HanAll Biopharma Reports Q3 2024 Financial Results and Provides Business Update
HanAll records revenue of 36.8 billion KRW in the third quarter, with an operating profit of 430 million KRW.
Results for the Phase 1 study in healthy subjects for HL192 (ATH-399A), a novel compound targeting Parkinson's Disease, are expected in November 2024.
ROCKVILLE, Md. and SEOUL, South Korea, Nov. 1, 2024 /PRNewswire/ -- HanAll Biopharma Co., Ltd. (KRX: 009420.KS), a global biopharmaceutical company committed to discovering and developing innovative medicines for patients, reported financial results for the third quarter of 2024 and provided business updates.
HanAll ended the third quarter with total revenue of 36.8 billion KRW, reflecting an 11.7% increase from the same period in 2023 and an operating profit of 430 million KRW. Pharmaceutical sales reached 34 billion KRW from robust sales of key products.
In the third quarter, HanAll's anti-FcRn assets demonstrated potential as best-in-class treatments for a range of autoimmune diseases, particularly Graves' Disease. Ongoing studies include a Phase 2b trial in Chronic Inflammatory Demyelinating Polyradiculoneuropathy (CIDP) as well Phase 3 studies in generalized Myasthenia Gravis (gMG) and Thyroid Eye Disease (TED), with topline results expected in the first quarter of 2025 and first half of 2025, respectively.
Additionally, HanAll, in collaboration with NurrOn Pharmaceuticals and Daewoong Pharmaceutical, completed the Phase 1 study of HL192 in healthy subjects. Results for the HL192 Phase 1 study are anticipated in November of this year.
"This past quarter, HanAll's focus and agile execution have positioned us for significant growth while allowing us to continue our R&D efforts through strategic, value enhancing cost optimization. Looking ahead, we are committed to expanding our competitive advantage by specializing in key products and strengthening our R&D capabilities as we strive to realize our highest potential as a global company," said Sean Jeong, MD, MBA, CEO of HanAll Biopharma.
Third Quarter 2024 BUSINESS UPDATEPipeline Development HighlightsA comprehensive update of HanAll's public pipeline development below includes an overview of research along with lists of compounds, targeted indications and developmental phases.
AUTOIMMUNE DISEASES PROGRAMSBatoclimab (HL161BKN)A novel, fully human, subcutaneously administered antibody targeting FcRn with the potential to address multiple IgG-mediated autoimmune diseases, batoclimab is designed to selectively bind to FcRn, which plays a role in recycling IgG, thereby reducing levels of harmful IgG antibodies
Immunovant, a member of the Roivant group of companies, as well as HanAll's licensed partner in the United States and Europe, is making progress across four autoimmune indications. Phase 3 studies in gMG and TED are advancing, with topline results expected in the first quarter of 2025 and first half of 2025, respectively.
Immunovant reported positive results from the Phase 2a study of batoclimab in Graves' Disease. The study demonstrated that a higher dose of batoclimab achieved a 76% response rate in patients who were not adequately controlled on antithyroid drugs (ATDs) by 12 weeks of treatment. The ATD-free response rate for these patients at the same time point was 56%.
Immunovant is progressing with subject enrollment in the ongoing Phase 2b study for Chronic Inflammatory Demyelinating Polyneuropathy (CIDP). The data obtained from this study will also be utilized to refine the study design for a potential registrational program for IMVT-1402 in CIDP. Initial results from the first period of the Phase 2b study are ...
