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MORPHIC THERAPEUTIC Morphic Announces Corporate Highlights and First Quarter 2021 Financial Results April 29 , 2021 Expanded research and development collaboration with Janssen for third integrin program Announced positive preliminary results from Phase 1 SAD clinical trial of MORF - 057 Received acceptance to present full MORF - 057 Phase 1 data set at the ECCO '21 Virtual Congress in July Completed $ 245 million upsized public offering of stock Presented positive preclinical data from avẞ8 program at AACR Annual Meeting demonstrating anti - tumor activity in checkpoint refractory cancer models WALTHAM , Mass . , April 29 , 2021 ( GLOBE NEWSWIRE ) -- Morphic Therapeutic ( Nasdaq : MORF ) , a biopharmaceutical company developing a new generation of oral integrin therapies for the treatment of serious chronic diseases , today reported corporate highlights and financial results for the first quarter of 2021 . Recent Highlights and Outlook • Expanded research and development collaboration with Janssen Pharmaceuticals for a third program , focused on activating antibodies against a new integrin target • Announced positive preliminary results from Phase 1 single ascending dose portion of MORF - 057 Phase 1 providing early clinical proof of concept for MORF - 057 as an oral , selective a4ẞ7 inhibitor • MORF - 057 was well tolerated in all dose cohorts • MORF - 057 achieved greater than 95 % mean receptor occupancy of a4ẞ7 integrin at three highest dose levels • Observed saturating levels of > 99 % RO in subjects in each cohort above 25mg • Morphic received an acceptance for its submission to present the complete MORF - 057 Phase 1 data set at the ECCO'21 Virtual Congress in July 2021. This presentation will include additional data from the Phase 1 SAD study as well as results from the ongoing Phase 1 multiple ascending dose and food effect studies • Completed $ 245 million upsized public offering of stock providing runway until the end of 2024 • Presented positive preclinical data from the avẞ8 immuno - oncology program demonstrating that Morphic's small molecule inhibitors , in combination with checkpoint inhibitors , potentiated anti - tumor activity in tumors refractory to checkpoint inhibition monotherapy " Morphic has made great strides in our mission to develop oral integrin medicines based on the MInT platform thus far in 2021. We made noteworthy advances across our proprietary and partnered integrin development programs as well as in the operational aspects of our business , including expanded partnerships and the presentation of new data from emerging programs in our early integrin pipeline , " commented Praveen Tipirneni , M.D. , president and chief executive officer of Morphic Therapeutic . “ Most importantly , we provided proof - of - concept data for MORF - 057 in IBD with a favorable tolerability profile and excellent pharmacodynamic data . Finally , based on our recent fundraising , Morphic has a strong cash position as we approach additional MORF - 057 data this year and then continue to advance our integrin - targeted therapeutic candidates created with the MInT platform . " Financial Results for the First Quarter 2021 • Net loss for the quarter ended March 31 , 2021 was $ 21.3 million or $ 0.63 per share compared to a net loss of $ 16.7 million or $ 0.55 per share for the same quarter last year . • Revenue was $ 3.3 million for the quarter ended March 31 , 2021 compared to $ 5.6 million for the same quarter last year . • Research and development expenses were $ 18.6 million for the quarter ended March 31 , 2021 as compared to $ 19.0 million for the same quarter last year . The slight decrease was due to AbbVie's option exercise for avẞ6 program in 2020 resulting in lower costs in 2021 offset with higher costs associated with Morphic's wholly - owned a4ẞ7 program . • General and administrative expenses were $ 6.0 million for the quarter ended March 31 , 2021 , compared to $ 4.4 million for the same quarter last year . The increase was primarily attributable to increased headcount and higher professional and