Business
Corbus Pharmaceuticals Reports Fourth Quarter and Year-End 2019 Financial Results
Topline results for Phase 3 study in systemic sclerosis on schedule for summer of 2020 followed by Phase 2b study results in cystic fibrosis Completed $46
About this update from Corbus Pharmaceuticals Holdings, Inc.
[{"type":"text","content":"Topline results for Phase 3 study in systemic sclerosis on schedule for summer of 2020 followed by Phase 2b study results in cystic fibrosis\n Completed $46 million public offering in February 2020 Company to host conference call and webcast today, March 12 at 8:30 am ET Norwood, MA, March 12, 2020 (GLOBE NEWSWIRE) -- Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (“Corbus” or the “Company”), a clinical-stage drug development company pioneering transformative medicines that target the endocannabinoid system, today reported financial results for the fourth quarter and year ended December 31, 2019. The Company also provided clinical and corporate updates. “We are poised for a transformational year in 2020 with four expected data readouts, including topline data in our Phase 3 study for systemic sclerosis this summer,” commented Yuval Cohen, Ph.D., Chief Executive Officer. “We are preparing for commercialization and the recently completed public offering has strengthened our balance sheet. We remain committed to advancing our additional programs to treat inflammatory, fibrotic and metabolic diseases.” 2019 and Recent Clinical and Corporate Highlights and Achievements: ●Presented new Phase 2b open label extension (OLE) data evaluating lenabasum for systemic sclerosis (SSc) and dermatomyositis (DM) at the American College of Rheumatology (ACR) 2019 Annual Meeting in November. Data showed continued favorable safety and durable outcomes for patients still enrolled at 25 and 23 months, respectively. OLE data further supports rationale for Corbus’ ongoing Phase 3 RESOLVE-1 study in SSc, with topline results expected in summer 2020. ●Completed enrollment in RESOLVE-1 Phase 3 SSc study of lenabasum in May. ●Completed enrollment in Phase 2b study of lenabasum for cystic fibrosis (CF) in November. ●Commercial launch activities underway. Disease education campaign for SSc recently launched. ●Completed strategic collaboration with Kaken Pharmaceutical in January 2019 to develop and commercialize lenabasum in Japan for SSc and DM in January. The licensing agreement includes $200 million of potential payments to Corbus, including a $27 million upfront payment. ●Closed public offerings for gross proceeds of approximately $46 million and $40 million in February 2020 and January 2019, respectively. Clinical Program Updates: Lenabasum Systemic...