BiomX Raises $7.5M Via Equity After Data From Lung Infection Candidate, Shares Fall

BiomX Inc PHGE announced results from Part 1 of the Phase 1b/2a trial evaluating the company's novel phage cocktail, BX004, for chronic pulmonary infections caused by Pseudomonas aeruginosa (or P. aeruginosa) in patients with cystic fibrosis ("CF").
No safety events related to treatment with BX004
Mean P. aeruginosa colony forming units (CFU) at Day 15 (compared to baseline): -1.42 log10 CFU/g (BX004) vs. -0.28 log10 CFU/g (placebo). This reduction was seen on top of standard-of-care inhaled antibiotics.
Phages were detected in all patients treated with BX004; no phages were detected in patients receiving a placebo.
There was no emerging resistance to BX004 during or after treatment with BX004.
As expected, likely due to the short course of therapy, there was no detectable effect on % predicted FEV1
Part 2 of the Phase 1b/2a study of BX004 will evaluate the safety and efficacy of BX004 in 24 CF patients. Data are expected in Q3 of 2023.
Concurrently, the company announced a private placement of 30.6 million shares at $0.245 per share, with gross proceeds of approximately $7.5 million.
Price Action: PHGE shares are down 9.77% at $0.31 on the last check Wednesday.