Business
Celcuity Reports First Quarter 2020 Financial Results and Recent Business Highlights
Significant progress made in development of new, highly precise diagnostics using proprietary CELsignia platformExpect to announce new clinical trial
About this update from Celcuity Inc.
[{"type":"text","content":"Significant progress made in development of new, highly precise diagnostics using proprietary CELsignia platformExpect to announce new clinical trial collaborations with pharmaceutical companies and trial sponsors by the end of 2020Expects to complete development of a CELsignia RAS test for breast and ovarian cancer patients by the end of 2020Potential impact of the COVID-19 pandemic on clinical sites expected to push announcement of interim data from the FACT-1 and FACT-2 trials into the second half of 2021Conference Call on Thursday, May 7th at 4:30pm (ET)MINNEAPOLIS, MN / ACCESSWIRE / May 7, 2020 / Celcuity Inc. (NASDAQ:CELC), a clinical stage biotechnology company translating discoveries of new cancer sub-types into pioneering diagnostics and expanded therapeutic options for cancer patients, announced financial results for the first quarter ended March 31, 2020 and provided a corporate update.\"During the first quarter, we made significant progress developing a new dynamic signaling test using our proprietary CELsignia platform that is intended to diagnose cancers driven by dysregulated RAS signaling. We expect to complete development of a CELsignia RAS test for breast and ovarian cancer patients by the end of 2020. Our current tests have the potential to diagnose oncogenic signaling activity undetectable by molecular tests in up to one in three HER2-negative breast cancer patients,\" said Brian Sullivan, Chairman and Chief Executive Officer of Celcuity.\"Dysregulation of RAS signaling, which includes the RAF/ERK and PI3K/AKT pathways, is estimated to drive 30%-40% of all cancers. Our CELsignia platform is uniquely suited to untangling the complexity of dysregulated RAS signaling tumors and identifying the targeted therapy combination capable of treating it. If our efforts to develop a RAS dynamic signaling test are successful, the percentage of cancer patients who could benefit from a CELsignia test would increase significantly.\"We continue to advance our discussions with pharmaceutical companies for a number of potential clinical trial collaborations. While we still expect to close several collaborations this year, the clinical sponsors and pharmaceutical companies we hope to work with have been affected to varying degrees by the COVID-19 pandemic. These events may delay finalizing some of these potential collaborations p...