Business
Celcuity Reports Third Quarter 2020 Financial Results and Recent Business Highlights
-New clinical trial collaborations with pharmaceutical companies on track to close-Cash burn rate steady-Cash and cash equivalents of $13.7 million as of
About this update from Celcuity Inc.
[{"type":"text","content":"-New clinical trial collaborations with pharmaceutical companies on track to close-Cash burn rate steady-Cash and cash equivalents of $13.7 million as of September 30, 2020, which is expected to support operations through 2021-Conference Call on Monday, November 9th at 4:30pm (ET)MINNEAPOLIS, MN / ACCESSWIRE / November 9, 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 third quarter ended September 30, 2020 and summarized recent business progress.\"During the third quarter, we continued to advance our collaboration discussions with pharmaceutical companies. We expect to close several pharmaceutical company collaborations over the next few months,\" said Brian Sullivan, Chairman and Chief Executive Officer of Celcuity. \"Each collaboration will evaluate different drug combinations in HER2-negative metastatic breast cancer patients selected with our CELsignia Multipathway Activity test. The collaborations we expect to close first will evaluate patients with either hyperactive HER2 signaling tumors or those with hyperactive c-Met and HER2 signaling tumors. Our discussions with pharmaceutical companies to evaluate PI3K inhibitors in breast or ovarian cancer patients with hyperactive PI3K signaling are also progressing. These discussions are at an earlier stage than those involving patients with hyperactive HER2 or c-Met signaling. We are also very excited about the clinical investigators we expect to partner with to field these trials. They are amongst the most respected oncology researchers and thought leaders in the country.\"We continued to make progress advancing additional new tests during the quarter. Our goal is to develop new CELsignia tests that identify RAS pathway driven cancers undetectable with molecular tests in breast and ovarian cancer. Dysregulated signaling involving RAS network nodes is responsible for a significant percentage of all cancers, which has led many pharmaceutical companies to sponsor research in this area.\"Our CELsignia platform also provides unique insights into the relative potency and efficacy of the different therapies targeting RAS nodes. This enables us to determine the relative superiority of the dif...