Abivax provides 2024 strategic outlook

French clinical-stage biotech Abivax (Euronext Paris: ABVX), which recently completed an around $236 million financing, saw its shares edge up 2.2% to 10.48 euros today, after the company provided an outlook on its 2024 strategic priorities and milestones.

“We are on track to deliver our strategic roadmap as laid out in September last year to prepare obefazimod for commercialization if approved, starting with ulcerative colitis (UC) in the US. Our US office has recently been opened and we have completed the recruitment of a very experienced team with a particular focus in the US. For 2024, our priority stays on the completion of patient recruitment into the ABTECT Phase III induction trials,” commented chief executive Marc de Garidel.

Abivax’ chief financial officer Didier Blondel added: “With the successful Nasdaq IPO in October 2023, the largest ever Nasdaq IPO of a French-listed biotech company, we expect to be fully financed through the planned data read-outs of the UC and [Crohn’s disease] CD induction trials. In parallel, we continue to implement our multi-pronged financing strategy to fund our ambitious projects in 2024 and beyond, with the objective to increase shareholder value.”