Third Harmonic Bio, Inc. (NASDAQ: THRD) made headlines today as the company's stock moved 3.5%, reaching a trading price of $11.05 per share. The company also announced the appointment of Christopher Murphy as Chief Financial and Business Officer, along with providing a significant business update.
Natalie Holles, Chief Executive Officer at Third Harmonic Bio, expressed enthusiasm about the new appointment, stating, "We are very excited to welcome Chris, a high-caliber enterprise leader with a clear track record of translating thoughtful corporate strategy into meaningful shareholder value."
Chris Murphy, who joins Third Harmonic Bio with extensive experience in business development, commercial operations, corporate strategy, and investment banking in the biopharmaceutical industry, commented, "I look forward to Chris' thought partnership as we advance THB335 for the treatment of mast-cell mediated inflammatory diseases and evaluate opportunities to expand our work through strategic business development opportunities."
Additionally, the company provided a business update on its lead program, THB335, a potent, highly selective oral small molecule kit inhibitor in development for the treatment of chronic spontaneous urticaria and other mast-cell mediated inflammatory disorders. The update highlighted that ind-enabling toxicology studies of THB335 are nearing completion, and the company recently completed its pre-IND written correspondence with the U.S. FDA. The company is on track to file a U.S. IND and initiate a phase 1 study of THB335 during the first half of 2024.
The company maintains a strong financial position with cash and cash equivalents totaling $273.9 million as of September 30, 2023.
About Third Harmonic Bio, Inc., the company is a biopharmaceutical company focused on advancing the next wave of medicine for inflammatory diseases through the development of novel highly selective, small-molecule inhibitors of kit, a cell surface receptor that serves as the master regulator of mast cell function and survival. The company's lead product candidate, THB335, is a titratable, oral, intracellular small molecule inhibitor expected to enter clinical trials during the first half of 2024.
The full 8-K submission is available here.