Business
Artelo Biosciences Reports Fiscal 2022 Year-End Financial Results and Provides Business Update
$17.5 Million in Cash and Marketable Securities as of December 31, 2022; Expected to Support Operations Into Second Half of 2024 SOLANA BEACH, Calif., March
About this update from Artelo Biosciences, Inc.
[{"type":"text","content":"$17.5 Million in Cash and Marketable Securities as of December 31, 2022; Expected to Support Operations Into Second Half of 2024\nSOLANA BEACH, Calif., March 31, 2023 (GLOBE NEWSWIRE) -- Artelo Biosciences, Inc. (Nasdaq:ARTL), a clinical-stage pharmaceutical company focused on modulating lipid-signaling pathways to develop treatments for people living with cancer, pain, and neurological conditions, today reported financial and operating results for the fiscal year ended December 31, 2022 and provided a business update. “We achieved meaningful clinical progress throughout 2022,” stated Gregory D. Gorgas, President and Chief Executive Officer of Artelo Biosciences. “Importantly, we completed enrollment of the first three cohorts in our Cancer Appetite Recovery Study (CAReS), evaluating ART27.13 for the treatment of cancer-related anorexia and weight loss. Given ART27.13’s better-than-expected safety profile and absence of drug-related grade three or four toxicity, we elected to advance to a fourth cohort at a 650-microgram dose. Since enrollment of the fourth cohort is now complete, we are awaiting the final patient’s results to be fully evaluable before initiation of the Phase 2a stage of CAReS, which is anticipated in April 2023.” “We are well funded into the second half of 2024 and intend to aggressively advance our product pipeline to develop new treatment options for people suffering from cancer and other debilitating diseases.” Additional 2022 Business Highlights: Selected for an oral presentation at the 32nd International Cannabinoid Research Society (ICRS) Symposium. Artelo’s Vice President of Translational Sciences, Saoirse O’Sullivan, presented pre-clinical data related to ART26.12, the Company’s lead fatty acid binding protein 5 (FABP5) inhibitor. The pre-clinical research showed that chronic, oral treatment with ART26.12 was effective at both preventing and treating both oxaliplatin and paclitaxel-induced pain sensitivity without any sedating effects. Additionally, ART26.12 minimized the acute weight loss caused by oxaliplatin, supporting further development in neuropathy associated with chemotherapy and other neuropathies.Published pre-clinical results with one of the Company’s novel FABP5 inhibitors which selectively reduced activity in an area of the brain associated with anxiety indicating that modulation of the FA...