Therapy Areas: Oncology
Tocagen reports 2019 financial results
28 February 2020 -

Tocagen Inc (Nasdaq: TOCA), a clinical-stage, cancer-selective gene therapy company, reported on Thursday its financial results for 2019.

License revenue was less than USD0.1m for the 12 months ended 31 December 2019, compared to USD18.0m for the 12 months ended 31December 2018.

The company reported net loss of USD63.5m or USD2.69 per common share (basic and diluted), for 2019 compared to net loss of USD49m or USD2.44 per common share (basic and diluted) for 2018.

The firm posted cash, cash equivalents and marketable securities at USD21.8m in 2019 compared to USD96.1m in 2018.

'Following our extensive review of strategic alternatives, we are excited about the recently announced merger between Tocagen and Forte Biosciences. The proposed merger will create a dermatology company with established clinical proof of concept for their lead asset and an anticipated cash runway to reach a data readout in mid-2021 for its planned randomised Phase 2 trial in patients with atopic dermatitis,' said Marty J Duvall, Tocagen chief executive officer. 'We believe that the proposed merger with Forte has the potential to deliver immediate and long-term value, and the Forte leadership team has our full support.'

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