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ARCA biopharma Announces Second Quarter 2023 Financial Results
Company is currently engaged in a strategic review process, evaluating additional development of its assets, collaborations and other strategic options
About this update from Oruka Therapeutics, Inc.
[{"type":"text","content":"Company is currently engaged in a strategic review process, evaluating additional development of its assets, collaborations and other strategic options WESTMINSTER, Colo., July 21, 2023 (GLOBE NEWSWIRE) -- ARCA biopharma, Inc. (Nasdaq: ABIO), a biopharmaceutical company applying a precision medicine approach to developing genetically targeted therapies for cardiovascular diseases, today reported second quarter 2023 financial results and provided a corporate update. In April 2022, the Board of Directors established a Special Committee and, in May 2022, retained Ladenburg Thalmann & Co. Inc. (“Ladenburg”) to evaluate strategic options, including transactions involving a merger, sale of all or part of the Company’s assets, or other alternatives with the goal of maximizing stockholder value. The Company and Ladenburg have reviewed several potential strategic transactions and continue to evaluate further potential development of the Company’s existing assets, in order to maximize stockholder value. The Company does not have a defined timeline for the strategic review process and the review may not result in any specific action or transaction. Second Quarter 2023 Summary Financial Results Cash and cash equivalents were $40.2 million as of June 30, 2023, compared to $42.4 million as of December 31, 2022. ARCA believes that its current cash and cash equivalents, consisting primarily of money market funds, will be sufficient to fund its operations through the end of 2024. General and administrative (G&A) expenses were $1.7 million for the quarter ended June 30, 2023, is consisted with $1.7 million for the corresponding period in 2022. G&A expenses in 2023 are expected to be consistent with those in 2022 as the Company maintains administrative activities to support our ongoing operations. Research and development (R&D) expenses were $0.3 million for the quarter ended June 30, 2023, compared to $1.5 million for the corresponding period in 2022, a $1.2 million decrease. The majority of clinical and manufacturing close out costs related to our rNAPc2 (AB201) international Phase 2b clinical trial were incurred in the first half of 2022, with no comparable costs for the corresponding periods of 2023. R&D personnel costs decreased approximately $0.5 million for the quarter ended June 30, 2023, as compared to the corresponding period in 2022, du...