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Net current assets at 3/31/24 were negative ($13.5M). Hence, even after accounting for the $15.0M AEON received from its supplier, Daewoong in an Apr 2024 private placement, net current assets as of today are either close to zero or negative.
AEON Biopharma…today announced that the preliminary top-line results from its planned interim analysis of the Phase 2 trial with ABP-450 in the preventive treatment for chronic migraine did not meet the primary endpoint.
This is AEON’s second phase-2 failure in migraine, having whiffed in a prior phase-2 for treatment (rather than prevention) of episodic migraine (#msg-173058579).
AEON’s ABP-450 is the exact same drug as EOLS’ Jeuveau, sourced from Korea's Daewoong.
AEON’s lead indication had previously been cervical dystonia, but AEON backed off from CD after RVNC reported stellar data in that indication.
The Company reported cash, cash equivalents and investments were approximately $16.2 million as of September 30, 2023.
The Company believes its cash, cash equivalents and investments will be sufficient to fund its planned clinical studies, as well as support corporate operations into mid-December 2023.
On the primary endpoint, the topline data showed ABP-450 had a treatment effect with mean reductions in MMD [monthly migraine days] of 4.8 days at the 150U dose (n = 99) and 5.0 days at the 195U dose (n = 108), compared to only 4.2 days in placebo (n = 98) at weeks 21-24, but did not meet statistical significance…
Episodic migraine is (was) ABP-450’s lead indication. The lead indication had previously been cervical dystonia, but AEON backed off from CD due, presumably, to RVNC’s stellar dataset in that indication.
AEON’s ABP-450 is the exact same drug as EOLS’ Jeuveau. Please see #msg-172274907 for related info.
AEON's trading liquidity is so low it doesn't take much to move the share price. Today's news was actually minor in the overall scheme of things insofar as AEON has apparently put the brakes on its clinical program in cervical dystonia in order to pursue episodic migraine.
Note: Episodic migraine, rather than cervical dystonia, is now AEON’s lead indication for ABP-450. This change is presumably due to RVNC’s robust data in cervical dystonia and the recent FDA approval of Daxxify for CD.
Notably, AEON’s lead indication is now episodic migraine. AEON’s lead indication was previously cervical dystonia, so it seems reasonable to surmise that RVNC’s stellar data in CD altered AEON’s plans.
AEON seeks_to_compete_in_the therapeutic—(rather than aesthetic)—market_for botulinum toxin. AEON's botulinum toxin, ABP-450 is the exact same product as EOLS’ Jeuveau, sourced from Korea's Daewoong.