On August 16, 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 second quarter ended June 30, 2022 and provided an update on recent corporate developments (Press release, Bio-Path Holdings, AUG 16, 2022, View Source [SID1234618414]).

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"Throughout the second quarter and in recent weeks, we have made substantial operational progress as we continue to advance our DNAbilize platform of products along the clinical pathway. Toward that end, we look forward to initiating our Phase 1 studies of BP1001-A, a drug product modification of prexigebersen, for the treatment of solid tumors and of BP1002 to treat relapsed/refractory acute myeloid leukemia (AML), including venetoclax resistant patients, in the coming weeks," said Peter Nielsen, President and Chief Executive Officer of Bio-Path Holdings. "The progress we are making today is laying the foundation for Bio-Path to achieve its mission to bring safe and effective new therapies to cancer patients who have limited treatment options."

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 Second Quarter Ended June 30, 2022

The Company reported a net loss of $3.0 million, or $0.42 per share, for the three months ended June 30, 2022, compared to a net loss of $1.8 million, or $0.26 per share, for the three months ended June 30, 2021.
Research and development expense for the three months ended June 30, 2022 increased to $1.9 million, compared to $0.8 million for the three months ended June 30, 2021, primarily due to manufacturing expenses related to drug product releases in the second quarter of 2022 and increased patient enrollment related to our Phase 2 clinical trial for prexigebersen in AML.
General and administrative expense for the three months ended June 30, 2022 was $1.2 million, an increase of $0.1 million compared to the three months ended June 30, 2021, primarily due to increased legal fees.
As of June 30, 2022, the Company had cash of $17.0 million, compared to $23.8 million at December 31, 2021. Net cash used in operating activities for the six months ended June 30, 2022, was $6.7 million compared to $4.2 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 second quarter 2022 financial results and to provide a general update on the Company. To access the conference call please dial (833) 630-1956 (domestic) or (412) 317-1837 (international). 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.