Business
Edesa Biotech Reports Fiscal 3rd Quarter 2020 Results
TORONTO, ON / ACCESSWIRE / August 12, 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 / August 12, 2020 / Edesa Biotech, Inc. (NASDAQ:EDSA), a clinical-stage biopharmaceutical company, today reported financial results for the three and nine months ended June 30, 2020 and provided an update on its business.During the quarter, Edesa received Canadian regulatory approval to begin a Phase 2/Phase 3 clinical study of its biologic drug candidate, EB05, as a potential treatment for hospitalized COVID-19 patients. Based on previous clinical data and the drug's mechanism of action, the company believes that EB05 could regulate the overactive immune response associated with Acute Respiratory Distress Syndrome (ARDS) - the leading cause of death in COVID-19 patients. In July, Edesa filed an investigational new drug (IND) application with the Food and Drug Administration to expand the company's planned clinical study to U.S. hospitals. Edesa also reported that protocol amendments to facilitate enrollment for its ongoing Phase 2b clinical study in allergic contact dermatitis have been implemented at the majority of the company's investigational centers.\"During the quarter, we continued the dosing of subjects in our dermatitis study, while simultaneously preparing for the launch of a Phase 2/3 study of our first biologic candidate - a novel monoclonal antibody targeting TLR4,\" said Dr. Par Nijhawan, Chief Executive Officer of Edesa. \"The lack of effective therapies for ARDS has been made even more devastating by the COVID-19 pandemic, which can cause severe acute respiratory failure in up to 40% of hospitalized COVID-19 patients and up to 85% of patients admitted to the ICU.\" Dr. Nijhawan said that, subject to funding and IND approval, the company is presently on track to be ready to initiate patient enrollment ahead of the anticipated resurgence of SARS-CoV-2 infections this fall/winter.Edesa's Chief Financial Officer Kathi Niffenegger reported that expenditures during the quarter reflected increased activities and preparations related to the planned COVID-19 study as well as trial expenses for the company's ongoing dermatitis study. She also noted that subsequent to the quarter end the company has received cash proceeds of approximately $2.42 million as a result of exercises of common share purchase warrants.\"We have built flexibility into our business planning processes, and have prioritized wo...