Bio-Path Holdings Reports First Quarter 2019 Financial Results
May 16 2019 - 07:00AM
Bio-Path Holdings, Inc., (NASDAQ:BPTH), a biotechnology company
leveraging its proprietary DNAbilize® antisense RNAi nanoparticle
technology to develop a portfolio of targeted nucleic acid cancer
drugs, today announced its financial results for the first quarter
ended March 31, 2019 and provided an update on recent corporate
developments.
“During the first quarter, we continued to execute on our
strategic initiatives to build our DNAbilize® technology and
advance our clinical development programs. We were delighted to
present data from preclinical studies supporting the potential of
BP1003, a novel liposome-incorporated STAT3 oligodeoxynucleotide
inhibitor for the treatment of pancreatic cancer, non-small cell
lung cancer (NSCLC) and acute myelogenous leukemia (AML) at the
American Association for Cancer Research (AACR) Annual Meeting
before an audience of world-leading oncologists,” said Peter
Nielsen, President and Chief Executive Officer of Bio-Path
Holdings. “We look forward to completing Investigational New Drug
(IND) enabling studies in 2019 through early 2020, and to file an
IND application for a Phase 1 study of BP1003 for the treatment of
pancreatic cancer in 2020.”
Recent Corporate Highlights
- Presented Preclinical Data at American Association for
Cancer Research Annual Meeting 2019. In April 2019,
Bio-Path presented data from preclinical studies supporting the
potential of BP1003, a novel liposome-incorporated STAT3
oligodeoxynucleotide inhibitor, for the treatment of pancreatic
cancer, non-small cell lung cancer (NSCLC) and acute myelogenous
leukemia (AML). These data were presented in a poster at the
American Association for Cancer Research (AACR) Annual Meeting 2019
in Atlanta, GA.
- Raised $21.3 Million During the First Quarter.
In March 2019, Bio-Path issued 712,910 shares of its common stock
at a price of $25.95 per share, for gross proceeds of approximately
$18.5 million in one transaction. In addition, Bio-Path completed
two smaller offerings during the first quarter.
Financial Results for the First Quarter Ended March 31,
2019
- The Company reported a net loss of $1.5 million, or $0.89 per
share, for the three months ended March 31, 2019, compared to a net
loss of $1.9 million, or $3.38 per share, for the three months
ended March 31, 2018.
- Research and development expenses for the three months ended
March 31, 2019 decreased to $0.4 million, compared to $0.9 million
for the three months ended March 31, 2018 primarily due to
decreased clinical trial expenses as we modified operations between
Stage 1 and Stage 2 of our Phase 2 clinical trial in AML to include
venetoclax combination treatment with prexigebersen.
- General and administrative expenses for the three months ended
March 31, 2019 increased to $1.1 million, compared to $1.0 million
for the three months ended March 31, 2018 primarily due to
increased legal fees and insurance costs.
- As of March 31, 2019, the Company had cash of $19.3 million,
compared to $1.0 million at December 31, 2018. Net cash used in
operating activities for the three months ended March 31, 2019 was
$2.0 million compared to $1.7 million for the comparable period in
2018. Net cash provided by financing activities for the three
months ended March 31, 2019 was $20.3 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 first quarter 2019 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 4956638. 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 the
treatment of blood cancers and is in the process of filing an IND
for a Phase 1 clinical trial for solid tumors. The Company is also
developing BP1002, which targets the Bcl-2 protein and is expected
to be evaluated for the treatment of lymphoma and solid tumors. In
addition, BP1003, a novel liposome-incorporated STAT3 antisense
oligodeoxynucleotide developed by Bio-Path as a specific inhibitor
of STAT3, is expected to enter Phase 1 studies in 2020.
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
Bio-Path’s ability to raise needed additional capital on a timely
basis in order for it to continue its operations, Bio-Path's
ability to 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, the maintenance of intellectual property rights,
risks relating to maintaining Bio-Path's listing on the Nasdaq
Capital Market 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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