Business
Artelo Biosciences Reports Second Quarter Fiscal 2021 Financial Results and Provides Business Update
Recently Commenced Patient Enrollment in Phase 1/2 CAReS Study of ART27.13 in the UK Reported Positive Pre-Clinical Data Associated with Artelo’s Proprietary
About this update from Artelo Biosciences, Inc.
[{"type":"text","content":"Recently Commenced Patient Enrollment in Phase 1/2 CAReS Study of ART27.13 in the UK Reported Positive Pre-Clinical Data Associated with Artelo’s Proprietary CBD Cocrystal $11.2 Million of Cash and Cash Equivalents and Marketable Securities as of February 28, 2021 LA JOLLA, Calif., April 13, 2021 (GLOBE NEWSWIRE) -- Artelo Biosciences, Inc. (NASDAQ: ARTL), a clinical stage biopharmaceutical company focused on the development of therapeutics that target lipid-signaling pathways, including the endocannabinoid system, today reported financial and operating results for the second quarter of its fiscal year ended February 28, 2021 and provided a business update. “We are pleased to report continued clinical and corporate progress during the second quarter of 2021,” stated Gregory D. Gorgas, President and Chief Executive Officer of Artelo Biosciences. “Most recently, we dosed the first patient in our Phase 1/2 Cancer Appetite Recovery Study (CAReS) of ART27.13, marking a major milestone for Artelo. We believe ART27.13 has the potential to become a standard of care treatment for cancer anorexia, a wasting syndrome associated with significant weight loss that affects more than 60% of all cancer patients and is a leading cause of mortality in this population. Our goal is to complete the study within approximately twelve months, and we anticipate announcing meaningful clinical updates as we advance through the trial.” During the quarter, the Company announced positive pre-clinical data associated with its proprietary CBD cocrystal, ART12.11, showing potential pharmacodynamic interactions of its components, cannabidiol (CBD) and tetramethylpyrazine (TMP), in cell-based models of cancer. The study observed enhanced effects between CBD and TMP versus either compound alone, reinforcing Artelo’s CBD cocrystal’s potential for improved efficacy and differentiation from other forms of CBD. The full data is expected to be disclosed at a future scientific conference. “We ended the quarter with approximately $11.2 million of cash and cash equivalents, and marketable securities, which provides us more than sufficient runway to execute on a number of key upcoming milestones that we believe have the potential to drive significant value for shareholders,” added Randy Schreckhise, Vice President Finance and Operations. “At the same time, we continue to ex...