Bio-Path Holdings Reports Second Quarter 2020 Financial Results
August 14 2020 - 7:00AM
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
second quarter ended June 30, 2020 and provided an update on recent
corporate developments.
“Despite the challenges from the COVID-19
pandemic, we were able to continue to make significant progress
across our clinical development pipeline. Most importantly, as
recently announced, we dosed the first patient in Stage 2 of our
Phase 2 trial of prexigebersen as a combination treatment for
patients suffering with acute myeloid leukemia (AML),” said Peter
Nielsen, President and Chief Executive Officer of Bio-Path
Holdings. “We believe that this unique clinical trial design offers
multiple potential paths to registration. We are encouraged by
earlier safety and efficacy data that prexigebersen in combination
with latest standard of care should significantly enhance patient
outcomes in AML patients who otherwise have limited treatment
options.”
“As we look to the balance of the year, we will
continue to advance our studies for prexigebersen and BP-1002. We
look forward to initiating a Phase 1 study of prexigebersen for the
treatment of solid tumors by year end and remain steadfast in our
goal to bring these potentially lifesaving therapies to patients in
need,” continued Mr. Nielsen.
Recent Corporate Highlights
- Announced First Patient Dosed in Amended Stage 2 of the
Phase 2 Clinical Trial Evaluating Prexigebersen in Acute Myeloid
Leukemia. On August 13, 2020, Bio-Path announced the
enrollment and dosing of the first patient in the amended Stage 2
of the Phase 2 clinical study of prexigebersen (BP1001), a
liposomal Grb2 antisense, for the treatment of AML in combination
with frontline therapy decitabine and
venetoclax.
- Presented at the 2020 American Society of Clinical
Oncology Annual Meeting. In May, Bio-Path presented a
virtual poster presentation at the 2020 American Society of
Clinical Oncology (ASCO) Annual Meeting. Dr. Maro Ohanian,
Department of Leukemia, University of Texas M.D. Anderson Cancer
Center, discussed the Phase 2 study design of BP1001 (liposomal
Grb2 antisense), Bio-Path’s lead drug candidate, in combination
with decitabine as a potential treatment for patients diagnosed
with AML or high-risk myelodysplastic syndrome.
Financial Results for the Second Quarter Ended June 30,
2020
- The Company reported a net loss of $2.0 million, or $0.55 per
share, for the three months ended June 30, 2020, compared to a net
loss of $2.5 million, or $0.87 per share, for the three months
ended June 30, 2019.
- Research and development expenses for the three months ended
June 30, 2020 decreased to $1.0 million, compared to $1.5 million
for the three months ended June 30, 2019 primarily due to timing of
activities related to our Phase 2 clinical trial of prexigebersen
in AML.
- General and administrative expenses for the three months ended
June 30, 2020 were $1.0 million, consistent with the comparable
period in 2019.
- As of June 30, 2020, the Company had cash of $14.4 million,
compared to $20.4 million at December 31, 2019. Net cash used
in operating activities for the six months ended June 30, 2020 was
$6.0 million compared to $4.2 million for the comparable period in
2019.
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 second quarter 2020 financial
results and to provide a general update on the Company. To access
the conference call please dial (844) 815-4963 (domestic) or (210)
229-8838 (international) and refer to the conference ID 3237808. 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 prexigebersen-A, a drug product modification of
prexigebersen, is under consideration by the FDA to commence Phase
1 studies in solid tumors. This is followed by BP1002, targeting
the Bcl-2 protein, where it will be evaluated in lymphoma and solid
tumors clinical studies.
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 the
impact, risks and uncertainties related to COVID-19 and actions
taken by governmental authorities or others in connection
therewith, 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 and 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, 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
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