RTTNews | Nov 12, 2020 07:24AM EST

07:24 Thursday, November 12, 2020 (RTTNews.com) - ADC Therapeutics SA (ADCT) a clinical-stage oncology-focused biotechnology company, reported Thursday that its third-quarter net loss narrowed to $20.33 million or $0.29 per share, from net loss of $31.34 million or $0.62 per share for the same quarter in 2019.

Adjusted net loss was $0.58 per share, compared to adjusted net loss of $0.62 per share in the year-ago quarter.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.81 per share for the quarter. Analysts' estimates typically exclude special items.

"The third quarter was one of tremendous execution as we prepare for the U.S. launch of our first drug, Lonca, for the treatment of relapsed or refractory diffuse large B-cell lymphoma. We have submitted our Biologics License Application to the U.S. Food and Drug Administration and are now working diligently to prepare for a planned commercial launch in mid-2021", said Chris Martin, Chief Executive Officer of ADC Therapeutics.

ADC Therapeutics has also initiated its Phase 3 LOTIS 5 clinical trial evaluating Lonca in combination with rituximab as a second-line therapy in diffuse large B-cell lymphoma or DLBCL and is preparing to initiate a Phase 2 trial of Lonca in follicular lymphoma next year.

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