Business
Artelo Biosciences Reports Fourth Quarter and Fiscal 2020 Year-End Financial Results and Provides Business Update
Closed $7.6 Million Underwritten Public Offering Received Ethics Approval to Commence CAReS Study of ART27.13 in the UKExpanded Exclusive Worldwide License
About this update from Artelo Biosciences, Inc.
[{"type":"text","content":"Closed $7.6 Million Underwritten Public Offering Received Ethics Approval to Commence CAReS Study of ART27.13 in the UKExpanded Exclusive Worldwide License with Stony Brook University for Fatty Acid Binding Protein 5 (FABP5) inhibitor Platform LA JOLLA, Calif., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Artelo Biosciences, Inc. (NASDAQ: ARTL), a clinical stage biopharmaceutical company focused on the development of therapeutics that modulate endogenous signaling pathways, including the endocannabinoid system, today reported financial and operating results for the fourth quarter and fiscal year ended August 31, 2020 and provided a business update.\n “This has been a pivotal year for Artelo, with notable clinical and operational progress alongside a successful financing to advance our programs toward meaningful milestones,” stated Gregory D. Gorgas, Artelo’s President and CEO. “Most significantly, we are poised to initiate enrollment in our Cancer Appetite Recovery Phase 1b/2a Clinical Study (CAReS) for our lead program ART27.13, before the end of this year.” In addition, Artelo expanded its agreement with Stony Brook University for rights to third-generation FABP5 inhibitors for the treatment of cancer, pain, and inflammation, expanding the potential of its established ART26.12 program. “As a result, our key priorities for 2021 will be clinical execution of our CAReS Study of ART27.13 and strategic partnership discussions of our ART12.11 and ART26.12 programs”, continued Gorgas. Additional 2020 corporate highlights include: Received ethics approval in the United Kingdom to commence CAReS study of ART27.13 for the treatment of cancer-related anorexia.Successfully manufactured clinical study material and selected a contract research organization for the CAReS study of ART27.13 for the treatment of cancer-related anorexia.Expanded the license agreement with Stony Brook University for the FABP5 inhibitor platform for development of lead cancer, pain and inflammation compounds, a platform which earlier this year earned Stony Brook a $4.2 million NCI development grant.Filed a method of use patent with the U.S. Patent and Trademark Office (USPTO) covering the use of FABP5 inhibitors for the treatment of psychological disorders such as anxiety and post-traumatic stress disorder (PTSD).Received the first composition of matter patent for claims rel...