Surface Oncology gains on Q1 profit, cash runway

Surface Oncology

09/05/2022 13:27

** Shares of drug developer  SURF.O  rise 9.6% to $2.29
premarket
    ** SURF reports Q1 net income of $6.2 mln, or 13 cents per
share, vs net loss of $15.6 mln, or 37 cents per share, a year
earlier
    ** Co to receive $30 mln milestone payment from
GlaxoSmithKline  GSK.L  in March 
    ** SURF says cash, cash equivalents and marketable
securities were $150.4 mln as of March 31; projects cash runway
extending into 2024
    ** Co currently has two cancer antibodies in mid-stage
development and says runway provides it with 12 months of cash
beyond data readouts for up to six different indications and
combination studies
    ** Stock had more than halved in value YTD, up to last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))