Spring Bank's 2019 included patient trial death & $24M loss
Photo | Grant Welker
Spring Bank Pharmaceuticals' Hopkinton headquarters
Hopkinton biopharmaceutical company Spring Bank Pharmaceuticals reported increased losses in the fourth quarter, in the first report since the company announced it would cease development of a treatment for chronic hepatitis B after a patient died during a trial.
Spring Bank’s net loss for the year was $24.1 million, up from $22.9 million for the previous year. Net loss for the fourth quarter was also up, at $7.4 million compared to the previous year’s fourth quarter loss of $5.4 million. Despite the losses, the company reported a strong enough cash balance, $54.5 million, to continue operations through late 2022.
The company announced following its discontinuation of its hepatitis B treatment, it is internally-developed product candidates in the fields of immuno-oncology and inflammatory diseases are expanding and moving forward.
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