Business
Indaptus Therapeutics Reports Third Quarter 2022 Financial Results and Provides Corporate Update
Company Remains On Track to Initiate Phase 1 Clinical Trial of Decoy20 for Treatment of Solid Tumors in Q4 2022 NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) --
About this update from Indaptus Therapeutics, Inc.
[{"type":"text","content":"Company Remains On Track to Initiate Phase 1 Clinical Trial of Decoy20 for Treatment of Solid Tumors in Q4 2022 NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Indaptus Therapeutics, Inc. (Nasdaq: INDP) (“Indaptus” or the “Company”), today announces financial results for the third quarter ended September 30, 2022 and provides a corporate update. “We continue to diligently prepare for the launch of our Phase 1 trial of Decoy20 for the treatment of solid tumors, while carefully managing our expenses,” said Jeffrey Meckler, chief executive officer of Indaptus. “Once we have finalized the initiation process with our trial sites we will be prepared to speak more openly about progress, including trial locations and first patient dosed, and we remain on track to initiate the trial in Q4 2022.” Phase 1 trial for the treatment of solid tumors In May, Indaptus announced that the U.S. Food and Drug Administration cleared the Company’s Investigational New Drug application for a Phase 1, open-label dose escalation and expansion, clinical trial in patients with advanced solid tumors where currently approved therapies have failed. The study is designed to evaluate the safety, tolerability, and preliminary efficacy of Decoy 20 and will follow a 3+3 design of dose-escalation cohorts. The study protocol allows for exploration of additional dosing regimens, including continuous weekly administration after initial safety has been established. Decoy20 has the potential to treat a wide range of solid tumors including hepatocellular, colorectal and pancreatic carcinomas. Financial Highlights for Third Quarter Ended September 30, 2022 Research and development expenses, for the three-month period ended September 30, 2022, were approximately $1.6 million, an increase of approximately $900,000 compared with approximately $700,000 in the three-month period ended September 30, 2021. Research and development expenses for the nine-month period ended September 30, 2022, were approximately $4.4 million, an increase of approximately $2.8 million compared with approximately $1.6 million in the nine-month period ended September 30, 2021. The increase for the three and nine-month periods was primarily due to payroll and related expenses including stock-based compensation, and for the preparation of our Phase 1 clinical trial and costs associated with the manufacturing ...