Business
Edesa Biotech Reports Fiscal Year 2020 Results
TORONTO, ON / ACCESSWIRE / December 7, 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 / December 7, 2020 / Edesa Biotech, Inc. (NASDAQ:EDSA), a clinical-stage biopharmaceutical company, today reported financial results for the fiscal year ended September 30, 2020 and provided an update on its business.During the fiscal year, Edesa added two Phase 2-ready biologics to its development pipeline, with a focus on COVID-19 and other strategic indications. Last month, the company initiated a Phase 2/Phase 3 study of the most advanced one of these acquired monoclonal antibodies in hospitalized COVID-19 patients, and is currently enrolling subjects in the U.S. and Canada. In response to the pandemic, Edesa also took actions to facilitate enrollment for an ongoing Phase 2b clinical study of its EB01 drug candidate in chronic allergic contact dermatitis patients, and recently announced that that the project had reached an enrollment milestone.\"While 2020 brought unexpected challenges, it also brought opportunities for Edesa to demonstrate the flexibility and breadth of our clinical development strategy. In a matter of months, we achieved new regulatory approvals in two jurisdictions and launched a Phase 2/3 study of a potential best-in-class anti-TLR4 antibody treatment for Acute Respiratory Distress Syndrome - the leading cause of death in COVID-19 patients,\" said Dr. Par Nijhawan, Chief Executive Officer of Edesa. \"Our team continues to operate at a high level and we are looking forward to building on our momentum, achieving our near-term milestones and, ultimately, building value for shareholders.\"Chief Financial Officer Kathi Niffenegger reported that Edesa's year-end results reflect the company's increased clinical activities and growth-related expenditures, which included COVID-19 study preparations, fill-finish expenses for its EB05 drug product, increased staffing and enrollment-based expenses for the company's ongoing dermatitis study. \"Our fiscal year results demonstrate the efficiency of our business model and the disciplined approach we are taking to deploying our working capital to studies with near-term inflection points,\" she said.Ms. Niffenegger reported that cash and cash equivalents totaled approximately $7.2 million at September 30, 2020. In addition, she noted that subsequent to end of the fiscal year, Edesa received cash proceeds of approximately $2.0 million as a result o...