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Angion Biomedica Corp. (ANGN)

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Previous Close15.13
Open15.19
Bid14.82 x 1100
Ask16.38 x 900
Day's Range14.79 - 15.56
52 Week Range12.56 - 26.30
Volume23,777
Avg. Volume248,379
Market Cap438.14M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est59.33
  • Angion Provides Corporate Update and Reports Fourth Quarter and Full Year 2020 Financial Results
    GlobeNewswire

    Angion Provides Corporate Update and Reports Fourth Quarter and Full Year 2020 Financial Results

    UNIONDALE, N.Y., March 30, 2021 (GLOBE NEWSWIRE) -- Angion Biomedica Corp. (NASDAQ:ANGN), a late-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel small molecule therapeutics to address acute organ injuries and fibrotic diseases, today provided a corporate update and reported financial results for the fourth quarter and year ended December 31, 2020. “This a very exciting time for Angion,” said Dr. Jay R. Venkatesan, Angion’s President and Chief Executive Officer. “With multiple data readouts across our clinical programs expected over the remainder of 2021, including our lead product candidate ANG-3777, we believe our company is on track to potentially improve outcomes for a number of patient populations. To support these efforts, we recently completed an initial public offering and concurrent private placement raising gross proceeds of $117 million to help finance the advancement of our clinical pipeline towards regulatory approvals.” “In 2020, we advanced the clinical development of our lead program ANG-3777, a small molecule HGF mimetic, being investigated in acute organ injuries,” continued Dr. Venkatesan. “We completed enrollment for our Phase 3 trial in patients with delayed graft function, where we expect to report topline data by the end of 2021. In addition, we signed a transformative licensing agreement with Vifor Pharma for ANG-3777 in renal indications.” Upcoming 2021 Key Milestones ProgramsMilestonesANG-3777 Topline Phase 2 data for ANG-3777 in acute lung injury associated with COVID-19 related pneumonia in H1 2021Topline Phase 2 data for ANG-3777 in acute kidney injury associated with cardiac surgery involving cardiopulmonary bypass surgery in H1 2021Phase 3 data for ANG-3777 in transplant-associated acute kidney injury, also known as delayed graft function, by the end of 2021 ANG-3070 Phase 1 data from healthy volunteer study in H1 2021Initiation of Phase 2 trial of ANG-3070 in patients with proteinuric kidney diseases in 2021 Full Year 2020 and Recent Corporate Highlights Closed successful initial public offering and concurrent private placement with aggregate gross proceeds of $117.0 million in February 2021Signed a license agreement with Vifor Pharma for global rights except in Greater China to commercialize ANG-3777 in renal indications, which is valued up to $1.9 billion in development, commercial, and sales milestones plus royalties of up to 40% on net salesCompleted enrollment of the Phase 3 trial of ANG-3777 in patients with delayed graft functionCompleted enrollment of the ANG-3777 Phase 2 trial in Brazil in patients with acute lung injury associated with COVID-19 pneumonia who are at high risk of progressing to ARDSPublished results from the Phase 2 trial of ANG-3777 to treat patients with delayed graft function in the scientific journal Transplantation in May 2020Appointed industry leaders Dr. Allen R. Nissenson, Dr. Gilbert S. Omenn, and Karen J. Wilson to the Board of Directors and appointed Victor Ganzi as lead independent directorAppointed Jennifer J. Rhodes as Sr. VP, General Counsel, Chief Compliance Officer, and Corporate Secretary Fourth Quarter and Full Year 2020 Financial Results As of December 31, 2020, Angion had cash and cash equivalents totaling $34.6 million. Subsequent to the end of the year, the Company completed its initial public offering and a concurrent private placement with aggregate gross proceeds of $117.0 million. Angion expects current cash resources, combined with the potential milestones payable under its license agreement with Vifor for the development and commercialization of ANG-3777 in renal indications, to be sufficient to fund planned operations into 2022. Contract revenue for the three and twelve months ended December 31, 2020 was $0.2 million compared with zero in the same periods in 2019. Grant revenue for the three months ended December 31, 2020 was $0.3 million compared with $0.7 million for the three months ended December 31, 2019. Grant revenue for the year ended December 31, 2020 was $2.7 million compared with $1.5 million for the year ended December 31, 2019. Research and development expenses for the three months ended December 31, 2020 were $11.1 million compared with $10.4 million for the three months ended December 31, 2019. Research and development expenses for the year ended December 31, 2020 were $39.0 million compared with $29.8 million for the year ended December 31, 2019. General and administrative expenses for the three months ended December 31, 2020 were $3.1 million compared with $4.1 million for the three months ended December 31, 2019. General and administrative expenses for the year ended December 31, 2020 were $18.0 million compared with $9.6 million for the year ended December 31, 2019. Net losses for the three months ended December 31, 2020 were $28.9 million compared with $16.0 million for three months ended December 31, 2019. Net losses for the year ended December 31, 2020 were of $80.1 million compared with $40.7 million for the year ended December 31, 2019. About AngionAngion is committed to transforming the treatment paradigm for patients suffering from acute organ injuries and fibrotic diseases for which there are no approved medicines or where existing approved medicines have limitations. Angion’s lead product candidate, ANG-3777, is a hepatocyte growth factor (HGF) mimetic currently being evaluating in a Phase 3 registration trial for delayed graft function in patients undergoing deceased donor kidney transplantation, a Phase 2 trial in cardiac-surgery associated acute kidney injury, and a Phase 2 trial in patients with COVID-19 related pneumonia at high risk for acute respiratory distress syndrome. Angion is also currently evaluating ANG-3070, a tyrosine kinase receptor inhibitor for the treatment of fibrotic disease, in Phase 1. Additionally, Angion has preclinical programs for a rho kinase 2 (ROCK2) inhibitor and a CYP11B2 (aldosterone synthase) inhibitor. For more information, please visit www.angion.com. Forward Looking StatementsStatements contained in this press release regarding matters that may occur in the future are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements in this press release regarding Angion’s expectations regarding the potential safety and efficacy of the Company’s product candidates, including ANG-3777 and ANG-3070, the potential results and outcomes of our clinical development programs involving ANG-3777 or other product candidates, the timing of the availability of and Angion’s disclosure of topline data from such programs, and the adequacy of our cash resources over time. Such statements are subject to risks and uncertainties and actual results may differ materially from those expressed or implied by such forward-looking statements. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: Angion’s ability to demonstrate sufficient evidence of efficacy and safety in its clinical trials of ANG-3777 and its other product candidates; the accuracy of the Company’s estimates relating to its ability to initiate and/or complete clinical trials; the results of preclinical studies to be predictive of future results; the unpredictability of the regulatory process; regulatory developments in the United States, and other foreign countries; the costs of clinical trials may exceed expectations; the Company’s ability to raise additional capital; the effects of COVID-19 on the Company’s clinical programs and business operations. For a description of risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 30, 2021, as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Angion undertakes no obligation to update any forward-looking statement in this press release, except as required by law. ContactDaniel FerryLifeSci Advisors617-430-7576daniel@lifesciadvisors.com ANGION BIOMEDICA CORP. Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 (unaudited) Revenue: Contract revenue$193 $— $193 $— Grant revenue266 696 2,687 1,487 Total revenue459 696 2,880 1,487 Operating expenses: Cost of grant revenue126 299 1,190 640 Research and development11,065 10,447 38,977 29,837 General and administrative3,118 4,143 17,986 9,601 Total operating expenses14,309 14,889 58,153 40,078 Loss from operations(13,850) (14,193) (55,273) (38,591) Other income (expense), net(15,025) (1,822) (24,834) (2,067) Net loss(28,875) (16,015) (80,107) (40,658) Net loss per common share, basic and diluted$(1.90) $(1.11) $(5.43) $(2.82) Weighted average common shares outstanding, basic and diluted15,206,506 14,435,279 14,762,120 14,435,279 ANGION BIOMEDICA CORP. Consolidated Balance Sheets (in thousands, except share and per share amounts) December 31, 2020 2019ASSETS Current assets Cash and cash equivalents$34,607 $5,571 Grants receivable— 440 Prepaid expenses and other current assets7,690 95 Total current assets42,297 6,106 Property and equipment, net156 209 Right of use assets4,072 4,572 Investments in related parties822 999 Total assets$47,347 $11,886 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable$5,578 $11,239 Accrued expenses6,665 2,661 Lease liability—current611 1,033 Deferred revenue—current3,942 — Warrant liability10,704 5,794 Convertible promissory notes payable at fair value51,170 5,848 Series C convertible preferred stock at amortized cost26,001 — Series C convertible preferred stock at fair value2,518 — Other short-term debt260 — Total current liabilities107,449 26,575 Lease liability—noncurrent3,847 3,897 Deferred revenue—noncurrent25,865 — Other long-term debt635 — Total liabilities137,796 30,472 Stockholders' deficit Series A convertible preferred stock, $0.01 par value per share; 19,448 authorized shares; none issued or outstanding as of December 31, 2020 and 2019, respectively— — Series B convertible preferred stock, $0.01 par value per share; 73,707 authorized shares; none issued or outstanding as of December 31, 2020 and 2019, respectively— — Common stock, $0.01 par value per share; 30,000,000 authorized shares; 15,632,809 and 14,758,718 shares issued as of December 31, 2020 and 2019, respectively; 15,316,721 and 14,446,554 shares outstanding as of December 31, 2020 and 2019, respectively156 148 Treasury stock, 316,088 and 312,164 and shares outstanding as of December 31, 2020 and 2019, respectively(1,846) (1,810) Additional paid-in capital72,136 63,531 Accumulated other comprehensive loss(333) — Accumulated deficit(160,562) (80,455) Total stockholders' deficit(90,449) (18,586) Total liabilities and stockholders' deficit$47,347 $11,886

  • Angion Completes Enrollment in Phase 2 Study of ANG-3777 for Acute Lung Injury in Patients with COVID-19 Associated Pneumonia
    GlobeNewswire

    Angion Completes Enrollment in Phase 2 Study of ANG-3777 for Acute Lung Injury in Patients with COVID-19 Associated Pneumonia

    Topline data expected in the first half of 2021UNIONDALE, N.Y., March 25, 2021 (GLOBE NEWSWIRE) -- Angion Biomedica Corp. (NASDAQ: ANGN), a late-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel small molecule therapeutics to address acute organ injuries and fibrotic diseases, today announced completion of enrollment for its ALI-201 study, a Phase 2 trial conducted in Brazil of ANG-3777 for the reduction of severity and progression of acute lung injury in patients with COVID-19 associated pneumonia who are at high risk of progressing to acute respiratory distress syndrome, or ARDS. To be enrolled in the trial, subjects must have been admitted to the hospital with confirmed COVID-19 disease and either require non-invasive mechanical ventilation or have insufficient blood oxygen saturation while on high flow oxygen administration. The primary endpoint is survival free from the need for mechanical ventilation or dialysis at 28 days. This trial was powered in a manner where only a very substantial improvement in the primary endpoint will result in a statistically significant outcome. “We have preclinical data from a number of studies indicating ANG-3777 has activity in models of acute lung injury and ARDS,” commented Dr. John Neylan, Angion’s Senior Vice President and Chief Medical Officer. “This exploratory Phase 2 trial was designed to detect signals of activity for ANG-3777 in patients at high risk of ARDS in the context of COVID-19 related pneumonia. While powered only to detect a substantial improvement in the primary endpoint, we will evaluate the totality of the data for signals of efficacy and safety to help guide future development of ANG-3777 in conditions related to acute lung injury and ARDS.” About ANG-3777ANG-3777 is an investigational small molecule designed to mimic the biological activity of hepatocyte growth factor (HGF), which activates the c-Met cascade of pathways involved in tissue and organ repair. ANG-3777 has demonstrated a substantially longer half-life than HGF and Angion believes ANG-3777 has the potential to be a first-in-class therapeutic addressing acute organ injury. Enrollment is complete in a placebo-controlled Phase 3 registration trial in transplant-associated acute kidney injury, also known as delayed graft function, and a Phase 2 exploratory trial in patients with acute lung injury associated with COVID-19 pneumonia. Enrollment is ongoing in a Phase 2 exploratory trial for the treatment of acute kidney injury associated with cardiac surgery involving cardiopulmonary bypass surgery. In November 2020, Vifor Pharma and Angion signed a license agreement for global rights outside Greater China to commercialize ANG-3777 in nephrology indications with up to $1.925 billion in development, commercial, and sales milestones plus royalties on net sales of up to 40%. Sinovant Sciences and Angion signed a development and licensing agreement for ANG-3777 in Greater China in 2018. About AngionAngion is committed to transforming the treatment paradigm for patients suffering from acute organ injuries and fibrotic diseases for which there are no approved medicines or where existing approved medicines have limitations. Angion’s lead product candidate, ANG-3777, is a hepatocyte growth factor (HGF) mimetic currently being evaluating in a Phase 3 registration trial for delayed graft function in patients undergoing deceased donor kidney transplantation, a Phase 2 trial in cardiac-surgery associated acute kidney injury, and a Phase 2 trial in patients with COVID-19 related pneumonia at high risk for acute respiratory distress syndrome. Angion is also currently evaluating ANG-3070, a tyrosine kinase receptor inhibitor for the treatment of fibrotic disease, in Phase 1. Additionally, Angion has preclinical programs for a rho kinase 2 (ROCK2) inhibitor and a CYP11B2 (aldosterone synthase) inhibitor. For more information, please visit www.angion.com. Forward Looking StatementsStatements contained in this press release regarding matters that may occur in the future are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements in this press release regarding Angion’s expectations regarding the potential safety and efficacy of ANG-3777, the potential results and outcomes of the ALI-201 study, and other studies involving ANG-3777 or other product candidates, the timing of the availability of and Angion’s disclosure of topline data from such studies. Such statements are subject to risks and uncertainties and actual results may differ materially from those expressed or implied by such forward-looking statements. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: Angion’s ability to demonstrate sufficient evidence of efficacy and safety in its clinical trials of ANG-3777 and its other product candidates; the accuracy of the Company’s estimates relating to its ability to initiate and/or complete clinical trials; the results of preclinical studies may not be predictive of future results; the unpredictability of the regulatory process; regulatory developments in the United States, and other foreign countries; the costs of clinical trials may exceed expectations; the Company’s ability to raise additional capital; the effects of COVID-19 on the Company’s clinical programs and business operations. For a description of risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements, see Angion’s recently filed full registration statement (including prospectus) filed with the Securities and Exchange Commission on February 4, 2021, particularly under the caption “Risk Factors.” Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Angion undertakes no obligation to update any forward-looking statement in this press release, except as required by law. ContactDaniel FerryLifeSci Advisors617-430-7576daniel@lifesciadvisors.com

  • Angion to Participate in Upcoming March Investment Conferences
    GlobeNewswire

    Angion to Participate in Upcoming March Investment Conferences

    UNIONDALE, N.Y., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Angion Biomedica Corp. (NASDAQ:ANGN), a late-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel small molecule therapeutics to address acute organ injuries and fibrotic diseases, today announced its management team will present at the H.C. Wainwright Global Life Sciences Conference and the Oppenheimer 31st Annual Healthcare Conference. Dr. Jay Venkatesan, Angion’s President and CEO, will also participate in a panel focused on kidney diseases at the Cowen 41st Annual Health Care Conference. All three virtual investor conferences will take place in March 2021. Details are as follows: Event: Cowen 41st Annual Health Care ConferenceDate: Wednesday, March 3rd Time: 3:20pm Eastern US Time Event: HC Wainwright Global Life Sciences ConferenceDate: Tuesday, March 9thTime: 7:00am Eastern US Time Event: Oppenheimer 31st Annual Healthcare ConferenceDate: Thursday, March 18th Time: 10:40am Eastern US Time Webcasts of the presentations at the H.C. Wainwright Global Life Sciences Conference and Oppenheimer 31st Annual Healthcare Conference will be accessible online by visiting the events and presentations page under the investors section of Angion’s website at https://ir.angion.com/events-presentations. The webcasts of both events will remain archived on Angion’s website for approximately 30 days. About AngionAngion is committed to transforming the treatment paradigm for patients suffering from acute organ injuries and fibrotic diseases for which there are no approved medicines or where existing approved medicines have limitations. Angion’s lead product candidate, ANG-3777, is a hepatocyte growth factor (HGF) mimetic currently being evaluating in a Phase 3 registration trial for delayed graft function in patients undergoing deceased donor kidney transplantation, a Phase 2 trial in cardiac-surgery associated acute kidney injury, and a Phase 2 trial in patients with COVID-19 related pneumonia at high risk for acute respiratory distress syndrome. Angion is also currently evaluating ANG-3070, a tyrosine kinase receptor inhibitor for the treatment of fibrotic disease, in Phase 1. Additionally, Angion has preclinical programs for a rho kinase 2 (ROCK2) inhibitor and a CYP11B2 (aldosterone synthase) inhibitor. For more information, please visit www.angion.com. CONTACT: Contact Daniel Ferry LifeSci Advisors 617-430-7576 daniel@lifesciadvisors.com