Business
Artelo Biosciences Reports Second Quarter 2023 Financial Results and Provides Business Update
$14.0 Million in Cash and Investments as of June 30, 2023; Cash Runway Expected to Support Operations into the Second Half of 2024 SOLANA BEACH, Calif., Aug.
About this update from Artelo Biosciences, Inc.
[{"type":"text","content":"$14.0 Million in Cash and Investments as of June 30, 2023; Cash Runway Expected to Support Operations into the Second Half of 2024\nSOLANA BEACH, Calif., Aug. 10, 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 three months ended June 30, 2023 and provided a business update. “During the second quarter we were pleased to announce the achievement of multiple objectives and present new data,” said Gregory D. Gorgas, President and Chief Executive Officer of Artelo Biosciences. “Notably, based on the very encouraging safety profile from our Phase 1b study, we initiated Phase 2a of our Cancer Appetite Recovery Study (CAReS) trial evaluating ART27.13 for the treatment of cancer-related anorexia and weight loss. We are now actively enrolling patients and opening new clinical sites to support the randomized Phase 2a stage of the study.” In addition, Artelo presented important preclinical data from multiple animal studies related to ART12.11, a patented cocrystal composition of cannabidiol (CBD), and ART26.12, a novel Fatty Acid Binding Protein 5 inhibitor, at the 33rd International Cannabinoid Research Society Symposium in June. ART12.11 demonstrated improved bioavailability and superior efficacy in animal models of stress-induced anxiety versus CBD. Preclinical research in Chemotherapy-Induced Peripheral Neuropathy (CIPN) showed that ART26.12 is capable of preventing allodynia from both taxane- and platinum-based agents, the two most common causes of CIPN. ART26.12 continues to deliver strong preclinical animal data supporting its broad potential as an orally administered innovative treatment for painful neuropathies, including reducing mechanical hypersensitivity in painful diabetic neuropathy. As a result of a recent pre-IND meeting with the FDA and ongoing, positive results with ART26.12 in five studies with three causes of neuropathy, Artelo anticipates receiving approval to move ART26.12 into the clinic in the first half of 2024. “With approximately $14.0 million in cash and investments as of June 30, 2023, we believe we have the financial resources to support operations into the second h...