Business
Artelo Biosciences Reports Fiscal 2023 Year-End Financial Results and Provides Business Update
Major achievements in 2023 lay the foundation for key upcoming milestones SOLANA BEACH, Calif., March 25, 2024 (GLOBE NEWSWIRE) -- Artelo Biosciences, Inc.
About this update from Artelo Biosciences, Inc.
[{"type":"text","content":"Major achievements in 2023 lay the foundation for key upcoming milestones\nSOLANA BEACH, Calif., March 25, 2024 (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, dermatologic and neurological conditions, today reported financial and operating results for the fiscal year ended December 31, 2023 and provided a business update. Key Program Accomplishments in 2023: Completed phase 1b and initiated phase 2a of the Cancer Appetite Recovery Study (CAReS) with ART27.13;Advanced ART 26.12 toward IND submission in 2024 for the treatment of painful neuropathies following positive pre-IND meeting with the FDA; andPresented data demonstrating improved efficacy and bioavailability of ART12.11 compared to cannabidiol in well-established models of anxiety and depression. “We made substantial progress on multiple programs last year,” commented Gregory D. Gorgas, President and Chief Executive Officer of Artelo Biosciences. “Notably, CAReS progressed from the dose-ranging phase 1b to the randomized phase 2a where we will assess the safety and efficacy of ART27.13 in terms of lean body mass, weight gain, activity, and improvement of anorexia versus placebo. Importantly, with ART27.13 now being studied in approximately a dozen clinical sites in five countries, we are on track to fully enroll the phase 2a of CAReS before the end of 2024.” “Additionally, following the positive pre-IND meeting held with the FDA and five preclinical animal studies in painful neuropathies, we completed the critical toxicology studies and important manufacturing steps with ART26.12 necessary for an IND filing in the first half of this year. The momentum from last year and our cash, projected to support operations into the second half 2025, give us confidence in achieving several important clinical milestones that hold the potential to drive significant value for shareholders,” stated Gorgas. Additional Recent Business Highlights: Presented safety results for ART27.13 from the 1b phase of CAReS at the Cancer Cachexia Society annual conference by leading investigator, Dr. Barry Laird, where it was noted there were no grade 3 or 4 adverse events related to ART27.13 in the cancer population.Published peer-reviewed researc...