Business
Corbus Pharmaceuticals Reports Second Quarter Financial Results and Corporate Updates
RESOLVE-1 Phase 3 study of lenabasum for treatment of systemic sclerosis on schedule for topline data this summerPhase 2b study of lenabasum for cystic
About this update from Corbus Pharmaceuticals Holdings, Inc.
[{"type":"text","content":"RESOLVE-1 Phase 3 study of lenabasum for treatment of systemic sclerosis on schedule for topline data this summerPhase 2b study of lenabasum for cystic fibrosis topline results on schedule in Q3 2020Balance sheet strengthened with up to $121M in new capitalCompany to host conference call and webcast today, August 6, 2020 at 8:30 a.m. ET Norwood, MA, Aug. 06, 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 second quarter of 2020. The Company also provided clinical and corporate updates.\n “We had a busy second quarter as we prepare for a potentially transformative second half of the year with two expected data readouts, including topline data in our Phase 3 study for systemic sclerosis this summer, followed by our Phase 2b study in cystic fibrosis. We recently announced that we completed sales of $71 million through our ATM program and entered a debt financing agreement for up to $50 million with the first $20 million already received, strengthening our balance sheet and putting us in a solid financial position before topline data,” said Yuval Cohen, Ph.D., Chief Executive Officer. “We have also appointed a new board member, Dr. George Golumbeski who brings considerable expertise in corporate and business development. With these recent updates, a strong balance sheet and the critical data readouts now closer than ever, we continue to prepare the groundwork for NDA submission and commercialization following potential FDA approval.” Recent Corporate Highlights and Achievements: ●Strengthened the Company’s balance sheet with up to $121 million in new capital, bolstering its strategic flexibility. The Company received an aggregate of $71 million in gross proceeds from its at-the-market offering coupled with the execution of a $50 million debt financing facility with K2 HealthVentures, a healthcare-focused specialty finance company. ●In July, Corbus announced the appointment of George Golumbeski, Ph.D., to its Board of Directors. Dr. Golumbeski brings years of industry experience with a track record of growing companies and advancing innovation. During his corporate career, Dr. Golumbeski held senior leadership positions...