Angion Biomedica Corp. (ANGN) stock plunged 9.80% in the after-market trading session at the price of $2.30 despite no fundamental updates.
ANGN develops a novel treatment paradigm for patients with fibrotic diseases and acute organ injuries for which there are no approved therapies. Angion and Vifor work to evaluate the topline data from ANG-3777 Phase-II GUARD trial in patients with acute kidney injury associated with CSA-AKI.
Topline Data from Phase-II GUARD Trial of ANG-3777
On 9th December 2021, ANGN published results from the ANG-3777 Phase-II GUARD trial in patients with cardiac surgery involving cardiopulmonary bypass at risk for CSA-AKI. The GUARD trial did not satisfy its primary endpoint of percentage growth in serum creatinine based upon AUC. However, Vifor Pharma and Angion continued to review the data based on the indications shown in the MAKE90 secondary endpoint.
The GUARD trial had developed with a primary goal of advancing ANG-3777 into a global Phase-III trial based upon the safety and efficiency of ANG-3777. Patients qualified for the GUARD trial had determined to be at risk for kidney injury caused by baseline renal function and the complexity of the surgical procedure. Thirty-one clinical centers in Canada, Brazil, the United States, and Georgia participated in the testing Phase-II trial of ANG-3777.
Chief Medical Officer of ANGN, John Neylan, remarked that these are just preliminary results from the trial. They need more time to examine the whole data set before determining the impact of ANG-3777 on patients. He thanked the patients, the researchers, and the staff who had participated, contributed, and worked diligently to make the trial feasible.
ANGN Q3 2021 Financial Results
On 12th November 2021, ANGN published its financial results for the Q3 ended 30th September 2021. Net loss was $15.7 million, or per diluted share of $0.53, for the Q3 ended 30th September 2021. Net loss was $17.7 million, or per diluted share of $1.19, for the same three months of 2020. On 30th September 2021, the company had cash and cash equivalents of $102.7 million.