Business
Corbus Pharmaceuticals Reports Third Quarter Financial Results and Provides Corporate Updates
Company intends to shorten fully-enrolled Phase 3 dermatomyositis trial to 28 weeks from 52 weeks following recent developments in competitive landscape; data
About this update from Corbus Pharmaceuticals Holdings, Inc.
[{"type":"text","content":"Company intends to shorten fully-enrolled Phase 3 dermatomyositis trial to 28 weeks from 52 weeks following recent developments in competitive landscape; data now expected as early as the second quarter of 2021Expected cash runway extended into second quarter of 2022 as a result of Company restructuring, with potential to extend cash runway even further due to shortening Phase 3 dermatomyositis trialCompany will also focus on progressing pipeline compounds toward clinical testing Reported topline data from RESOLVE-1 Phase 3 study of lenabasum in systemic sclerosis and data from Phase 2b study of lenabasum in cystic fibrosis; Corbus is exploring potential next steps in both indicationsCompany to host conference call and webcast today, Tuesday, November 10, 2020 at 8:30 a.m. ET Norwood, MA, Nov. 10, 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 (“ECS”), today reported financial results for the third quarter of 2020. The Company also provided clinical, pipeline and corporate updates.\n Yuval Cohen, Ph.D., Chief Executive Officer said, “We are emerging from a very challenging period with a continued focus on our lenabasum dermatomyositis program and preclinical pipeline. Our restructuring significantly improved our cash runway, so we can continue to work toward delivering a much-needed novel therapeutic option for patients while also giving us the resources to look at external assets that will be synergistic to our in-house capabilities. We expect our cash runway to be further extended with the cost savings from our plan to shorten the DETERMINE Phase 3 dermatomyositis study to 28 weeks from one year. This decision is driven by recent changes in the dermatomyositis competitive landscape and will accelerate topline data readout to the second quarter of 2021. We see our dermatomyositis program as a potential large value driver for our Company, given that there are about 40,000 dermatomyositis patients in North America and limitations with current treatment options.” Dr. Cohen continued, “While we were disappointed that both the RESOLVE-1 systemic sclerosis study and the Phase 2b cystic fibrosis study did not meet their primary endpoints, we have a solid unders...