On October 30, 2019 Cotinga Pharmaceuticals Inc. (TSX Venture: COT; OTCQB: COTQF) ("Cotinga" or the "Company"), a clinical-stage pharmaceutical company advancing a pipeline of targeted therapies for the treatment of cancer, reported its financial and operating results today for the three months ended July 31, 2019 (Press release, Cotinga, OCT 30, 2019, View Source [SID1234550034]). Recent highlights are outlined below. The Company also announces the reinstatement of Victor Hugo, of Marrelli Services Inc, as CFO, effective October 10, 2019; and the resignation of John Yoo, MD, from the Board of Directors, effective September 24, 2019. Dr. Yoo will remain as an advisor to the Company.
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Advanced the clinical development of COTI-2:
• Cotinga announced the initiation of dosing patients in the first three cohorts in the combination therapy trial at MD Anderson Cancer Center evaluating COTI-2 and cisplatin in a wide spectrum of cancers.
• The Company announced early interim data from cohorts 1 and 2, reporting signs of clinical activity in both cohorts determined by disease stabilization or regression. Additionally, the Company announced the closings of a two-tranche debenture in May and June, 2019, bringing $300,000 CDN into the company to fund the clinical trial and general operations. Upcoming Milestones COTI-2:
• Continue the dose escalation Phase 1b/2a combination therapy trial evaluating the effect of COTI2 plus cisplatin in patients with solid tumors;
• Contingent on the raising of necessary funds, initiate the TNBC trial with COTI-2 plus eribulin. Corporate:
• Strengthen the balance sheet;
• Opportunistically pursue regional or co-development partnerships for COTI-2, pipeline programs and other technologies.
Financial Results
The Company’s operational activities during the quarter were primarily focused on advancing the Phase 1b/2a clinical trial of COTI-2.
For the three-months ended July 31, 2019, the Company incurred a net loss of $0.527 million, or $0.02 per share, compared to a net loss of $0.982 million, or $0.04 per share, for the three-months ended July 31, 2018. The decrease in net loss during the three-month period is primarily due to decreases in Research and Development (R&D) expense and General and Administrative (G&A) expense. Press Release Page | 2
There was no revenue for the three months ended July 31, 2019 or in the comparative periods in the prior year.
R&D expense in the three-month period ended July 31, 2019 decreased by $0.218 million over the same period in the prior year. The decrease in R&D expense in the three-month period is primarily due to a decrease in clinical trial expenses and synthesis and miscellaneous R&D expenses.
S&M expense in the three-month period ended July 31, 2019 decreased by $0.028 million over the same period in the year prior. The decrease in S&M expense in the three-month period is primarily due to less travelling and conferences and in 2019, and professional fees on marketing.
G&A expense in the three-month period ended July 31, 2019 decreased by $0.158 million over the same period in the year prior. The decrease in G&A expense in the three-month period is primarily due to primarily due to lower professional fees and share-based compensation.
Detailed operating and financial results can be found in the Company’s Unaudited Condensed Interim Financial Statements and Management Discussion and Analysis for the three months ended July 31, 2019, which can be found on SEDAR at www.sedar.com or on the Company’s website at www.cotingapharma.com.