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Indaptus Therapeutics Reports Third Quarter 2021 Financial Results and Provides Corporate Update
NEW YORK, Nov. 15, 2021 (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, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Indaptus Therapeutics, Inc. (Nasdaq: INDP) (\"Indaptus\" or the \"Company”), today announces financial results for the third quarter ended September 30, 2021 and provides a corporate update. “The third quarter was transformative for Indaptus as we successfully closed the merger with Decoy Biosystems, Inc. (\"Decoy\") and completed a $30 million private placement to support our exciting new clinical programs,” said Jeffrey Meckler, Chief Executive Officer of Indaptus. “We are executing to our strategy of advancing Decoy20 as a potential new treatment modality for a variety of cancer indications with unmet medical need. Our goal to enter the clinic with Decoy20 in 2022 remains on track, however, we now plan to file the IND next year as we are in the process of recruiting a Chief Medical Officer to lead our clinical trials. We believe we have a unique opportunity to shape the course of cancer treatment by activating both the innate and adaptive immune systems with our therapeutics and look forward to making our vision a reality.” Recent Corporate Highlights Received Notice of Allowance for Strategic Patent in Virology In September, Indaptus announced that the United States Patent and Trademark Office issued a notice of allowance for claims related to the Company’s platform technology in the field of virology. The patent, titled, “Methods of Treatment of Infections Using Bacteria,” (Application No.16/584,644) provides broad protection for the application of the Company’s platform technology alone and in combination with standards of care for the treatment and inhibition of hepatitis B virus (HBV) and human immunodeficiency virus (HIV) infections. Closed Merger with Decoy Biosystems and Completed $30 Million Private Placement In August, Indaptus closed its previously announced merger with Decoy and the completion of a $30 million private placement. In addition, the Company announced a corporate name change to Indaptus Therapeutics, as it better reflects the Company's therapeutic focus. Financial Highlights for Third Quarter Ended September 30, 2021 Research and development expenses, for the three-month period ended September 30, 2021, were approximately $0.7 million, a decrease of approximately $0.7 million, or approximately 48%, compared with approximately $1.4 million in the three-month p...