Innovate Biopharmaceuticals Reports Second Quarter 2019 Results and Corporate Updates
09 8월 2019 - 5:30AM
Innovate Biopharmaceuticals, Inc. (Nasdaq: INNT), a clinical stage
biotechnology company focused on developing novel therapeutics for
autoimmune and inflammatory diseases, today reported its second
quarter 2019 financial results and corporate updates.
Recent Developments
Clinical
- The screening and monitoring of patients in the first Phase 3
celiac disease trial continues
- Company has secured an initial set of 17 active clinical
testing sites
Research and development
- Research collaboration with Institut Gustave Roussy continues
to study regulation of intestinal permeability and the gut
microbiota using larazotide in immuno-oncology checkpoint inhibitor
failure preclinical models
- Data analysis from pre-clinical models in NASH advances from
studying larazotide in both ex vivo and animal models
- Progression of research collaboration with Dr. Jay Luther and
Dr. Raymond Chung at the Gastroenterology Division at Massachusetts
General Hospital to research the effects of larazotide on certain
forms of alcoholic liver disease, such as ASH
- Presented 3 posters at DDW 2019 in May
- Acceptance of poster at 2019 World Congress of Gastroenterology
in September
Second Quarter 2019 Financial Results
Net loss for the three months ended June 30, 2019 was $4.5
million or $0.13 per share. Research and development expenses
were $3.1 million and general and administrative expenses were $3.0
million for the three months ended June 30, 2019,
respectively. Cash and cash equivalents were $13.3 million at
June 30, 2019, compared to $5.7 million at December 31, 2018.
Sandeep Laumas, M.D., Innovate’s Executive Chairman and Chief
Executive Officer, noted, “The second quarter of 2019 was focused
on the start of the first Phase 3 clinical trial for celiac
disease. Given the nature of celiac disease, the design of
our screening and enrollment procedures are particular. We
look forward to continuing to update our investors on our
progress.” Dr. Laumas continued, “The board and management of
Innovate strongly believe that our novel therapeutics have
significant clinical and economic potential in providing treatment
where none exists. We are excited for the progress of the Phase 3
trial for celiac disease and expect to continue to explore various
potential non-dilutive financing options and other strategic
opportunities that we believe could bring value to our
stockholders.”
About Innovate Biopharmaceuticals, Inc. (Nasdaq:
INNT) Innovate is a clinical stage biotechnology company
focused on developing novel therapeutics for autoimmune and
inflammatory diseases. Innovate’s lead drug candidate, larazotide
acetate, has a mechanism of action that renormalizes the
dysfunctional intestinal barrier by decreasing intestinal
permeability and reducing antigen trafficking, such as gliadin
fragments in celiac disease, and bacterial toxins and immunogenic
antigens in nonalcoholic steatohepatitis (NASH). In several
diseases, including celiac disease, NASH, Crohn’s disease,
ulcerative colitis, irritable bowel syndrome (IBS), type 1 diabetes
mellitus (T1DM), chronic kidney disease (CKD), the intestinal
barrier is dysfunctional with increased permeability.
Forward Looking Statements This press release
includes forward-looking statements including, but not limited to,
statements related to succession planning and our management team,
the development of drug candidates, our operations and business
strategy, capital raising, our expected financial results, and
corporate updates. The forward-looking statements contained in this
press release are based on management’s current expectations and
are subject to substantial risks, uncertainty and changes in
circumstances. Actual results may differ materially from those
expressed by these expectations due to risks and uncertainties,
including, among others, those related to our ability to identify,
recruit and retain key talent, obtain additional capital on
favorable terms to us, or at all, including, without limitation, to
fund our current and future preclinical studies and clinical
trials, including, without limitation, raising additional funds for
our phase 3 trial for INN-202, and the success, timing and cost of
our drug development program and our ongoing or future preclinical
studies and clinical trials, including, without limitation, the
possibility of unfavorable new clinical and preclinical data and
additional analyses of existing data, uncertainties with respect to
evaluating strategic options and completing strategic transactions,
as well as the risks that prior clinical and preclinical results
may not be replicated. These risks and uncertainties include, but
may not be limited to, those described in our Form 10-K for the
year ended December 31, 2018, our Form 10-Q for the quarter ended
June 30, 2019, and in any subsequent filings with the SEC.
Forward-looking statements speak only as of the date of this press
release, and we undertake no obligation to review or update any
forward-looking statement except as may be required by applicable
law.
SOURCE: Innovate Biopharmaceuticals, Inc.
Contact:Jennifer K. Zimmons, Ph.D.Investor
RelationsTel: +1-917-214-3514Email:
jzimmons@innovatebiopharma.comwww.innovatebiopharma.com
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