- CNS reported a decrease in losses from $3.8 million in Q2 2021 to $3.6 million in Q2 2022, as well as a drop in research and development expenses from $2.7 million to $2.2 million, with an increase in general and administrative expenses from $1.1 million to $1.3 million
- The company closed the quarter with $9.0 million in cash, and a working capital of approximately $10.3 million which, it is confident, will fund its operations into the 2023 calendar year
- CNS looks to continue site initiations across the U.S., Italy, France, Spain, and Switzerland, while also pushing for regulatory and ethics approvals specifically for Italy
- It maintains that its focus and priorities remain on advancing its clinical development program for Berubicin for the treatment of GBM
CNS Pharmaceuticals (NASDAQ: CNSP), a clinical stage biotechnology enterprise focusing on the development of novel treatments for brain tumors, just released its financial results for the second quarter (“Q2”) of the 2022 fiscal year ended June 30, 2022. Of note was a notable performance improvement, with losses dropping from $3.8 million during the same period in 2021 to $3.6 million in 2022. This improvement was mainly attributed to the decreases in the timing of drug development expenses (https://ibn.fm/TWnMh).
Research and development expenses also dropped from $2.7 million in Q2 2021 to $2.2 million for Q2 2022. On the other hand, general and administrative expenses saw a bump to $1.3 million, up from $1.1 million during the same period in 2021. This was linked to overall growth in employee compensation, taxes, and legal and professional fees, all of which were offset by decreases in stock-based compensation and other expenses.
CNS kicked off Q3 2022 with approximately $9 million in cash, and working capital of approximately $10.3 million, which, it is confident, will fund its operations into the 2023 calendar year. Currently, the company is exploring the full potential of its lead product candidate, Berubicin. Results from clinical studies over the last six months have proven fruitful, even as the company continues to work toward approval by the United States Food and Drug Administration (“FDA”).
“Within the past 6 months alone, we have executed on a number of clinical and operational advancements including expanding our global presence with clinical approvals in Spain, France, and Switzerland to drive patient enrollment forward, as well as expanding eligibility for patients to participate in our potentially pivotal study of Berubicin for the treatment of Glioblastoma Multiforme (‘GBM’) with our recently amended protocol, which was approved by the FDA, Swissmedic, National Agency for the Safety of Medicine and Health Products (‘ANSM’) Competent Authority and Corresponding European ethics committees,” noted John Climaco, CNS’ Chief Executive Officer (“CEO”).
Even with the achievements thus far, CNS remains committed to advancing its research even further, taking advantage of the previously granted Fast Track Designation for Berubicin by the FDA. In addition, the company has received Orphan Drug Designation from the FDA, providing seven years of marketing exclusivity upon approval of a New Drug Application (“NDA”).
CNS is looking to continue site initiations across the United States, Italy, France, Spain, and Switzerland while pushing for regulatory and ethics approvals specifically for Italy. It also seeks to commence patient enrollment across its European clinical sites even as it works towards the interim analysis of the trial when 30-50% of the total expected patients have been on study for at least six months. This, its management argues, defines the company’s focus and commitment to creating value for its shareholders.
“Our focus and priorities remain on advancing our clinical development program for Berubicin to ultimately bring a meaningful treatment to GBM patients, families and clinicians, who currently have extremely limited and often ineffective treatment options,” noted Mr. Climaco.
CNS continues to advance the development of its lead product candidate and its overall drug technology portfolio. It is indicative of its commitment to offering a solution to patients dealing with GBM, their families, and clinicians at the forefront of offering the necessary treatment services to these patients. More importantly, it indicates the company’s commitment to creating shareholder value and living up to shareholder expectations. Its management is confident that a significant performance improvement is imminent with the framework laid down so far.
For more information, visit the company’s website at www.CNSPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to CNSP are available in the company’s newsroom at https://ibn.fm/CNSP
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