Bio-Path Holdings Reports Full Year 2020 Financial Results
March 10 2021 - 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
year ended December 31, 2020 and provided an update on recent
corporate developments.
“Throughout 2020, we made significant progress
advancing our DNAbilize® platform technology in a variety of
important indications, bringing us one step closer to bringing this
potentially lifesaving therapy to patients with limited treatment
options,” stated Peter Nielsen, President and Chief Executive
Officer of Bio-Path Holdings. “We are particularly proud to have
made these advances amidst the backdrop of the global pandemic,
knowing that cancer continues to be a leading killer with an
ongoing great need for new therapies.”
“We recently strengthened our intellectual
property portfolio and our balance sheet, giving us the patent
protection and financial underpinning to support these clinical
programs through to a number of value-creating inflection points,”
continued Mr. Nielsen.
Recent Corporate Highlights
- Raised $13.0 Million in Public Offering. In
February, Bio-Path announced the closing of a public offering for
the offering of 1,710,600 shares of common stock at a price to the
public of $7.60 per share, for aggregate gross proceeds to the
Company of approximately $13.0 million, before deducting the fees
and estimated offering expenses payable by the Company.
- Received Third U.S. Patent Grant Related to Manufacture
of Platform Technology. In February, Bio-Path announced
that the United States Patent and Trademark Office granted U.S.
Patent No. 10,898,506 titled, "P-ethoxy nucleic acids for liposomal
formulation." The new patent builds on earlier patents granted that
protect the platform technology for DNAbilize®, the Company’s novel
RNAi nanoparticle drug.
- Announced First Patient Dosed in Phase 1 Clinical Trial
of BP1002. In November, Bio-Path announced the enrollment
and dosing of the first patient in a Phase 1 clinical trial
evaluating the ability of BP1002 to treat refractory/relapsed
lymphoma and chronic lymphocytic leukemia (CLL) patients.
Financial Results for the Year Ended December 31,
2020
- The Company reported a net loss of $10.9 million, or $2.83 per
share, for the year ended December 31, 2020, compared to a net loss
of $8.6 million, or $3.24 per share, for the year ended December
31, 2019.
- Research and development expenses for the year ended December
31, 2020 increased to $6.6 million, compared to $4.6 million for
the year ended December 31, 2019, primarily due to increased
enrollment for our Phase 2 clinical trial of prexigebersen in AML,
startup costs related to our Phase 1 clinical trials for BP1002 in
lymphoma and prexigebersen-A in solid tumors, increased preclinical
expenses for BP1003 and increased drug material manufacturing
activities.
- General and administrative expense for the year ended December
31, 2020 increased to $4.3 million, compared to $4.1 million for
the year ended December 31, 2019, primarily due to increased
franchise tax expense.
- As of December 31, 2020, the Company had cash of $13.8 million,
compared to $20.4 million at December 31, 2019. Net cash used in
operating activities for the year ended December 31, 2020 was $11.0
million compared to $8.4 million for the comparable period in 2019.
Net cash provided by financing activities for the year ended
December 31, 2020 was $4.3 million.
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 full-year 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 6296959. 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 infusion. 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 is being evaluated in a Phase 1 study
in advanced lymphoma and CLL patients.
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, 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,
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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