Aerovate Therapeutics, Inc. Announces Consolidated Financial Results for the Quarter and Six Months Ended June 30, 2021
August 16, 2021 at 08:00 am EDT
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Aerovate Therapeutics, Inc. announced consolidated financial results for the quarter and six months ended June 30, 2021. For the quarter, the company reported loss from operations of $5,774,000 against $1,625,000 a year ago. Net loss and comprehensive loss was $5,775,000 against $2,202,000 a year ago. Net loss per share, basic and diluted was $23.80 against $9.12 a year ago.
For the six months, the company reported loss from operations of $8,554,000 against $2,983,000 a year ago. Net loss and comprehensive loss was $8,556,000 against $3,638,000 a year ago. Net loss per share, basic and diluted was $35.29 against $15.07 a year ago.
Aerovate Therapeutics Inc. is a clinical-stage biopharmaceutical company. The Company is focused on developing drugs that meaningfully improve the lives of patients with rare cardiopulmonary disease. Its initial focus is on advancing AV-101, its dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH), a devastating disease impacting approximately 70,000 people in the United States and Europe. Oral imatinib also demonstrated statistically significant improvement on the primary endpoint, six-minute walk distance, and multiple secondary hemodynamic endpoints in PAH patients. AV-101, delivered using a dry powder inhaler, is designed to provide lung concentrations at or above those observed with the oral dose while limiting systemic levels of the drug. PAH is an orphan disease with unmet medical needs and is characterized by high pressure in the vessels transporting blood from the right side of the heart to the lungs.
AEROVATE THERAPEUTICS, INC. 
