Full Press Release Details
Quince Therapeutics Details Strategic Growth Plan with
Launch of New Corporate Name
Strategic focus centered on advancing innovative precision therapeutics for debilitating and rare diseases
Highly differentiated bone-targeting drug platform and lead precision bone growth molecule NOV004 to address underserved therapeutic areas
with major, unmet medical needs
Pursuing strategic development pipeline expansion through opportunistic in-licensing and acquisition of clinical-stage assets targeting debilitating and rare diseases
Strong cash position of approximately $105 million provides
operating runway into the second half of 2025
Trading on Nasdaq to initiate under new ticker symbol QNCX
SOUTH SAN FRANCISCO, Calif. August 1, 2022 Quince Therapeutics, Inc. (Nasdaq: QNCX), a
biopharmaceutical company advancing innovative precision therapeutics targeting debilitating and rare diseases, provided an overview of its strategic growth plan in conjunction with its corporate name change today. The launch of
Quince Therapeutics marks a strategic shift in focus as the company prioritizes the clinical development of its highly differentiated bone-targeting drug platform and lead precision bone growth molecule, NOV004, to address major, unmet medical needs
across multiple skeletal therapeutic indications. Quince also announced that the company plans to pursue the strategic expansion of its development pipeline through opportunistic in-licensing and acquisition
of clinical-stage assets targeting debilitating and rare diseases, in addition to disclosing the company s intent to out-license its legacy neuroscience and antiviral assets.
Dirk Thye, M.D., Quince s chief executive officer, said, We are eager and enthusiastic about launching Quince Therapeutics and introducing our new
corporate strategy focused on the development and acquisition of innovative precision therapeutics for patients suffering from debilitating and rare diseases. Our proprietary bone-targeting drug platform and novel lead molecule, NOV004, are
positioned to establish Quince as an important new leader in underserved therapeutic areas with major and unmet medical needs in a setting of historical underinvestment and few competitive companies. Our core technology is based on more than 10
years of extensive preclinical research and can be applied to a broad variety of skeletal diseases and indications as we look to expand our proprietary pipeline.
We also benefit from a highly experienced management team with a long track record of drug development success and value creation. This team is
empowered by a cash runway extending into the second half of 2025, providing us near-term financial security in a period of economic uncertainty in the biotech sector. This strong financial position is expected to enable us to not only fully fund
reaching NOV004 s human proof of concept clinical development milestone, but also allow Quince to pursue strategic in-licensing and acquisition of additional clinical-stage assets. We intend to
aggressively leverage the advantages of our strong team and balance sheet to build a highly impactful and valuable company, Thye concluded.
Strategic Growth Plan Highlights
Today, Quince embarks on a fundamental shift in its strategic growth plan that now centers on advancing innovative precision therapeutics targeting
debilitating and rare diseases. Key highlights of the company s strategic growth plan include:
Addressing major, unmet medical needs across
multiple skeletal therapeutic indications
Highly differentiated bone-targeting drug platform and broad applicability of lead molecule NOV004
Strategic pipeline expansion through opportunistic in-licensing and acquisition of clinical-stage assets
Strong cash position expected to fund operations and clinical activities into the second half of 2025
Out-licensing legacy neuroscience and antiviral assets
Initiates Nasdaq Trading Under New Ticker Symbol QNCX
Quince s ticker symbol on the Nasdaq Stock Market will begin to trade under QNCX effective at the open of market trading today, Monday,
August 1, 2022. The corporate name change to Quince Therapeutics, Inc. does not affect the rights of the company s stockholders with respect to the name change. Outstanding stock certificates are not affected by the name change and will
not need to be exchanged.
Management to Participate at Upcoming Investor Conference
Quince s chief executive officer Dirk Thye, M.D., will present at the Canaccord Genuity 42nd Annual
Growth Conference taking place on Thursday, August 11, 2022 beginning at 2:30 p.m. Eastern Time. A webcast of the event will be accessible on the Investor Calendar page under the News & Events heading of Quince s investor website
at https://quincetx.com/. The webcast will be archived at that location for 90 days.
About Quince Therapeutics
Quince Therapeutics is focused on advancing innovative precision therapeutics targeting debilitating and rare diseases. The company discovered a broad
bone-targeting drug platform designed to precisely deliver small molecules, peptides, or large molecules directly to the site of bone fracture and disease to promote more rapid healing with fewer off-target
safety concerns compared to non-targeted therapeutics. Quince s discovery pipeline is positioned for rapid expansion across multiple skeletal therapeutic indications to address underserved therapeutic
areas with major, unmet medical needs, including osteogenesis imperfecta, fractures, spinal fusion, and other severe bone diseases. The company s lead compound NOV004 is an anabolic peptide engineered to precisely target and concentrate at the
bone fracture site, which preclinical studies demonstrate result in rapid increases in bone density, strength, and healing directly at the site of bone fracture. NOV004 is expected to enter Phase 1 clinical studies in 2023 and advance to a lead
indication in osteogenesis imperfecta. For more information, visit www.quincetx.com and follow Quince Therapeutics on LinkedIn and @Quince_Tx on Twitter.
Forward-looking Statements
Statements in this news release contain forward-looking statements that are subject to substantial risks and uncertainties. Forward-looking
statements contained in this news release may be identified by the use of words such as anticipate, expect, will, can, may, should, estimate, project,
potential, encouraged, positioned, or other similar words. Examples of forward-looking statements include, among others, clinical development and strategic development path for NOV004; cash runway and the ability
to fund clinical development milestones; the company s plans to pursue the strategic expansion of its development pipeline, its intent to out-license its legacy neuroscience and antiviral assets, the
strategic growth plan, the FDA and clinical development plans and timeline, prospects, and milestone expectations; the timing and success of the company s clinical trials and related data, including plans and the ability to initiate, conduct
and/or complete the Phase 1 clinical studies for NOV004; the timing of announcements and updates relating to its clinical trials and related data; the potential therapeutic benefits, safety, and efficacy of the company s product candidate and
discovery pipeline; and statements about its ability to obtain, and the timing relating to, further development and/or out-licensing of its legacy neuroscience and antiviral assets, regulatory submissions, and
related response and decisions. Forward-looking statements are based on Quince Therapeutic s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict and could cause actual results to
differ materially from what the company expects. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, but are not
limited to, the risks and uncertainties described in the section titled Risk Factors in the company s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on
March 1, 2022, its Quarterly Report on Form 10-Q filed with the SEC on May 10, 2022, and other reports as filed with the SEC. Forward-looking statements contained in this news release are made as of
this date, and Quince Therapeutics undertakes no duty to update such information except as required under applicable law.