Bio-Path Holdings Reports Full Year 2023 Financial Results
08 Marzo 2024 - 6:00AM
Bio-Path Holdings, Inc., (NASDAQ:BPTH), a biotechnology company
leveraging its proprietary DNAbilize® liposomal delivery and
antisense technology to develop a portfolio of targeted nucleic
acid cancer drugs, today announced its financial results for the
year ended December 31, 2023 and provided an update on recent
corporate developments.
“2023 was a year of focused execution, as
evidenced by the continued progress across our pipeline of
DNAbilize programs,” said Peter Nielsen, President and Chief
Executive Officer of Bio-Path Holdings. “In the fourth quarter, we
were delighted to announce important enrollment updates in our
Phase 1/1b clinical trial of BP1002 in refractory/relapsed Acute
Myeloid Leukemia (AML) and our Phase 1 clinical trial of BP1002 in
refractory/relapsed lymphoma and refractory/relapsed Chronic
Lymphocytic Leukemia (CLL). As we look to the months and year
ahead, we expect to build on the clinical progress achieved to date
to bring potentially life-saving new medicines to patients battling
cancers.”
Recent Corporate Highlights
- Hosted Key Opinion Leader (KOL) Event to Discuss
Prexigebersen and Advances in the AML Treatment Landscape.
In October, Bio-Path hosted a virtual KOL event to discuss the
current AML treatment landscape and the growing body of clinical
evidence in support of prexigebersen as a treatment for AML. The
event featured presentations from Jorge Cortes, M.D., Director,
Georgia Cancer Center, Augusta University and Maro Ohanian, D.O.,
Department of Leukemia, Division of Cancer Medicine, The University
of Texas MD Anderson Cancer Center.
- Successfully Completed First Dose Cohort of Phase 1/1b
Clinical Trial of BP1002 in Refractory/Relapsed Acute Myeloid
Leukemia. In December, the Company announced the
completion of the first dose cohort of the dose escalation portion
of its Phase 1/1b clinical trial of BP1002 evaluating the ability
of BP1002, a liposomal Bcl-2 nanoparticle antisense, to treat
refractory/relapsed AML patients including venetoclax-resistant
patients.
- Completed First Dose Cohort in Phase 1 Clinical Trial
Evaluating BP1002 to Treat Refractory/Relapsed Lymphoma and
Refractory/Relapsed Chronic Lymphocytic Leukemia Patients.
In December, Bio-Path announced completion of the first dose cohort
of the dose escalation portion of its Phase 1 clinical trial of
BP1002 evaluating the ability of BP1002 for the treatment of
refractory/relapsed lymphoma and refractory/relapsed CLL
patients.
Financial Results for the Year Ended December 31,
2023
- The Company reported a net loss of $16.1 million, or $33.63 per
share, for the year ended December 31, 2023, compared to a net loss
of $13.9 million, or $38.12 per share, for the year ended December
31, 2022.
- Research and development expense for the year ended December
31, 2023 increased to $11.6 million, compared to $9.2 million for
the year ended December 31, 2022 primarily due to manufacturing
expenses related to drug product releases in 2023 as well as an
increase in expense related to our clinical trial for prexigebersen
in AML due to increased patient enrollment in 2023.
- General and administrative expense for the year ended December
31, 2023 decreased to $4.2 million, compared to $4.7 million for
the year ended December 31, 2022 primarily due to decreased
salaries and benefits expense as well as franchise tax
expenses.
- Change in fair value of the Company’s warrant liability for the
year ended December 31, 2023 resulted in a non-cash loss of $0.3
million. The company did not have the warrant liability in
2022.
- As of December 31, 2023, the Company had cash of $1.1 million,
compared to $10.4 million as of December 31, 2022. Net cash used in
operating activities for the year ended December 31, 2023 was $11.5
million compared to $15.1 million for the comparable period in
2022. Net cash provided by financing activities for the year ended
December 31, 2023 was $2.2 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 full-year 2023
financial results and to provide a general update on the Company.
To access the conference call please dial (833) 630-1956 (domestic)
or (412) 317-1837 (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.
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
blood cancers, and BP1001-A, a drug product modification of
prexigebersen, is in a Phase 1/1b study for solid tumors. The
Company’s second product, BP1002, which targets the Bcl-2 protein,
is being evaluated for the treatment of blood cancers and solid
tumors, including lymphoma and acute myeloid leukemia. In addition,
an IND application is expected to be filed for BP1003, a novel
liposome-incorporated STAT3 antisense oligodeoxynucleotide
developed by Bio-Path as a specific inhibitor of STAT3.
For more information, please visit the Company's website at
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, have success in the clinical development of its
technologies, the timing of enrollment and release of data in such
clinical studies, 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,
that patents relating to existing or future patent applications
will be issued or that any issued patents will provide meaningful
protection of our drug candidates, the impact, risks and
uncertainties related to global pandemics, including the COVID-19
pandemic, and actions taken by governmental authorities or others
in connection therewith, 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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