Inspyr Therapeutics Reports Financial Results and Business Update For Full Year 2020

On April 1, 2021 Inspyr Therapeutics, Inc. (OTC:NXPX), a pharmaceutical company focused on the research and development of novel targeted precision therapeutics for the treatment of cancer, reported its financial results and business update for the fourth quarter and full year 2020 ended December 31, 2020 (Press release, Inspyr Therapeutics, APR 1, 2021, View Source [SID1234577496]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Business Highlights

In October 2020, we announced that the company would strengthen its strategic collaboration with Ridgeway Therapeutics by reacquiring its novel immune-oncology precision targeting platform for the treatment of cancer through the cancellation of our prior licensing agreement.
As of March 30, 2021, we have 24 issued patents in our intellectual property portfolio for 22 jurisdictions in potential future commercial markets including the United States, Europe, the United Kingdom, Asia, and other geographies.
The company is currently preparing an investigational new drug (IND) application, for its lead asset, RT-AR001, an adenosine A2B receptor antagonist. The company plans to provide an update on RT-AR001’s clinical development in the second half of 2021 after its pre-IND meeting with the U.S. Food and Drug Administration (FDA).
Financial Highlights

Cash and restricted cash was $0.4 million and $0.02 million at December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, there was no cash over the federally insured limit.
Operating expenses was $2.5 million and $0.06 million at December 31, 2020 and 2019, respectively. The increase was mostly due to the $2.0 million associated with the licensing cost of the adenosine portfolio.
Research and development (R&D) expenses incurred were $0.02 million and $0.04 million for the years ended December 31, 2020 and 2019, respectively.