Business
Celcuity Reports Second Quarter 2020 Financial Results and Recent Business Highlights
- Presented data for first CELsignia Pathway Activity Test for ovarian cancer at AACR Annual Meeting - - Expect to announce new clinical trial collaborations
About this update from Celcuity Inc.
[{"type":"text","content":"- Presented data for first CELsignia Pathway Activity Test for ovarian cancer at AACR Annual Meeting - - Expect to announce new clinical trial collaborations with pharmaceutical companies andtrial sponsors by the end of 2020 -- Cash burn rate steady -- Cash and Cash Equivalents of $15.4 million as of June 30, 2020, which is expected to support operations through 2021 -- Conference Call on Monday, August 10th at 4:30pm (ET) -MINNEAPOLIS, MN / ACCESSWIRE / August 10, 2020 / Celcuity Inc. (NASDAQ:CELC), a clinical stage biotechnology company translating discoveries of new cancer sub-types into 3rd generation diagnostics and expanded therapeutic options for cancer patients, announced financial results for the second quarter ended June 30, 2020 and summarized recent business progress.\"During the second quarter, we continued to advance development of additional CELsignia Pathway Activity tests. In June, we presented results from studies of our first CELsignia Pathway Activity Test for ovarian cancer at the American Association for Cancer Research (AACR) Annual Meeting. Our CELsignia test for ovarian cancer identifies a subset of ovarian cancer patients whose tumors have abnormal c-Met signaling coincident with abnormal HER2 signaling,\" said Brian Sullivan, Chairman and Chief Executive Officer of Celcuity. Celcuity's 3rd generation diagnostic platform, CELsignia, identifies the dysregulated signaling activity driving a patient's cancer.\"We also continued to make progress advancing additional new tests and additional collaborations during the quarter. Our goal is to develop new CELsignia tests that identify RAS pathway driven cancers undetectable with molecular tests so that more cancer patients can receive the targeted therapy best suited to treat their tumors. Our collaboration discussions with pharmaceutical companies progressed despite the headwinds COVID-19 presents. We remain confident we will finalize additional collaborations before year-end. Finally, although our FACT-1 and FACT-2 trials remain somewhat impacted by COVID-19 related delays, we continue to expect interim results from these trials in the second half of 2021.\"Recent Highlights and Upcoming MilestonesData for two new CELsignia tests in two different tumor types announced during past nine months.Multiple clinical trial collaborations amongst several major pharmac...