Sevion Therapeutics Inc (OTCBB:SVON) posted financial results for 2Q that ended December 31, 2014. It has been advancing its key product candidate “SVN001” through preclinical development. In the trial it showed potent activity. The company is even also making stable progress with SVN002 product candidate.
However, considering limited capital resources that the company reported in December 2014, it becomes imperative to temporarily reduce research and development expenses on antibody program. Sevion will reduce the spending until it succeeds in getting additional finances through a financing or strategic transaction. The attempts are underway to achieve the financing objectives.
Sevion announced collaboration deal with CNA Development, LLC. , an affiliate firm of Janssen Pharmaceuticals, Inc. to discover antibodies utilizing the company’s spatially addressed library platform. The agreement supported by the Johnson & Johnson Innovation center will cover discovery of antibodies against several targets in several therapeutic segments.
Janssen and Sevion will jointly perform research on antibodies revealed by Sevion, and Janssen will have an alternative to an exclusive license to formulate, make, and commercialize product candidates resulting from the announced collaboration. The company presented the data of SNS01-T Phase 1b and 2a Dose Escalation trial at ASH Annual Meeting. It presented results from Phase 1b/2a clinical study of SNS01-T for the cure of lymphoma and multiple myeloma.
Sevion Therapeutics Inc (OTCBB:SVON) posted no revenue for 2Q2015 and 2Q2014. The R&D expenses for 2Q2015 were $1.4 million against $0.7 million for 2Q2014. The increase was due to the purchase of Fabrus, Inc., in May 2014. The G&A expenses were $1.3 million for 2Q2015 versus $0.9 million for the comparable quarter, a year ago. The increase was due to severance payments made resulting from rise in terminated employees and legal fees. In last trading session, the stock price of Sevion declined 25% to close at $1.05.