Endocannabinoid drug improvement firm Corbus Prescription drugs Holdings, Inc. (NASDAQ: CRBP) reported monetary outcomes for the fourth quarter and year-end 2020. The corporate mentioned that income from awards and licenses was $700,000 for the quarter ending December 31, 2020, versus $2.6 million in the identical time interval in 2019. Corbus delivered a internet lack of roughly $8.6 million or a internet loss per diluted share of $0.10, for the quarter versus a internet lack of roughly $26.6 million, or a internet loss per diluted share of $0.41, for a similar interval in 2019.
Corbus beat Yahoo Finance analyst estimates which have been for a lack of $0.25. The inventory was transferring greater by over 3% in early buying and selling to promote at $2.42.
For the complete 12 months, income from awards and licenses was $3.9 million versus $36.1 million in 2019. Income for 2019 included a $27 million upfront fee acquired from Kaken Pharmaceutical Co., Ltd. for a license to commercialize and market lenabasum in Japan. Corbus reported a internet lack of roughly $111.3 million for the 12 months or a internet loss per diluted share of $1.42, versus a internet lack of roughly $71.5 million, or a internet loss per diluted share of $1.12, for 2019. The corporate additionally mentioned it has $127 million of money readily available at March 15, 2021, which is anticipated to fund operations into the primary quarter of 2024 based mostly on the present deliberate expenditures.
Yuval Cohen, Ph.D., Chief Govt Officer mentioned, “We’re making progress on our plans to advance improvement of our inside compounds and broaden our pipeline. We stay up for topline outcomes from our DETERMINE Part 3 research of lenabasum in dermatomyositis within the second quarter. Our CB1 inverse agonist program specializing in metabolic ailments and our CB2 agonist program specializing in oncology proceed to progress pre-clinically, and we venture to provoke scientific research subsequent 12 months. We’re decided to broaden our pipeline and are evaluating a variety of potential property.”
The Part 3 “DETERMINE” research is a global research of the protection and efficacy of lenabasum in grownup dermatomyositis sufferers. This research enrolled 176 topics, and all topics are anticipated to finish Week 28 of the research this month. The first efficacy endpoint is Complete Enchancment Rating at Week 28, evaluating lenabasum 20 mg twice per day and placebo teams. Topline information are on schedule for Q2 2021. Dermatomyositis is a uncommon and life-threatening autoimmune illness characterised by pores and skin and muscle irritation. Dermatomyositis impacts roughly 80,000 individuals in North America, EU, and Japan. There’s a important unmet want for safer and simpler therapies in dermatomyositis due to the restrictions of present therapy choices.
In October 2020, Corbus had reported that its drug, Lenabasum didn’t meet its main efficacy endpoint of lowering the speed of PEx in a Cystic Fibrosis research. Lenabasum is a novel, oral, small molecule that selectively binds as an agonist to the cannabinoid receptor kind 2 (CB2) and resolves irritation and limits fibrosis in animal and human fashions of illness.
The corporate outlined the next updates for its pipeline:
- The cannabinoid receptor kind 1 (CB1) inverse agonist program is in preclinical improvement for the potential therapy of metabolic issues equivalent to weight problems, diabetic nephropathy, diabetic retinopathy, and nonalcoholic steatohepatitis. A number of compounds have demonstrated constructive information in preclinical fashions of diet-induced weight problems. These information have been introduced on the New York Academy of Sciences webinar in January 2020. Corbus is transferring towards candidate choice and IND-enabling research and intends to provoke scientific research in 2022.
- The cannabinoid receptor kind 2 (CB2) agonist program is in preclinical improvement for the potential therapy of most cancers, investigating single-agent exercise and together with different most cancers therapies equivalent to checkpoint inhibitors. A number of compounds have demonstrated constructive information in preclinical fashions of strong tumors. These information have been introduced on the New York Academy of Sciences webinar in January 2020. The Firm is transferring towards candidate choice and IND-enabling research and intends to provoke scientific research in 2022.
- Corbus is actively partaking with potential companions to broaden its pipeline by way of the acquisition of exterior property. The Firm is specializing in biology past the endocannabinoid system and new indications that may nonetheless leverage its experience and capabilities inside immunology.
Dr. Cohen added, “We’re lucky to be in a robust monetary place with roughly $127M of money readily available, which is anticipated to fund the Firm into the primary quarter of 2024.”
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