study is expected by February 2022, and contingent upon positive results, Sierra would file a New Drug Application with the U.S. Food and Drug Administration within the second quarter of 2022.
SRRA shares were down 0.39% to $18.00 per share on Monday morning.
What does this mean for SRRA?
The update on the development update provides a clearer line of sight for a potential approval and commercialization of Sierra’s lead product candidate. Simultaneous to development, Sierra is ensuring funding is in place to commercialize momelotinib should it receive FDA approval. It announced raising $34 million in the third quarter of 2021 through an at-the-market offering.
The new funds add to the $90.7 million in cash and cash equivalents reported on hand at the close of the second quarter of 2021. Sierra can also secure up to $33.3 million in cash from Series B warrants that must be exercised within 75 days of the announcement of MOMENTUM topline data.
“The continued excellent execution of the MOMENTUM study and further acceleration of the timeline, combined with the additional funding secured over the last few weeks, puts us in a very strong position as we approach topline data,” said Stephen Dilly, MBBS, PhD, president and CEO of Sierra Oncology.
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Sierra Oncology Inc is a clinical-stage drug development company. It focuses on the research, development, and commercialization of DNA Damage Response (DDR) therapeutics for the treatment of patients with cancer in the United States and internationally. The company's lead drug candidate is SRA737, an orally bioavailable small molecule inhibitor of Checkpoint kinase 1, which is in Phase 1 clinical trial to treat patients with advanced cancer. In addition, it also engaged in developing SRA141, an orally bioavailable small molecule inhibitor of the cell division cycle 7 kinase that is in the preclinical development stage.
