Business
Indaptus Therapeutics Reports Fourth Quarter and Year End 2021 Financial Results and Provides Corporate Update
NEW YORK, March 21, 2022 (GLOBE NEWSWIRE) -- Indaptus Therapeutics, Inc. (Nasdaq: INDP) ("Indaptus" or the "Company”), today announces financial results for
About this update from Indaptus Therapeutics, Inc.
[{"type":"text","content":"NEW YORK, March 21, 2022 (GLOBE NEWSWIRE) -- Indaptus Therapeutics, Inc. (Nasdaq: INDP) (\"Indaptus\" or the \"Company”), today announces financial results for the fourth quarter and year ended December 31, 2021 and provides a corporate update. “We enter 2022 excited about the future for Indaptus as we continue to advance our clinical readiness with site selection, toxicology studies and other tasks necessary for the successful clearance of our Investigational New Drug application,” said Jeffrey Meckler, Chief Executive Officer of Indaptus. “With Dr. Litchev at the clinical helm, we look forward to his final evaluation of the study design and clinical strategy. We remain on track to initiate this important Phase 1 study of Decoy20 this year and look forward to bringing this novel, multi-targeted therapy to the fight against cancer.” Recent Corporate Highlights Appointed Boyan Litchev, M.D., as Chief Medical Officer In January, Indaptus announced the appointment of Boyan Litchev, M.D., as Chief Medical Officer. Dr. Litchev will oversee clinical strategy, clinical development and the conduct of all clinical programs. Dr. Litchev brings significant experience across a multitude of medical leadership roles that are specifically relevant for Indaptus. Appointed Mark Gilbert, M.D., to Board of Directors In December, Indaptus announced the appointment of Mark Gilbert, M.D., to its Board of Directors. Dr. Gilbert served as Chief Medical Officer of Juno Therapeutics prior to its acquisition by Celgene Corporation and currently serves as Executive Vice President of Research and Development at Acepodia. Financial Highlights for Fourth Quarter and Full Year Ended December 31, 2021 Research and development expenses, for the three-month period ended December 31, 2021, were approximately $1 million, an increase of approximately $0.6 million, or approximately 150%, compared with approximately $0.4 million in the three-month period ended December 31, 2020. Research and development expenses for the twelve-month period ended December 31, 2021, were approximately $2.5 million, a decrease of approximately $0.1 million, or approximately 4%, compared with approximately $2.6 million in the twelve-month period ended December 31, 2020. The increase for the three-month period was primarily due to salaries and share-based compensation. The change in the tw...