Bio-Path Holdings Reports Third Quarter 2023 Financial Results
15 11월 2023 - 9:00PM
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, today announced its financial results for the
third quarter ended September 30, 2023 and provided an update on
recent corporate developments.
“The third quarter marked a particularly
progressive time at Bio-Path as we reported compelling clinical
data from our Phase 2 trial of prexigebersen in acute myeloid
leukemia (AML),” said Peter Nielsen, President and Chief Executive
Officer of Bio-Path Holdings. “In October, we hosted a Key Opinion
Leader (KOL) event with two physician experts who expressed their
enthusiasm for the potential of prexigebersen to change the
treatment landscape and patient outcomes in this most challenging
patient population.”
“As we look toward the balance of the year and
into 2024, we are more encouraged than ever for the potential of
our DNAbilize® platform to positively impact a number of difficult
to treat cancer indications,” continued Mr. Nielsen.
Recent Corporate Highlights
- Announced Positive Results from Interim Analysis of
Phase 2 Clinical Trial of Prexigebersen in Acute Myeloid
Leukemia. In August, Bio-Path reported positive interim
data from Stage 2 of the Company’s Phase 2 study of prexigebersen
in combination with decitabine and venetoclax for the treatment of
acute myeloid leukemia (AML). Prexigebersen continues to be
well-tolerated and has now shown compelling efficacy results in two
reporting cohorts including evaluable newly diagnosed AML patients
and evaluable refractory/relapsed AML patients, which exceed
outcomes with combination treatment of decitabine and
venetoclax.
- Hosted Key Opinion Leader Event to Discuss
Prexigebersen and Advances in the AML Treatment Landscape.
In October, Bio-Path hosted a virtual KOL event to discuss the
current AML treatment landscape and the growing body of clinical
evidence in support of prexigebersen as a treatment for AML. The
event featured presentations from Jorge Cortes, M.D., Director,
Georgia Cancer Center, Augusta University and Maro Ohanian, D.O.,
Department of Leukemia, Division of Cancer Medicine, MD Anderson
Cancer Center.
Financial Results for the Third Quarter
Ended September 30, 2023
- The Company reported a net loss of
$3.2 million, or $0.32 per share, for the three months ended
September 30, 2023, compared to a net loss of $3.5 million, or
$0.49 per share, for the three months ended September 30,
2022.
- Research and development expense for
the three months ended September 30, 2023 decreased to $2.3
million, compared to $2.4 million for the three months ended
September 30, 2022, primarily due to decreased manufacturing
development expenses partially offset by an increase in expense
related to our clinical trial for prexigebersen in AML due to
increased patient enrollment in 2023.
- General and administrative expense for
the three months ended September 30, 2023 decreased to $1.0
million, compared to $1.2 million for the three months ended
September 30, 2022, primarily due to decreased legal fees.
- Change in fair value of the Company’s
warrant liability for the three months ended September 30, 2023
resulted in non-cash income of $0.1 million. The Company did not
have the warrant liability in the comparable period for 2022.
- As of September 30, 2023, the Company
had cash of $2.4 million, compared to $10.4
million as of December 31, 2022. Net cash used in operating
activities for the nine months ended September 30, 2023 was $9.7
million, compared to $10.1 million for the comparable period in
2022. Net cash provided by financing activities for the nine months
ended September 30, 2023 was $1.7 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 third quarter
2023 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.
About Bio-Path Holdings,
Inc.
Bio-Path is a biotechnology company developing
DNAbilize®, a novel technology that has yielded a pipeline of RNAi
nanoparticle drugs that can be administered with a simple
intravenous transfusion. Bio-Path’s lead product candidate,
prexigebersen (BP1001, targeting the Grb2 protein), is in a Phase 2
study for blood cancers, and BP1001-A, a drug product modification
of prexigebersen, is in a Phase 1/1b study for solid tumors. The
Company’s second product, BP1002, which targets the Bcl-2 protein,
is being evaluated for the treatment of blood cancers and solid
tumors, including lymphoma and acute myeloid leukemia. In addition,
an IND application is expected to be filed for BP1003, a novel
liposome-incorporated STAT3 antisense oligodeoxynucleotide
developed by Bio-Path as a specific inhibitor of STAT3.
For more information, please visit the Company's
website at http://www.biopathholdings.com.
Forward-Looking Statements
This press release contains forward-looking
statements that are made pursuant to the safe harbor provisions of
the federal securities laws. These statements are based on
management's current expectations and accordingly are subject to
uncertainty and changes in circumstances. Any express or implied
statements contained in this press release that are not statements
of historical fact may be deemed to be forward-looking statements.
Any statements that are not historical facts contained in this
release are forward-looking statements that involve risks and
uncertainties, including Bio-Path’s ability to raise needed
additional capital on a timely basis in order for it to continue
its operations, have success in the clinical development of its
technologies, the timing of enrollment and release of data in such
clinical studies, the accuracy of such data, limited patient
populations of early stage clinical studies and the possibility
that results from later stage clinical trials with much larger
patient populations may not be consistent with earlier stage
clinical trials, the maintenance of intellectual property rights,
that patents relating to existing or future patent applications
will be issued or that any issued patents will provide meaningful
protection of our drug candidates, the impact, risks and
uncertainties related to global pandemics, including the COVID-19
pandemic, and actions taken by governmental authorities or others
in connection therewith, and such other risks which are identified
in Bio-Path's most recent Annual Report on Form 10-K, in any
subsequent quarterly reports on Form 10-Q and in other reports that
Bio-Path files with the Securities and Exchange Commission from
time to time. These documents are available on request from
Bio-Path Holdings or at www.sec.gov. Bio-Path disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Contact Information:
Investors
Will O’ConnorStern Investor Relations,
Inc.212-362-1200will@sternir.com
Doug Morris Investor Relations Bio-Path
Holdings, Inc. 832-742-1369
Bio Path (NASDAQ:BPTH)
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