Biotech company Bio-Path Holdings (NASDAQ: BPTH) reported a loss of $2.5 million or $0.87 per share for the second quarter ended June 30, 2019, compared to a loss of $1.7 million or $2.96 per share for the second quarter ended June 30, 2018. Bio-Path has not generated significant revenues to date. The company’s revenue generation in the future depends on the successful development and eventual commercialization of its drug candidates.
Research and development expenses increased to $1.5 million from $0.8 million in the prior-year quarter, primarily due to the commencement of activities related to Stage 2 of Phase 2 clinical trial in AML.
As of June 30, 2019, the company had cash of $17.1 million, compared to $1.0 million at December 31, 2018. Net cash used in operating activities for the six months ended June 30, 2019 was $4.2 million compared to $3.4 million for the comparable period in 2018.
“Throughout the second quarter we continued to execute on our clinical development plans for our innovative RNAi nanoparticle therapeutics,” said CEO Peter Nielsen.
He added, “We are also looking forward to completing Investigational New Drug (IND) enabling studies of BP1003, a novel liposome-incorporated STAT3 oligodeoxynucleotide inhibitor for the treatment of pancreatic cancer, and to file an IND application for a Phase 1 study of BP1003 for the treatment of pancreatic cancer in 2020.”
Bio-Path stock closed down 0.91% at $11.96 yesterday and has dipped 33% in the past three months.
Most Popular
United Parcel Service (UPS) seems on track to regain lost strength
Cargo giant United Parcel Service, Inc. (NYSE: UPS) ended fiscal 2023 on a weak note, reporting lower revenues and profit for the fourth quarter. The company experienced a slowdown post-pandemic
IPO Alert: What to look for when Boundless Bio goes public
Boundless Bio is preparing to debut on the Nasdaq stock market this week, and become the latest addition to the list of biotech firms that have launched IPOs this year.
Nike (NKE) bets on innovation and partnerships to return to high growth
Sneaker giant Nike, Inc. (NYSE: NKE) has been going through a rough patch for some time, with sales coming under pressure from weak demand and rising competition. Post-pandemic, the company
Comments
Comments are closed.