GAITHERSBURG, Md. - Altimmune, Inc. (NASDAQ:ALT), a clinical-stage biopharmaceutical company, has revealed data from a Phase 2 sub-study of pemvidutide, indicating significant lean mass preservation and reduction in visceral adipose tissue (VAT) among overweight and obese individuals. The findings were presented at the European Association for the Study of Diabetes (EASD) Annual Meeting in Madrid, Spain.
The sub-study, part of the MOMENTUM obesity trial, utilized MRI to assess body composition changes in 67 subjects, 50 of whom were treated with pemvidutide over a 48-week period. Results showed a lean loss ratio of 21.9%, which measures the change in lean mass relative to total mass loss. Notably, participants over 60 years of age experienced an even lower lean loss ratio of 19.9%, highlighting the treatment's potential to mitigate risks associated with age-related frailty.
In addition to preserving lean mass, pemvidutide treatment led to a 25.6% reduction in VAT at a 2.4mg dose by the study's end. This type of adipose tissue is closely linked to cardiovascular disease risk, and its preferential reduction is seen as a positive outcome.
Dr. Scott Harris, Chief Medical Officer at Altimmune, emphasized the significance of the quality of weight loss achieved, suggesting that pemvidutide's lean mass preservation is superior to that typically reported with diet and exercise alone. He also pointed to the potential for reduced cardiovascular disease risk due to the substantial VAT reduction.
Pemvidutide, a GLP-1/glucagon dual receptor agonist, is being developed for obesity and metabolic dysfunction-associated steatohepatitis (MASH). It has been granted Fast Track designation by the U.S. FDA for MASH treatment and has shown promising results in clinical trials, including weight loss and improvements in triglycerides, LDL cholesterol, liver fat content, and blood pressure.
This information is based on a press release statement from Altimmune, Inc. The company is advancing pemvidutide through ongoing clinical trials and aims to address the diverse needs of the obesity patient population.
In other recent news, Altimmune Inc. reported significant results from its Phase 2 clinical trial for pemvidutide, an investigational obesity treatment. The trial showcased substantial reductions in liver fat content, improvements in body weight, and markers of liver inflammation. Additionally, Altimmune announced advancements in its pemvidutide program for obesity and non-alcoholic steatohepatitis (NASH) during its first quarter 2024 earnings call, with notable weight loss results from the Phase 2 MOMENTUM trial. The company plans to discuss Phase 3 guidance with the FDA in Q3 2024 and expects to release top-line results from the ongoing IMPACT study for NASH in Q1 2025. JMP Securities analysts maintain a "MARKET OUTPERFORM" rating for Altimmune, indicating the high potential of pemvidutide. In other company news, the company's CFO, Richard Eisenstadt, has unexpectedly passed away, with the existing finance and accounting team managing his responsibilities. Altimmune also announced that board member Dr. David J. Drutz will not stand for re-election at the upcoming 2024 Annual Meeting of Shareholders.
InvestingPro Insights
Altimmune, Inc. (NASDAQ:ALT) has been making strides in the biopharmaceutical industry with its latest clinical findings, but what does its financial health look like? According to InvestingPro, Altimmune holds more cash than debt on its balance sheet, which is a promising sign for investors looking for a company with a solid financial foundation. This is particularly relevant as the company continues to fund its clinical trials and research developments.
On the flip side, Altimmune is quickly burning through cash, a common scenario for clinical-stage biopharmaceutical companies that are heavily investing in research and development. The company's gross profit margins are currently weak, with a gross profit of -77.53M USD over the last twelve months as of Q2 2024, reflecting the high costs associated with its clinical trials and the development of pemvidutide. With a market capitalization of 453.43M USD, and a P/E ratio standing at -3.94, Altimmune is trading at a high revenue valuation multiple. These metrics suggest that investors are valuing the company's growth potential and future profitability prospects rather than its current earnings.
InvestingPro also lists additional tips for Altimmune, providing further insights for those interested in a deeper analysis. For those looking to explore the company's financials and future prospects in more detail, InvestingPro offers a comprehensive list of tips, which can be accessed at https://www.investing.com/pro/ALT.
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