Business
Forte Biosciences, Inc. Announces Third Quarter 2020 Results and Provides General Business Update
TORRANCE, Calif.--(BUSINESS WIRE)-- Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a clinical-stage biopharmaceutical company, today announced
About this update from Forte Biosciences, Inc.
[{"type":"text","content":" TORRANCE, Calif.--(BUSINESS WIRE)--\nForte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a clinical-stage biopharmaceutical company, today announced third quarter 2020 financial results and provided a general business update.\n\n“This was an eventful quarter for Forte with significant progress in advancing FB-401 for the treatment of atopic dermatitis.” said Paul Wagner, Ph.D., CEO of Forte Biosciences “The initiation of our randomized trial in atopic dermatitis patients, including adults and children 2 years of age and older, was a pivotal event and the achievement of this important milestone was the result of a fantastic effort by the Forte team. There is a significant need for safe and effective atopic dermatitis therapies, particularly for children, and we were pleased by the FDA’s recognition of this unmet need with the granting of Fast Track designation to FB-401 for the treatment of atopic dermatitis.”\n\nThird Quarter 2020 Results\n\nBusiness Highlights \n\nIn September 2020, Forte initiated a multi-center, placebo controlled clinical trial of our lead product candidate, FB-401 which is expected to enroll pediatric, adolescent and adult atopic dermatitis (“AD”) subjects aged 2 years of age and older. For additional information about the trial, see ClinicalTrials.gov using the identifier NCT04504279.\n\nIn October 2020, the U.S. Food and Drug Administration (“FDA”) granted Fast Track Designation to FB-401 for the treatment of atopic dermatitis.\n\nForte Biosciences ended the quarter with approximately $20.2 million in cash which the company believes is sufficient to fund operations for at least the next 12 months. Approximately $2.4 million of the cash utilization in the quarter was due to merger related costs. Forte had 11.2 million shares of common stock outstanding as of September 30, 2020. Following the close of the quarter, Forte raised $46.0 million in gross proceeds from a public offering on November 2nd.\n\nOperating Results\n\nResearch and development expenses were $3.7 million and $7.0 million for the three and nine months ended September 30, 2020, respectively, compared to $0.4 million and $1.5 million for the comparable periods in 2019. The increases in 2020 were primarily due to manufacturing costs and clinical development costs as we continue to advance FB-401.\n\nGeneral and administrative expense...