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Monte Rosa Therapeutics Monte Rosa Therapeutics Announces First Development Candidate and Reports Third Quarter 2021 Financial Results and Business Updates November 10 , 2021 - Initiated Investigational New Drug ( IND ) -Enabling Activities for MRT - 2359 , a Molecular Glue Degrader Selectively Targeting GSPT1 – - Presented Preclinical Data at AACR - NCI - EORTC Highlighting the Potential of GSPT1 - directed Molecular Glue Degraders for the Treatment of Myc - driven Cancers - BOSTON , Nov. 10 , 2021 ( GLOBE NEWSWIRE ) -- Monte Rosa Therapeutics , Inc. ( NASDAQ : GLUE ) , a biotechnology company developing novel molecular glue - based precision medicines , today reported business highlights and financial results for the third quarter , ended Sept. 30 , 2021 . " This year has been marked by several exciting and significant milestones for Monte Rosa , culminating in the naming of our first development candidate , MRT - 2359 , selectively targeting GSPT1 for the treatment of cancers driven by one of the Myc family genes , " said Markus Warmuth , M.D. , CEO of Monte Rosa . " Preclinical data recently presented at AACR - NCI - EORTC underscores the potential of our molecular glue degraders to differentially induce cell death in Myc - addicted tumors . With the selection of MRT - 2359 as our lead candidate , we are now positioned to rapidly advance our clinical development plan in both solid tumors and hematological malignancies . We have initiated IND - enabling studies and look forward to submitting our first IND to the FDA in mid - 2022 . " Owen Wallace , Ph.D. , Chief Scientific Officer of Monte Rosa , added , “ Advancing our first development candidate into IND - enabling activities is one of the most important milestones for our company to date . On a similar trajectory , our NEK7 degrader program has progressed into lead optimization , and we expect at least one additional program to move into lead optimization in 2021. In parallel , we continue to make important progress in the development of our unique and proprietary QuEENTM platform and compound library , bringing us closer to our goal of tackling the previously undruggable target protein universe and fostering a new generation of precision medicine therapeutics . " THIRD QUARTER 2021 & RECENT HIGHLIGHTS • Selected first development candidate , MRT - 2359 , targeting GSPT1 and initiated IND - enabling activities . The company's lead program targets GSPT1 for the treatment of cancers driven by one of the Myc family genes ( c - Myc , N - Myc and L - Myc ) . The Myc transcription factors are some of the most frequently activated oncogenes in human cancers . Myc - driven cancer cells are highly addicted to protein translation . Because of the key role of GSPT1 in protein synthesis , GSPT1 degradation leads to apoptosis preferentially in these cells . MRT - 2359 is a potent , selective and orally bioavailable GSPT1 - directed molecular glue degrader in vitro and in vivo . MRT - 2359 has been shown to induce tumor regression in multiple Myc - driven preclinical models of non - small cell lung cancer , small cell lung cancer and multiple myeloma . • Presented preclinical data highlighting potential of molecular glue degraders for the treatment of Myc - driven cancers . The data , selected for a late - breaking poster presentation at the AACR - NCI - EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics , demonstrate a novel link between GSPT1 and Myc - induced transcription and protein translation . • Presented at 4th Annual Targeted Protein Degradation Summit . The presentation , titled , “ Molecular Glue Degraders : From Serendipity to Rational Design , " showcased the capabilities of Monte Rosa's QuEEN ™ ( Quantitative and Engineered Elimination of Neosubstrates ) platform and its impact on expanding target space . • Presented at the BioData World Congress . The invited presentation showcased Monte Rosa's artificial intelligence platform and the company's pioneering work in Al and structural biology to identify molecular glue neosubstrates . • Added to the Russell 2000Ⓡ and Russell 3000® Indexes as part of second quarter initial public offering additions , effective Sept. 20 , 2021 . UPCOMING MILESTONES + EVENTS • Submit Investigational New Drug ( IND ) application to the U.S. Food and Drug Administration ( FDA ) for MRT - 2359 in mid - 2022 . • Continue lead optimization for NEK7 and advance at least one additional program into lead optimization in 2021 . Progress proprietary programs beyond GSPT1 and NEK7 , including CDK2 , VAV1 , BCL11A and additional undisclosed targets . • Present at upcoming investor conferences , including : • 33rd Annual Piper Sandler Virtual Healthcare Conference , Nov. 30 - Dec . 2 , 2021 • 40th Annual J.P. Morgan Healthcare Conference , Jan. 9-13 , 2022 THIRD QUARTER 2021 FINANCIAL RESULTS