On May 17, 2022 Bio-Path Holdings, Inc., (NASDAQ:BPTH), a biotechnology company leveraging its proprietary DNAbilize liposomal delivery and antisense technology to develop a portfolio of targeted nucleic acid cancer drugs, reported its financial results for the first quarter ended March 31, 2022 and provided an update on recent corporate developments (Press release, Bio-Path Holdings, MAY 17, 2022, View Source [SID1234614747]).
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"Throughout the first quarter, we continued to advance our mission to deliver a better path for cancer patients. With ongoing progress across multiple of our DNAbilize antisense RNAi nanoparticle drug candidates, we are bringing a gentler solution to fight tough cancers," said Peter Nielsen, President and Chief Executive Officer of Bio-Path Holdings. "Specifically, we were delighted to have compelling preclinical data in support of our ongoing clinical development program for BP1003 presented at this year’s American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting. These data show that BP1003 combination therapy enhances the efficacy of current standard of care chemotherapies in breast and ovarian cancer models, underscoring its potential in these hard-to-treat cancers and validating our plans to enter human clinical trials in patients with advanced solid tumors."
"In addition to advancing our important clinical work, we also enhanced our corporate Board with the addition of new director, Aline Sherwood. Aline is a seasoned biotechnology communications professional who brings valuable industry expertise that will be increasingly vital as we advance the important clinical work we are undertaking in the fight against cancer," added Mr. Nielsen
Recent Corporate Highlights
Presented BP1003 Data at 2022 American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting. In April, Bio-Path presented a poster highlighting preclinical BP1003 data at the 2022 AACR (Free AACR Whitepaper) Annual Meeting. The poster, titled "Targeting STAT3 with novel liposome-incorporated antisense oligonucleotide technology enhances the efficacy of paclitaxel (taxol) or 5-fluorouracil (5- FU) in breast and ovarian cancer cells," was presented by Dr. Maria Gagliardi, Research Scientist at Bio-Path Holdings.
Appointed Aline Sherwood to Board of Directors. In April, Bio-Path announced the appointment of Aline Sherwood to the Company’s Board of Directors. Ms. Sherwood is Principal of Scienta Communications, an independent communications consultancy providing strategic public relations and corporate communications counsel to life sciences companies.
Financial Results for the First Quarter Ended March 31, 2022
The Company reported a net loss of $3.4 million, or $0.47 per share, for the three months ended March 31, 2022, compared to a net loss of $2.4 million, or $0.43 per share, for the three months ended March 31, 2021.
Research and development expense for the three months ended March 31, 2022 increased to $2.1 million, compared to $1.3 million for the three months ended March 31, 2021 primarily due to increased clinical trial expenses for startup costs related to our Phase 1 clinical trial of BP1002 in refractory/relapsed AML patients and timing of activities for our Phase 1 clinical trial of BP1002 in lymphoma.
General and administrative expense for the three months ended March 31, 2022 increased to $1.3 million, compared to $1.2 million for the three months ended March 31, 2021 primarily due to increased stock-based compensation expense.
As of March 31, 2022, the Company had cash of $21.2 million, compared to $23.8 million as of December 31, 2021. Net cash used in operating activities for the three months ended March 31, 2022 was $2.5 million compared to $1.6 million for the comparable period in 2021.
Conference Call and Webcast Information
Bio-Path Holdings will host a conference call and webcast today at 8:30 a.m. ET to review these first quarter 2022 financial results and to provide a general update on the Company. To access the conference call please dial (844) 815-4963 (domestic) or (210) 229-8838 (international) and refer to the conference ID 9488426. A live audio webcast of the call and the archived webcast will be available in the Media section of the Company’s website at www.biopathholdings.com.