Cidara Therapeutics Provides Corporate Update and Reports Fourth Quarter and Full Year 2022 Financial Results

SAN DIEGO, March 23, 2023 (GLOBE NEWSWIRE) — Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company developing long-acting therapeutics designed to help improve the standard of care for patients facing serious diseases, today reported financial results for the three months and full year ended December 31, 2022 and provided an update on its corporate activities and product pipeline.

“We have completed a transformational 2022 for Cidara and are carrying that momentum into 2023 with the recent U.S. Food and Drug Administration (FDA) approval of rezafungin for the treatment of candidemia and invasive candidiasis in adult patients with limited or no alternative treatment options. This approval enables Cidara to receive a $20.0 million regulatory milestone payment under the terms of our agreement with Melinta Therapeutics,” said Jeffrey Stein, Ph.D., president and chief executive officer of Cidara. “Rezafungin is the first new drug in this indication in over a decade and our U.S. commercial partner, Melinta, is well-positioned to bring rezafungin to the U.S. market. Importantly, under the terms of our agreement with Melinta, Cidara is eligible to receive up to $40.0 million in additional regulatory milestones, and up to $370.0 million in commercial milestones, plus tiered royalties in the low double digits to mid-teens on U.S. net sales of rezafungin. These expected revenues would help advance our Cloudbreak® drug-Fc conjugate (DFC) platform programs and the completion of our ongoing global Phase 3 ReSPECT prophylaxis study.”

Dr. Stein continued, “We are also very pleased with the progress of our Cloudbreak DFC programs. We recently announced promising Phase 2a data for our lead influenza DFC, CD388, partnered with Janssen Pharmaceuticals. In addition, we announced the nomination of our first oncology DFC candidate, CBO-212, and presented preclinical data at the ESMO-TAT conference. We are currently conducting investigational new drug (IND)-enabling activities for CD421, which is an enhanced version of CBO-212. We look forward to providing further updates on these programs later this year as well as data from new oncology and antiviral programs.”

Recent Corporate Highlights

Source: Cidara Therapeutics, Inc.

2023 GlobeNewswire, Inc., source Press Releases