On May 12, 2022 Salarius Pharmaceuticals, Inc. (Nasdaq: SLRX), a clinical-stage biopharmaceutical company developing cancer therapies for patients in need of new treatment options, reported important corporate events and its financial results for the first quarter ended March 31, 2022 (Press release, Salarius Pharmaceuticals, MAY 12, 2022, View Source [SID1234614476]).
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"We have high expectations for 2022 as we build on the progress achieved during the first quarter and recent weeks," stated David Arthur, CEO of Salarius Pharmaceuticals. "Recent highlights include our acquisition of an intellectual property portfolio, including the drug candidate SP-3164, which is now the foundation of our new drug development program focused on targeted protein degradation (TPD), and the subsequent completion of SP-3164’s pre-IND meeting process with the FDA. TPD is a fast-growing field of cancer drug research with significant potential to improve patient’s lives and a market potential estimated in the billions of dollars. Coupled with our existing clinical programs for seclidemstat, our most advanced cancer drug candidate, Salarius is now pursuing multiple drug development programs built around two exciting approaches to cancer drug development – protein inhibition and protein degradation."
Financial Highlights:
•Cash and cash equivalents totaled $24.2 million on March 31, 2022; $2.3 million direct offering with institutional investors closed on April 26, 2022; Estimated cash runway extends into 2023.
•For the three-month period ended March 31, 2022, net loss per common share, basic and diluted, of $0.13, compared to $0.06 for the same period in 2021
Recent Business and Corporate Highlights:
•2022 Annual Meeting of Stockholders announced for June 15, 2022; Company is seeking stockholder approval or authorization of four proposals and is encouraging stockholders to participate and vote their shares of Salarius Pharmaceuticals stock.
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•Advancing new TPD cancer drug development program built around an intellectual property portfolio acquired from DeuteRx LLC in January 2022. The lead development candidate is SP-3164 for which the company has:
◦Completed the FDA Pre-IND meeting process, which has informed planned IND-enabling studies and activities; and
◦Initiated preclinical studies to support the potential submission of an Investigational New Drug (IND) application with initial preclinical data anticipated in the second half of 2022 and potential for first clinical trial in 2023.
•Salarius continues its enrollment activities to advance clinical exploration of seclidemstat in the treatment of sarcomas, while MD Anderson Cancer Center is enrolling patients in the investigator-initiated trial exploring seclidemstat as a treatment for hematologic cancers.
◦Data updates expected in 2022 from both ongoing Phase 1/2 clinical trials.
"As both CEO and a stockholder of Salarius, I am excited about the upcoming value-building opportunities we expect to achieve" continued Mr. Arthur. "On June 15, the Company will hold its Annual Meeting of Stockholders, where Salarius is asking stockholders to vote on several proposals that we believe will augment these opportunities. All stockholders are encouraged to vote their shares through their brokerage website or through the proxy materials."
"We believe the combination of multiple drug development programs built around two exciting approaches to cancer drug development – protein inhibition and protein degradation – coupled with upcoming value-building opportunities will benefit both current and future stockholders" concluded Mr. Arthur.
Three-Month Financial Results:
For the three-month period ended March 31, 2022, Salarius’ reported net loss was $6.1 million, or $0.13 per basic and diluted share, compared to a net loss of $1.9 million, or $0.06 per basic and diluted share for the same period in 2021. The loss for the three-month period ended March 31, 2022, increased by $4.2 million compared to the same time span last year, primarily because the Company had higher research and development costs and no grant revenue in the current period.
Net cash used for operating activities during the three-month period ended March 31, 2022, totaled $3.5 million, compared to $2.7 million during the same span last year.
As of March 31, 2022, total cash, cash equivalents, and restricted cash were $24.2 million, compared to $36.6 million as of March 31, 2021. The decrease in cash was primarily driven by the Company’s continued spend on operating activities, especially research and development activities and less financing activities involved since Q1 2021. Current cash and cash equivalents are expected to fund our current planned operations into 2023.
Conference Call Information:
Salarius Pharmaceuticals will host a conference call and live audio webcast on Thursday, May 12, 2022, at 5:00 p.m. ET, to discuss its corporate and financial results for the first quarter 2021. Interested participants and investors may access the conference call by dialing either:
An audio webcast will be accessible via the Investors Events and Presentations section of the Company’s website View Source An archive of the webcast will remain available for 90 days beginning at approximately 6:00 p.m. ET on May 12, 2022.