“2023 was a year of focused execution, as evidenced by the continued progress across our pipeline of DNAbilize programs,” said
Recent Corporate Highlights
- Hosted Key Opinion Leader (KOL) 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 fromJorge Cortes , M.D., Director,Georgia Cancer Center ,Augusta University andMaro Ohanian , D.O.,Department of Leukemia ,Division of Cancer Medicine ,The University of Texas MD Anderson Cancer Center .
- Successfully Completed First Dose Cohort of Phase 1/1b Clinical Trial of BP1002 in Refractory/Relapsed Acute Myeloid Leukemia. In December, the Company announced the completion of the first dose cohort of the dose escalation portion of its Phase 1/1b clinical trial of BP1002 evaluating the ability of BP1002, a liposomal Bcl-2 nanoparticle antisense, to treat refractory/relapsed AML patients including venetoclax-resistant patients.
- Completed First Dose Cohort in Phase 1 Clinical Trial Evaluating BP1002 to Treat Refractory/Relapsed Lymphoma and Refractory/Relapsed Chronic Lymphocytic Leukemia Patients. In December,
Bio-Path announced completion of the first dose cohort of the dose escalation portion of its Phase 1 clinical trial of BP1002 evaluating the ability of BP1002 for the treatment of refractory/relapsed lymphoma and refractory/relapsed CLL patients.
Financial Results for the Year Ended
- The Company reported a net loss of
$16.1 million , or$33.63 per share, for the year endedDecember 31, 2023 , compared to a net loss of$13.9 million , or$38.12 per share, for the year endedDecember 31, 2022 .
- Research and development expense for the year ended
December 31, 2023 increased to$11.6 million , compared to$9.2 million for the year endedDecember 31, 2022 primarily due to manufacturing expenses related to drug product releases in 2023 as well as 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 year ended
December 31, 2023 decreased to$4.2 million , compared to$4.7 million for the year endedDecember 31, 2022 primarily due to decreased salaries and benefits expense as well as franchise tax expenses.
- Change in fair value of the Company’s warrant liability for the year ended
December 31, 2023 resulted in a non-cash loss of$0.3 million . The company did not have the warrant liability in 2022.
- As of
December 31, 2023 , the Company had cash of$1.1 million , compared to$10.4 million as ofDecember 31, 2022 . Net cash used in operating activities for the year endedDecember 31, 2023 was$11.5 million compared to$15.1 million for the comparable period in 2022. Net cash provided by financing activities for the year endedDecember 31, 2023 was$2.2 million .
Conference Call and Webcast Information
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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
Contact Information:
Investors
Will O’Connor
Stern Investor Relations, Inc.
212-362-1200
will@sternir.com
Investor Relations
832-742-1369
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2024 GlobeNewswire, Inc., source