Business
Artelo Biosciences Reports Fourth Quarter and Fiscal Year 2019 Financial Results and Provides Business Update
LA JOLLA, Calif., Nov. 25, 2019 (GLOBE NEWSWIRE) -- Artelo Biosciences, Inc. (NASDAQ: ARTL), a clinical stage biopharmaceutical company focused on the
About this update from Artelo Biosciences, Inc.
[{"type":"text","content":"LA JOLLA, Calif., Nov. 25, 2019 (GLOBE NEWSWIRE) -- Artelo Biosciences, Inc. (NASDAQ: ARTL), a clinical stage biopharmaceutical company focused on the development of therapeutics that modulate the endocannabinoid system, today reported financial and operating results for the fourth quarter and fiscal year ended August 31, 2019 and provided a business update.\n “We continue to advance our clinical stage and non-clinical pipeline while adding critical functions to execute on our product development and business strategies,” stated Gregory D. Gorgas, Artelo’s President and Chief Executive Officer. “We have made important progress in our readiness to initiate a Phase 1b/2a study in the United Kingdom with ART27.13, our synthetic cannabinoid for the treatment of anorexia and weight loss associated with cancer. We held a productive meeting with The Medicines and Healthcare Products Regulatory Agency earlier this month and are on track to deliver GMP drug substance early next month. Also noteworthy, our non-clinical programs ART12.11 and ART26.12 continue to garner attention and both were recently featured in prominent peer-review journals. We anticipate achieving meaningful milestones across our entire pipeline in the new year.” Fiscal 2019 Corporate Highlights We completed a public offering, raising net proceeds of approximately $7.3 million with a concurrent up listing to NASDAQ.We exercised our option for the worldwide exclusive license in all fields for ART27.13, with the final and full licensing payment made in July.Positive non-clinical data with our Fatty Acid Binding Protein 5 (FABP5) inhibitor program under development in collaboration with The Research Foundation of the State University of New York Stony Brook was published in The Prostate October 2019 issue. Researchers at Stony Brook reported that combinations of taxanes and our FABP5 inhibitors resulted in complete prostate cell death at lower concentrations when compared to docetaxel or cabazitaxel alone. This is the first study to demonstrate that FABP5 inhibitors can increase the cytotoxic and tumor suppressive effects in prostate cancer cells when co-administered with the standard of care.Two research studies conducted by Artelo were featured in the Nature Medicine September 2019 issue. Nature Medicine recognized the importance of the Company’s research findings and h...