AgeX Therapeutics reports Q3 financial results

AgeX commercialises its stem cell lines with continued support from stakeholder Juvenescence.

Biotech AgeX Therapeutics reported financial and operating results for the third quarter ended 30 September 2020 [1]. AgeX develops innovative regenerative therapeutics to treat human diseases to increase healthspan and combat the effects of aging.

Longevity.Technology: Their latest update details AgeX’s scientific and commercial progress and need for additional capital to finance its operations, reporting that AgeX has leaned further into a Secured Convertible Facility Agreement with Juvenescence to the tune of $5.5m.

Back in June we reported on the cash challenges facing AgeX and it’s encouraging to see these Q3 highlights:

  • Revenues of $1.363m for the nine-months period (ended September 30, 2020), up from $1.179m for the same period last year;
  • AgeX sublicensed stem cell line ESI-053 to ImStem Biotechnology, Inc., a biopharmaceutical company developing embryonic stem cell (ESC)-derived mesenchymal stem cells (MSCs), for development of cell therapy candidate IMS001 for COVID-19 and acute respiratory distress syndrome (ARDS). Under the agreement, AgeX will be entitled to receive revenues in the form of royalties on the sale of IMS001, if successfully developed by ImStem and approved for marketing by the FDA or foreign regulatory authorities, as well as a share of certain other revenues that ImStem may receive in connection with the development or commercialisation of IMS001 in COVID-19 and ARDS treatment;
  • AgeX, Lineage Cell Therapeutics and ES Cell International amended their Licence Agreement regarding ESI clinical-grade pluripotent stem cell lines for therapeutics purposes. The amendment secures AgeX independence to license out ESI cell lines as part of its collaboration and licensing model. The ESI stem cell lines are distinguished as the first clinical-grade human pluripotent stem cell lines created under current Good Manufacturing Practice and listed on the National Institutes of Health (NIH) Stem Cell Registry. ESI cells are among only a few pluripotent stem cell lines from which a derived cell therapy product candidate has been granted FDA IND clearance for human studies.

 


 

“Since the first of the year, AgeX has entered into six agreements that could lead to the development of new cell therapies by our licensees and collaborators.”

 


 

“This quarter, we continued to build upon our licensing and collaboration model through our new agreement with ImStem that provides us an avenue for participating financially in potential treatments for COVID-19 and acute respiratory distress syndrome or ARDS,” said Dr Greg Bailey, AgeX’s Chairman.

First Longevity

“Since the first of the year, AgeX has entered into six agreements that could lead to the development of new cell therapies by our licensees and collaborators, which utilize our core technologies and cell lines with potential future income streams to AgeX, he adds. “In addition, expansion of our agreement related to ESI clinical-grade pluripotent stem cell lines will now allow us independence to build ESI cell lines as a to-go-to source for deriving cell based therapeutics across the industry.”

[1] https://investors.agexinc.com/news/news-details/2020/AgeX-Therapeutics-Reports-Third-Quarter-2020-Financial-Results-and-Provides-Business-Update/default.aspx

Image credit: Angelo GiordanoPixabay 

First Longevity
Eleanor Garth
Deputy Editor Now a science and medicine journalist, Eleanor worked as a consultant for university spin-out companies and provided research support at Imperial College London and various London hospitals in a former life.
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