Norwood, MA, Nov 10, 2020 (GLOBE NEWSWIRE via COMTEX) -- Corbus Pharmaceuticals Holdings, Inc. /zigman2/quotes/201549545/composite CRBP -2.92% ("Corbus" or the "Company"), a clinical-stage drug development company pioneering transformative medicines that target the endocannabinoid system ("ECS"), today reported financial results for the third quarter of 2020. The Company also provided clinical, pipeline and corporate updates.
Yuval Cohen, Ph.D., Chief Executive Officer said, "We are emerging from a very challenging period with a continued focus on our lenabasum dermatomyositis program and preclinical pipeline. Our restructuring significantly improved our cash runway, so we can continue to work toward delivering a much-needed novel therapeutic option for patients while also giving us the resources to look at external assets that will be synergistic to our in-house capabilities. We expect our cash runway to be further extended with the cost savings from our plan to shorten the DETERMINE Phase 3 dermatomyositis study to 28 weeks from one year. This decision is driven by recent changes in the dermatomyositis competitive landscape and will accelerate topline data readout to the second quarter of 2021. We see our dermatomyositis program as a potential large value driver for our Company, given that there are about 40,000 dermatomyositis patients in North America and limitations with current treatment options."
Dr. Cohen continued, "While we were disappointed that both the RESOLVE-1 systemic sclerosis study and the Phase 2b cystic fibrosis study did not meet their primary endpoints, we have a solid understanding of what led to those outcomes. The data generated point to clinical activity associated with lenabasum treatment. The dataset also provided unique insight into disease progression and the impact of current standards of care. With this in mind, we are working with systemic sclerosis and cystic fibrosis experts to further analyze the data and potentially explore paths forward in these programs."
Clinical Program Updates:
Lenabasum: a novel, oral, selective cannabinoid receptor type 2 (CB2) agonist
Dermatomyositis - The Phase 3 "DETERMINE" study in dermatomyositis, a rare and life-threatening autoimmune disease characterized by skin and muscle inflammation, is fully enrolled.
Financial Results for Third Quarter Ended September 30, 2020:
For the quarter ended September 30, 2020, the Company reported a net loss of approximately $34.9 million or a net loss per diluted share of $0.43, compared to a net loss of approximately $20.8 million or net loss per diluted share of $0.32 for the quarter ended September 30, 2019.
For the quarter ended September 30, 2020, revenue decreased by approximately $1.4 million from the third quarter of 2019 to $1.2 million, due primarily to revenue recognized under the Cystic Fibrosis Program Related Investment Agreement.
Operating expenses for the quarter ended September 30, 2020 increased by approximately $7.5 million to $35.2 million. The increase was primarily attributable to increased clinical trial costs.
Corbus expects its cash and cash equivalents on hand of approximately $81.9 million at September 30, 2020 together with proceeds from the expected final $2.5 million milestone payment from the Cystic Fibrosis Foundation and anticipated foreign tax credits to fund operations and its current clinical plan beyond the second quarter of 2022.
Conference Call and Webcast Information:
Corbus management will host a conference call and webcast presentation for investors, analysts, and other interested parties today, Tuesday, November 10, 2020, at 8:30 a.m. ET.
To participate on the call, please dial (877) 407-3978 (domestic) or (412) 902-0039 (international). The live webcast will be accessible on the Events page of the Investors section of the Corbus website, www.corbuspharma.com , and will be archived for 90 days.