Business
Edesa Biotech Reports Fiscal Third Quarter 2023 Results
TORONTO, ON / ACCESSWIRE / August 9, 2023 / Edesa Biotech, Inc. (Nasdaq:EDSA), a clinical-stage biopharmaceutical company focused on inflammatory and
About this update from Edesa Biotech, Inc.
[{"type":"text","content":"TORONTO, ON / ACCESSWIRE / August 9, 2023 / Edesa Biotech, Inc. (Nasdaq:EDSA), a clinical-stage biopharmaceutical company focused on inflammatory and immune-related diseases, today reported financial results for the three and nine months ended June 30, 2023 and provided an update on its business.During the fiscal third quarter, the company reported positive results from a university study of its monoclonal antibody, paridiprubart, against a panel of respiratory pathogens. The study, which ran in parallel to the company's ongoing Phase 3 clinical study of EB05 (paridiprubart), provided further evidence that Edesa's drug candidate could potentially treat acute lung injury caused by multiple infectious diseases. Earlier this year, the company achieved regulatory milestones for this asset as well as another biologic drug candidate that Edesa plans to evaluate as a treatment for vitiligo. The company also completed a Phase 2b study of its dermatitis drug candidate, and is preparing a final clinical study report (CSR) for regulators following favorable preliminary topline data.\"The milestones that we have achieved this year, including the latest third-party confirmatory data, are creating new opportunities for the company. Host-directed therapeutics like paridiprubart could become standard countermeasures against both seasonal and unexpected outbreaks of disease, and we are prioritizing the evaluation of this first-in-class biologic beyond our current study in Covid-19-induced Acute Respiratory Distress Syndrome,\" said Par Nijhawan, MD, Chief Executive Officer of Edesa Biotech.\"Looking across our pipeline, we are evaluating opportunities - including via third-party arrangements - to initiate a clinical study of our Phase 2-ready vitiligo asset and to complete regulatory filings for a Phase 2 study of paridiprubart in systemic sclerosis. Validating and expediting these programs are key to our development and growth strategy,\" said Dr. Nijhawan.Edesa's Chief Financial Officer Stephen Lemieux said that the company continued its trend of discipline when managing its capital resources. For the fiscal year to date, operational costs declined significantly and the company raised $4.63 million in gross proceeds from the sale of common shares and the exercise of warrants. \"We operate in a dynamic environment and management continued to de...