Bio-Path Holdings Announces First Quarter 2022 Financials
HOUSTON, May 17, 2022 (GLOBE NEWSWIRE) — Bio-Path Holdings, Inc., (NASDAQ: BPTH), a biotechnology company leveraging its proprietary DNAbilize technology® liposomal delivery and antisense technology to develop a portfolio of targeted nucleic acid-based cancer drugs, today announced its financial results for the first quarter ended March 31, 2022 and provides an update on recent company developments.
“Throughout the first quarter, we continued to advance our mission to provide a better path for cancer patients. With the continued progress of several of our DNAbilize antisense RNAi nanoparticle drug candidates, we are providing a gentler solution to fight challenging cancers,” said Peter Nielsen, President and CEO of Bio-Path. Holdings. “Specifically, we were delighted to have compelling preclinical data supporting our ongoing clinical development program for BP1003 presented at this year’s American Association for Cancer Research annual meeting. These data show that BP1003 combination therapy improves the efficacy of current standard chemotherapies in breast and ovarian cancer models, underscoring its potential in these difficult-to-treat cancers and validating our plans to enter human clinical trials in patients with advanced solid tumors. ”
“In addition to advancing our important clinical work, we have also strengthened our Board of Directors with the addition of a new Director, Aline Sherwood. Aline is a seasoned biotech communications professional who brings valuable industry expertise that will be increasingly vital as we move forward with the important clinical work we are undertaking in the fight against cancer,” added Ms. Nielsen.
Recent Company Highlights
- Presentation of BP1003 data at the 2022 American Association for Cancer Research (AACR) Annual Meeting. In April, Bio-Path presented a poster highlighting BP1003 preclinical data at the 2022 AACR Annual Meeting. The poster, titled “Targeting STAT3 with a Novel Antisense Oligonucleotide Technology Embedded in Liposomes Improves Efficacy of Paclitaxel (Taxol) or 5-Fluorouracil (5-FU) in Breast and Ovarian Cancer Cells “, was presented by Dr. Maria Gagliardi, research scientist at Bio-Path Holdings.
- Appointment of Aline Sherwood to the Board of Directors. In April, Bio-Path announced the appointment of Aline Sherwood to the company’s board of directors. Ms. Sherwood is Director of Scienta Communications, an independent communications consultancy that provides strategic public relations and corporate communications advice to life science companies.
Financial results for the first quarter ended March 31, 2022
- The Company reported a net loss of $3.4 million, or $0.47 per share, for the three months ended March 31, 2022, compared to a net loss of $2.4 million, or $0.43 per share. share, for the quarter ended March 31, 2021.
- Research and development expenses for the three months ended March 31, 2022 increased to $2.1 million from $1.3 million for the three months ended March 31, 2021, primarily due to higher research and development expenses. clinical trials for start-up costs related to our Phase 1 clinical trial of BP1002 in patients with refractory/relapsed AML and the schedule of activities for our Phase 1 clinical trial of BP1002 in lymphoma.
- General and administrative expenses for the three months ended March 31, 2022 increased to $1.3 million from $1.2 million for the three months ended March 31, 2021 primarily due to higher stock-based compensation.
- As of March 31, 2022, the Company had cash of $21.2 million, compared to $23.8 million as of December 31, 2021. Net cash used in operating activities for the three months ended March 31, 2022 was $2.5 million, compared to $1.6 million for the comparable period in 2021.
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 first quarter 2022 financial results and provide a general company update. To access the conference call, please dial (844) 815-4963 (domestic) or (210) 229-8838 (international) and refer to conference ID 9488426. 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 new technology that has produced a pipeline of RNAi nanoparticle-based drugs that can be delivered through 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 BP1001-A, a drug product modification of prexigebersen, has been cleared by the FDA and Phase 1 studies in solid tumors will begin in 2022. The Company’s second product, BP1002, which targets the Bcl-2 protein, is being evaluated for the treatment of cancers of the blood and solid tumors, including lymphoma and acute myeloid leukemia. Additionally, an IND is expected to be filed for BP1003, a novel liposome-embedded STAT3 antisense oligodeoxynucleotide developed by Bio-Path as a specific STAT3 inhibitor, in 2022.
For more information, please visit the Company’s website at http://www.biopathholdings.com.
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, therefore, are subject to uncertainty and changes in circumstances. All statements expressed or implied in this press release that are not statements of historical fact can be considered forward-looking statements. All 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 timely raise additional capital necessary to enable it to continue its operations, successfully complete the clinical development of its technologies, the timing of listing and of the publication of data in these clinical studies and the accuracy of these data, limited patient populations of early-stage clinical studies and the possibility that the results of later-stage clinical trials with large patient populations more important are not compatible with early-stage clinical trials, the maintenance of intellectual property rights, than patents relating to existing or future patent applications be issued or that any granted patent will provide meaningful protection to our drug candidates, and any other risks identified in Bio-Path’s most recent Annual Report on Form 10-K, in all reports subsequent quarterly reports on Form 10-Q and in other reports that Bio-Path files from time to time with the Securities and Exchange Commission. These documents are available upon 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.
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Bio-Path Holdings, Inc.