On May 16, 2019 Bio-Path Holdings, Inc., (NASDAQ:BPTH), a biotechnology company leveraging its proprietary DNAbilize antisense RNAi nanoparticle technology to develop a portfolio of targeted nucleic acid cancer drugs, reported its financial results for the first quarter ended March 31, 2019 and provided an update on recent corporate developments (Press release, Bio-Path Holdings, MAY 16, 2019, View Source [SID1234536402]).
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"During the first quarter, we continued to execute on our strategic initiatives to build our DNAbilize technology and advance our clinical development programs. We were delighted to present data from preclinical studies supporting the potential of BP1003, a novel liposome-incorporated STAT3 oligodeoxynucleotide inhibitor for the treatment of pancreatic cancer, non-small cell lung cancer (NSCLC) and acute myelogenous leukemia (AML) at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting before an audience of world-leading oncologists," said Peter Nielsen, President and Chief Executive Officer of Bio-Path Holdings. "We look forward to completing Investigational New Drug (IND) enabling studies in 2019 through early 2020, and to file an IND application for a Phase 1 study of BP1003 for the treatment of pancreatic cancer in 2020."
Recent Corporate Highlights
·Presented Preclinical Data at American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting 2019. In April 2019, Bio-Path presented data from preclinical studies supporting the potential of BP1003, a novel liposome-incorporated STAT3 oligodeoxynucleotide inhibitor, for the treatment of pancreatic cancer, non-small cell lung cancer (NSCLC) and acute myelogenous leukemia (AML). These data were presented in a poster at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting 2019 in Atlanta, GA.
·Raised $21.3 Million During the First Quarter. In March 2019, Bio-Path issued 712,910 shares of its common stock at a price of $25.95 per share, for gross proceeds of approximately $18.5 million in one transaction. In addition, Bio-Path completed two smaller offerings during the first quarter.
Financial Results for the First Quarter Ended March 31, 2019
·The Company reported a net loss of $1.5 million, or $0.89 per share, for the three months ended March 31, 2019, compared to a net loss of $1.9 million, or $3.38 per share, for the three months ended March 31, 2018.
·Research and development expenses for the three months ended March 31, 2019 decreased to $0.4 million, compared to $0.9 million for the three months ended March 31, 2018 primarily due to decreased clinical trial expenses as we modified operations between Stage 1 and Stage 2 of our Phase 2 clinical trial in AML to include venetoclax combination treatment with prexigebersen.
·General and administrative expenses for the three months ended March 31, 2019 increased to $1.1 million, compared to $1.0 million for the three months ended March 31, 2018 primarily due to increased legal fees and insurance costs.
·As of March 31, 2019, the Company had cash of $19.3 million, compared to $1.0 million at December 31, 2018. Net cash used in operating activities for the three months ended March 31, 2019 was $2.0 million compared to $1.7 million for the comparable period in 2018. Net cash provided by financing activities for the three months ended March 31, 2019 was $20.3 million.
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 2019 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 4956638. 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.