Business
Artelo Biosciences Reports Third Quarter Fiscal Year 2020 Financial Results and Provides Business Update
LA JOLLA, Calif., July 14, 2020 (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., July 14, 2020 (GLOBE NEWSWIRE) -- Artelo Biosciences, Inc. (NASDAQ: ARTL), a clinical stage biopharmaceutical company focused on the development of therapeutics that modulate the endocannabinoid system and related biological signaling pathways, today reported financial and operating results for the third quarter ended May 31, 2020 of its fiscal year ending August 31, 2020 and provided a business update.\n “We continue to make meaningful clinical and operational progress throughout our therapeutic product candidate pipeline,” stated Gregory D. Gorgas, Artelo’s President and CEO. “Notably, Artelo was awarded the first and only composition of matter patent for our novel cocrystal of CBD, ART12.11, establishing a basis for market exclusivity through the end of 2038 and supporting our development for PTSD and inflammatory bowel disease. Despite delays related to the COVID-19 pandemic, we still expect to receive the appropriate approvals in order to initiate enrollment in our Phase 1b/2a clinical study of ART27.13 for the treatment of cancer-related anorexia later this year.” Artelo recently announced a significant advancement of ART26.12, our Fatty Acid Binding Protein 5 platform, by expanding our license agreement with Stony Brook University to include rights to recently developed compounds supported by a $4.2 million grant from the NCI. With respect to business development, the Company increased discussions with potential partners to help support advancement and provide further validation of its programs. Third Quarter FY2020 Corporate Highlights Awarded a composition of matter patent from the U.S. Patent and Trademark Office for Artelo’s patent application for ART12.11, the Company’s cocrystal, solid form of CBD.Conducted multiple investor presentations and business development meetings at well-attended virtual investment conferences. Webcast versions of Artelo’s presentations are available on the Company’s website. Financial Results Operating expenses for the three months ended May 31, 2020 were $951,395 compared to $941,288 for the same period in 2019. The company’s operating expenses were primarily related to research and development contracts, ongoing regulatory filing requirements, and general and administrative expenses.Net loss was approximately $951,191, or $0.27 per basic share and fully-diluted share fo...