Business
Artelo Biosciences Reports First Quarter 2022 Financial Results and Provides Business Update
$23.5 Million in Cash and Investments as of March 31, 2022, Expected to Support Completion of the CAReS Trial and Operations Into Second Half of 2023 Results
About this update from Artelo Biosciences, Inc.
[{"type":"text","content":"$23.5 Million in Cash and Investments as of March 31, 2022, Expected to Support Completion of the CAReS Trial and Operations Into Second Half of 2023 Results of Phase 1b CAReS Trial Anticipated in Q3 2022 SOLANA BEACH, Calif., May 12, 2022 (GLOBE NEWSWIRE) -- Artelo Biosciences, Inc. (Nasdaq: ARTL), a clinical stage pharmaceutical company developing therapeutics that modulate lipid-signaling pathways, including the endocannabinoid system, today reported financial and operating results for the three months ending March 31, 2022. “We remain highly encouraged by the clinical data to date and we have yet to reach a maximum tolerated dose in our Phase 1b portion of the Cancer Appetite Recovery Study (CAReS) evaluating ART27.13 for the treatment of cancer-related anorexia,” stated Gregory D. Gorgas, President and Chief Executive Officer of Artelo Biosciences. Mr. Gorgas continued, “We are also excited by new pre-clinical evidence of ART27.13 protecting from muscle wasting (cachexia), which is often associated with anorexia in cancer patients. Cachexia has multiple causes and affects more than 60% of late-stage cancer patients.” “With cash on hand expected to support operations into the second half of 2023, we expect to reach meaningful clinical and developmental milestones, namely, the complete data readout from our CAReS study, as well as the progress of pre-clinical research supporting the initiation of human trials for both ART26.12 and ART12.11,” concluded Mr. Gorgas. Other Business Highlights Research conducted at Trinity College Dublin, Ireland with ART27.13 showed positive pre-clinical evidence that the Company’s dual CB1 and CB2 cannabinoid agonist can protect human muscle cells from cancer-induced muscle degeneration via a CB2-mediated mechanism of action and may offer advantages over single mechanism approaches in the treatment of Cancer Anorexia Cachexia syndrome. New collaboration with Richard K. Porter, Ph.D., of the School of Biochemistry & Immunology at Trinity College Dublin, to investigate the molecular basis of fatty acid binding protein inhibition in cancer and the potential of the ART26.12 platform for the treatment of various tumors.Notice of Allowance received from the U.S. Patent and Trademark Office for patent application 16/835,383 entitled “Solid Forms of Cannabidiol and Uses Thereof” related to the Company’s...