Business
Edesa Biotech Reports Fiscal 1st Quarter 2020 Results
TORONTO, ON / ACCESSWIRE / February 13, 2020 / Edesa Biotech, Inc. (NASDAQ:EDSA), a clinical-stage biopharmaceutical company, today reported financial results
About this update from Edesa Biotech, Inc.
[{"type":"text","content":"TORONTO, ON / ACCESSWIRE / February 13, 2020 / Edesa Biotech, Inc. (NASDAQ:EDSA), a clinical-stage biopharmaceutical company, today reported financial results for the three months ended December 31, 2019 and provided an update on its business.During the quarter, Edesa expanded an ongoing Phase 2b study of its lead product candidate, EB01, following positive safety data in healthy volunteers. The company is developing EB01 as a monotherapy for patients with chronic allergic contact dermatitis (ACD), a debilitating disease that is frequently caused by allergens present in the workplace. Edesa plans to expand the utility of its anti-inflammatory technology, which forms the basis of EB01, into additional indications, including hemorrhoids disease (HD). The company expects to initiate a proof of concept study in HD later this year. Following the quarter end, in January, the company completed a $4.36 million equity financing, which included significant participation from Edesa's current institutional investors and insiders.Dr. Par Nijhawan, Chief Executive Officer of Edesa, said that the company intends to move rapidly to initiate the proof of concept study in HD. \"This indication represents a significant expansion and market opportunity for our anti-inflammatory technology platform. We also plan to identify new clinical assets and technologies that fit our strategy of developing new treatments that address unmet medical needs, have large addressable markets and are complementary to the portfolios of larger biopharmaceutical companies.\"Edesa's Chief Financial Officer, Kathi Niffenegger, reported that expenditures during the quarter reflected increased activity levels in the company's clinical programs as well public company expenses that Edesa did not incur as a privately held company. \"The change in our operational expenses over the comparable period reflect the ongoing transformation of the company and the priority we have placed on advancing our EB01 program, building on our technology platform and delivering on clinical and corporate milestones.\"Financial Results for the Three Months Ended December 31, 2019*Total revenues for the three months ended December 31, 2019 were $0.11 million, reflecting sale of product inventory obtained in the reverse acquisition completed in June 2019. There were no revenues for the three months en...