GlobeNewswire Inc | Aug 12, 2021 04:05PM EDT

August 12, 2021

-- Topline data in ANG-3777 Phase 3 study now expected to be announced in early Q4 rather than at year end

-- Phase 1 data demonstrated ANG-3070 was well-tolerated across dose cohorts, achieving drug exposures in humans exceeding exposures in which activity was demonstrated in animal models of proteinuric kidney diseases

-- A global Phase 2 trial of ANG-3070 in patients with primary proteinuric kidney diseases will begin enrolling patients this year

UNIONDALE, N.Y., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Angion Biomedica Corp (NASDAQ:ANGN), a late-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel small molecule therapeutics to address acute organ injuries and fibrotic diseases, today provided a corporate update and reported financial results for the quarter ended June 30, 2021.

Im excited to announce we are pulling forward the planned release of topline data from the ANG-3777 Phase 3 trial in transplant-associated acute kidney injury, also known as delayed graft function (DGF), to early in the fourth quarter of 2021 because data cleaning for the clinical trial database is being completed faster than expected. We now expect the Phase 3 DGF trial to be the next data release from the ANG-3777 program, said Dr. Jay R. Venkatesan, Angions President and Chief Executive Officer. We are also very pleased with the results we announced last week from the Phase 1 ANG-3070 healthy volunteer study. These data, particularly the side effect profile seen in the Phase 1 study and the ability to achieve drug exposure in humans exceeding exposures in which activity was demonstrated in animal models, solidify our belief that ANG-3070 is a potentially best-in-class oral therapy for the treatment of fibrosis.

Upcoming 2021 Key Milestones

Programs Milestones * Topline Phase 3 data for ANG-3777 in transplant-associated acute kidney injury, also known as delayed graft function, expected in early Q4 2021 * Topline Phase 2 data for ANG-3777 in acute kidney injuryANG-3777 associated with cardiac surgery involving cardiopulmonary bypass, expected in Q4 2021 after the DGF data release * IND filing for ANG-3777 Phase 2 trial in acute CNS injury expected in 2022

* Angion Virtual Fibrosis R&D Day scheduled to be held on SeptemberANG-3070 20, 2021 * Enrollment of the first patient in the ANG-3070 Phase 2 trial for primary proteinuric kidney diseases, expected in 2021

Recent Corporate Highlights

-- Reported positive data from the Phase 1 healthy volunteer study of ANG-3070 ANG-3070 was well-tolerated across dose cohorts, while achieving drug exposures in humans exceeding exposures in which activity was demonstrated in animal models of proteinuric kidney diseasesPharmacokinetic data are supportive of potential once-daily dosingThe FDA has accepted an IND application supporting the initiation of a randomized, double-blind, and placebo-controlled global Phase 2 study of ANG-3070 in approximately 100 patients with primary proteinuric kidney diseases, including IgA nephropathy and focal segmental glomerulosclerosis (FSGS) -- Ongoing progress on ROCK-2 and CYP11B2 programs -- Angion to hold Virtual Fibrosis R&D Day at 10:00 a.m. US Eastern Daylight Time on September 20, 2021 (additional details on the event to be forthcoming)

Second Quarter 2021 Financial Results As of June 30, 2021, Angion had cash and cash equivalents totaling $117.3 million. Angion expects current cash resources, combined with the potential milestones payable under its license agreement with Vifor for the development and commercialization of ANG-3777 in renal indications, to be sufficient to fund planned operations at least into the fourth quarter of 2022.

Contract revenue for the three months ended June 30, 2021 was $0.5 million compared with zero for the three months ended June 30, 2020.

Grant revenue for the three months ended June 30, 2021 was zero compared with $0.7 million for the three months ended June 30, 2020.

Research and development expenses for the three months ended June 30, 2021 were $14.4 million compared with $12.2 million for the three months ended June 30, 2020.

General and administrative expenses for the three months ended June 30, 2021 were $4.3 million compared with $5.4 million for the three months ended June 30, 2020.

Net loss for the three months ended June 30, 2021 was $17.1 million, or $0.58 per diluted share, compared with $20.3 million, or $1.40 per diluted share, for the three months ended June 30, 2020.

About AngionAngion is committed to transforming the treatment paradigm for patients suffering from acute organ injuries and fibrotic diseases for which there are no approved medicines or where existing approved medicines have limitations. Angions lead product candidate, ANG-3777, is a hepatocyte growth factor (HGF) mimetic currently being evaluated in a Phase 3 registration trial for delayed graft function in patients undergoing deceased donor kidney transplantation and a Phase 2 trial in cardiac-surgery associated acute kidney injury. Angion is scheduled to begin a Phase 2 trial evaluating ANG-3070, an oral tyrosine kinase receptor inhibitor for the treatment of fibrotic disease, in patients with primary proteinuric kidney diseases. Additionally, Angion has preclinical programs for a rho kinase 2 (ROCK2) inhibitor and a CYP11B2 (aldosterone synthase) inhibitor. For more information, please visit www.angion.com.

Forward Looking StatementsStatements contained in this press release regarding matters that may occur in the future are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements in this press release regarding Angions expectations that topline data in ANG-3777 Phase 3 study will be announced in early Q4, a global Phase 2 trial of ANG-3070 in patients with primary proteinuric kidney diseases will begin enrolling patients this year, release of topline data from the ANG-3777 Phase 3 trial in transplant-associated acute kidney injury will be in the fourth quarter of 2021, the next data release from the ANG-3777 program is the Phase 3 DGF trial, ANG-3070 is a potentially best-in-class oral therapy for the treatment of fibrosis, and Angions current cash resources, combined with the potential milestones payable under its license agreement with Vifor for the development and commercialization of ANG-3777 in renal indications will be sufficient to fund planned operations into 2022, as well as the statements under the caption Upcoming 2021 Key Milestones. Such statements are subject to risks and uncertainties and actual results may differ materially from those expressed or implied by such forward-looking statements. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: Angions ability to demonstrate sufficient evidence of efficacy and safety in its clinical trials of ANG-3777 and its other product candidates; the accuracy of the Companys estimates relating to its ability to initiate and/or complete clinical trials; the results of preclinical studies may not be predictive of future results; the unpredictability of the regulatory process; regulatory developments in the United States, and other foreign countries; the costs of clinical trials may exceed expectations; the Companys ability to raise additional capital; and the effects of COVID-19 on the Companys clinical programs and business operations. For a description of risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements, see the Companys Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, filed with the Securities and Exchange Commission on August 12, 2021, as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Angion undertakes no obligation to update any forward-looking statement in this press release, except as required by law.

ANGION BIOMEDICA CORP.Condensed Consolidated Statements of Operations(in thousands, except share and per share amounts)(unaudited) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020Revenue: Contract revenue $ 540 $ ? $ 911 $ ? Grant revenue ? 729 ? 1,594 Total revenue 540 729 911 1,594 Operating expenses: Cost of grant revenue ? 333 ? 716 Research and 14,444 12,230 28,742 21,826 developmentGeneral and 4,340 5,435 10,352 8,890 administrativeTotal operating 18,784 17,998 39,094 31,432 expensesLoss from operations (18,244 ) (17,269 ) (38,183 ) (29,838 )Other income 1,172 (3,072 ) (15,576 ) (3,725 )(expense), netNet loss (17,072 ) (20,341 ) (53,759 ) (33,563 )Net loss per commonshare, basic and $ (0.58 ) $ (1.40 ) $ (2.02 ) $ (2.32 )dilutedWeighted averagecommon shares 29,670,329 14,514,670 26,574,290 14,488,746 outstanding, basicand diluted

ANGION BIOMEDICA CORP.Condensed Consolidated Balance Sheets(in thousands, except share and per share amounts)(unaudited) June 30, December 31, 2021 2020 ASSETS Current assets Cash and cash equivalents $ 117,313 $ 34,607 Prepaid expenses and other current assets 2,389 7,690 Total current assets 119,702 42,297 Property and equipment, net 412 156 Right of use assets 4,364 4,072 Investments in related parties 843 822 Other assets 38 ? Total assets $ 125,359 $ 47,347 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 9,307 $ 5,578 Accrued expenses 4,675 6,665 Lease liability?current 847 611 Deferred revenue?current 5,181 3,942 Warrant liability 514 10,704 Convertible promissory notes payable at fair value ? 51,170 Series C convertible preferred stock at amortized ? 26,001 costSeries C convertible preferred stock at fair value ? 2,518 Other short-term debt ? 260 Total current liabilities 20,524 107,449 Lease liability?noncurrent 3,932 3,847 Deferred revenue?noncurrent 23,714 25,865 Other long-term debt ? 635 Total liabilities 48,170 137,796 Commitments and contingencies Stockholders' equity (deficit) Common stock 303 156 Treasury stock (4,210 ) (1,846 )Additional paid-in capital 295,636 72,136 Accumulated other comprehensive loss (219 ) (333 )Accumulated deficit (214,321 ) (160,562 )Total stockholders' equity (deficit) 77,189 (90,449 )Total liabilities and stockholders' equity $ 125,359 $ 47,347 (deficit)

ContactDaniel FerryLifeSci Advisors617-430-7576daniel@lifesciadvisors.com