Business
Artelo Biosciences Reports Third Quarter 2022 Financial Results and Provides Business Update
Enrollment of Phase 2a CAReS Study Expected to Commence Near Year-End $19.5 Million in Cash and Investments as of September 30, 2022 SOLANA BEACH, Calif.,
About this update from Artelo Biosciences, Inc.
[{"type":"text","content":"Enrollment of Phase 2a CAReS Study Expected to Commence Near Year-End $19.5 Million in Cash and Investments as of September 30, 2022 SOLANA BEACH, Calif., Nov. 08, 2022 (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 September 30, 2022 and provided a business update. “Based on ART27.13’s favorable safety profile to date, the Phase 1b Cancer Appetite Recovery Study (CAReS) evaluating ART27.13 for the treatment of cancer-related anorexia and weight loss was expanded to include a fourth, higher dose cohort earlier this year. This final cohort is nearly fully enrolled. Once clinical results are evaluated, we expect to commence enrollment of our Phase 2a clinical trial near year-end,” stated Gregory D. Gorgas, President and Chief Executive Officer of Artelo Biosciences. “With over $19.5 million in cash and investments as of September 30, 2022, we expect to fund operations through the first half of 2024 and, thus, support the achievement of key clinical and preclinical milestones,” added Mr. Gorgas. Other Business Highlights Promising Non-clinical Data for Multiple Potential Uses from Artelo’s Fatty Acid Binding Protein 5 (FABP5) Platform At the International Cannabinoid Research Society’s annual meeting in Galway, Ireland, June 26-30, 2022, Artelo shared data from multiple non-clinical animal research studies with ART26.12, its lead FABP5 inhibitor, indicating that chronic, oral administration was effective at preventing and treating both oxalplatin- and paclitaxel-induced pain sensitivity without any sedating effects. These findings support further development of ART26.12 in neuropathies, including neuropathy associated with chemotherapy, which represents a significant unmet need for which there are no approved treatments in the US, UK, or Europe. With regulatory enabling research well underway, Artelo anticipates filing an Investigational New Drug application with the FDA late next year. In addition to the research with ART26.12, Artelo reported positive non-clinical results from one of its other novel FABP5 inhibitors, which suggests that the inhibition of FABP5 can be a pr...