On August 15, 2024 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, reported its financial results for the second quarter ended June 30, 2024 and provided an update on recent corporate developments (Press release, Bio-Path Holdings, AUG 15, 2024, View Source [SID1234645941]).
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"The first half of 2024 was marked by considerable corporate and clinical progress across the organization. We were encouraged by the bolus of data we presented at ASCO (Free ASCO Whitepaper) and EHA (Free EHA Whitepaper) as they underscore the potential of a prexigebersen combination regimen as a safe and effective treatment for some of the most vulnerable cancer patients," said Peter Nielsen, President and Chief Executive Officer of Bio-Path Holdings. "Moving forward, we are excited to advance these important programs in support of our mission to deliver effective therapies without harsh side effects so that even the most fragile patients can have tolerable treatment options."
Recent Corporate Highlights
● Presented Data at American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting. In June, Bio-Path presented interim results from the Company’s Phase 2 study of prexigebersen (BP1001) in combination with decitabine and venetoclax for the treatment of acute myeloid leukemia (AML) in an oral presentation at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting in Chicago, IL.
● Showcased Data at European Hematology Association (EHA) (Free EHA Whitepaper) Congress. In June, the Company presented interim results from the Company’s Phase 2 study of prexigebersen (BP1001) in combination with decitabine and venetoclax for the treatment of AML in a poster presentation at 2024 European Hematology Association (EHA) (Free EHA Whitepaper) Congress in Madrid, Spain.
● Closed $4.0 Million Private Placement. In June, Bio-Path closed a private placement for the issuance and sale of an aggregate of 1,809,955 shares of its common stock (or common stock equivalents in lieu thereof), series A warrants to purchase up to 1,809,955 shares of common stock and short-term series B warrants to purchase up to 1,809,955 shares of common stock at a purchase price of $2.21 per share of common stock (or per common stock equivalent in lieu thereof) and accompanying warrants priced at-the-market under Nasdaq rules.
Financial Results for the Second Quarter Ended June 30, 2024
● The Company reported a net loss of $1.9 million, or $1.16 per share, for the three months ended June 30, 2024, compared to a net loss of $4.2 million, or $10.64 per share, for the three months ended June 30, 2023.
● Research and development expense for the three months ended June 30, 2024 decreased to $1.9 million, compared to $3.1 million for the three months ended June 30, 2023 primarily due to decreased manufacturing expenses related to drug product releases partially offset by an increase in expense related to our clinical trial for BP1002 in lymphoma due to increased patient enrollment in 2024.
● General and administrative expense for each of the three months ended June 30, 2024 and June 30, 2023 was $1.2 million.
● As of June 30, 2024, the Company had cash of $4.0 million, compared to $1.1 million as of December 31, 2023. Net cash used in operating activities for the six months ended June 30, 2024 was $4.3 million compared to $6.9 million for the comparable period in 2023. Net cash provided by financing activities for the six months ended June 30, 2024 was $7.2 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 second quarter 2024 financial results and to provide a general update on the Company. To access the conference call please dial (844) 481-3014 (domestic) or (412) 317-1879 (international). 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.