Business
Ensysce Biosciences Reports Third Quarter 2021 Financial Results and Recent Corporate Updates
SAN DIEGO, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Ensysce Biosciences, Inc. (“Ensysce” or the “Company”) (NASDAQ: ENSC, OTC: ENSCW), a clinical-stage biotech
About this update from Ensysce Biosciences, Inc.
[{"type":"text","content":"SAN DIEGO, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Ensysce Biosciences, Inc. (“Ensysce” or the “Company”) (NASDAQ: ENSC, OTC: ENSCW), a clinical-stage biotech company with proprietary technology platforms to reduce the economic and social burden of prescription drug abuse and overdose, today reported financial results for the third quarter of 2021 and recent corporate updates. “In the third quarter, we successfully completed our convertible note financing of $15 million that provided us with the necessary proceeds to continue our advancement of our lead clinical trial programs,” said Dr. Lynn Kirkpatrick, CEO of Ensysce. “As previously announced, we commenced our second study of our TAAP opioid, PF614, in early September, and through this study, we aim to demonstrate the correlation between PF614 to Oxycontin, and how Ensysce can begin to make this solution readily available for public use. Additionally, we appointed Dr. Linda Pestano as our Chief Development Officer. Linda’s extensive expertise in the preclinical drug development area makes her a perfect addition to our team as we work towards commercializing our next-generation opioid products.” Dr. Kirkpatrick concluded, “We’re continuing to develop the next generation of innovative solutions to combat the potential for opioid abuse, and we’re pleased with our progress to date. We believe we have the necessary resources and bandwidth to continue to progress on our important mission.” Program Updates TAAP – opioid abuse deterrent program: On September 7, 2021, Ensysce enrolled the first cohort of subjects in a clinical study PF614-102 entitled “A Phase 1b, Randomized, 2-Part Single-Center Study to Evaluate the Pharmacokinetics and Safety of Multiple-Ascending Oral Doses of PF614 and the Food Effect and Bioavailability/Bioequivalence of Single Oral Doses of PF614 Relative to OxyContin in Healthy Adult Subjects.” This study builds on the results of the initial Phase 1 study and is designed to help us understand how PF614 compares to currently available commercial products. Other Business Highlights Ensysce completed a $15 million convertible note financing, receiving the second tranche of $10 million on November 5, 2021 after receiving the first tranche of $5 million on September 24, 2021. Total gross proceeds from the convertible note financing will be used for general working capita...