Business
Artelo Biosciences Reports Fiscal 2021 Year-End Financial Results and Provides Business Update
$26.8 Million in Cash and Marketable Securities as of November 15, 2021, Expected to Support Operations Well Into 2023 SOLANA BEACH, Calif., Nov. 29, 2021
About this update from Artelo Biosciences, Inc.
[{"type":"text","content":"$26.8 Million in Cash and Marketable Securities as of November 15, 2021, Expected to Support Operations Well Into 2023\nSOLANA BEACH, Calif., Nov. 29, 2021 (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 fiscal year ended August 31, 2021 and provided a business update. “We achieved significant progress throughout the past year, both clinically and operationally,” stated Gregory D. Gorgas, President and Chief Executive Officer of Artelo Biosciences. “Importantly, we initiated and continue to enroll patients into our Cancer Appetite Recovery (CAReS) Study, evaluating ART27.13 as a potential treatment for cancer-related anorexia. We expect to report Phase 1 data from our CAReS study first quarter of 2022 with randomized Phase 2 data anticipated in the second half of next year.” “In addition, we strengthened our balance sheet with additional capital raised through our at-the-market equity offering, resulting in more than $26.8 million in cash and marketable securities on a pro-forma basis as of November 15, 2021,” added Mr. Gorgas. “With funding well into 2023, we expect to reach meaningful clinical and developmental milestones, including complete data readout from our CAReS study as well as initiation of preclinical research to enable the start of human trials for both our ART26.12 cancer program and ART12.11, our proprietary cocrystal of cannabidiol.” Additional 2021 Corporate Highlights Include: Filed patent application for new solid formulation of ART27.13 with the UK Patent OfficeEntered research collaboration with Trinity College Dublin to investigate ART27.13 for the treatment of cancer cachexiaPresented two posters featuring ART27.13 and ART12.11 at the 31st Annual International Cannabinoid Research Society SymposiumAnnounced publication of study results comparing the pharmacological effects of plant-derived versus synthetic cannabidiol in human cell linesFiled new patent application covering new generation three inhibitors of Fatty Acid Binding Protein 5 chemistriesAwarded a Mitacs Accelerate Canadian government grant with University of Western Ontario; grant expected to fund 50% of research costs evaluating ART26.12 ...