Business
Sun BioPharma, Inc. Provides a Business Update and Reports Q1 2020 Financial Results
Sun BioPharma, Inc. Provides a Business Update and Reports Q1 2020 Financial Results.
About this update from Panbela Therapeutics, Inc.
[{"type":"text","content":"\n MINNEAPOLIS, May 12, 2020 (GLOBE NEWSWIRE) -- Sun BioPharma, Inc. (OTCQB: SNBP), a clinical stage biopharmaceutical company developing disruptive therapeutics for the treatment of patients with pancreatic cancer, today provides a business update and reports financial results for the quarter ended March 31, 2020. First-Line Combination Pancreatic Cancer moves into expansion phase prior to COVID-19 pauseDuring the first quarter of 2020, the Company completed enrollment in an added fourth cohort that was intended to study a dose schedule more conveniently aligned with the standard gemcitabine and nab-paclitaxel regimen, and immediately began enrollment of subjects in the expansion phase of this clinical trial. This trial, a Phase 1a/1b combination of SBP-101 with gemcitabine and nab-paclitaxel in patients previously untreated for metastatic pancreatic ductal adenocarcinoma (“PDA”), is being conducted at sites in the United States and Australia. In early April 2020, as a result of the impact of the COVID-19 pandemic on the conduct of clinical trials around the world, the Company announced a pause in enrollment of new patients. Patients already enrolled in the clinical trial continue to be treated, and the Company intends to resume recruitment in the near future. “We continue to monitor the situation in communities where our trial is in progress,” noted Michael Cullen, MD, Executive Chairman, President and CEO. “We expect to resume enrollment in the second quarter; that timeline is dependent on the course of the pandemic. “ Financial Results for the Three months ending March 31, 2020 Operating ResultsGeneral and administrative (“G&A”) expenses increased 54.5% to $468,000 in the first quarter of 2020, up from $303,000 in the first quarter of 2019. The increase is due to resumption of normal salary levels following a voluntary reduction of salaries for a part of the first quarter of 2019, in addition to higher stock compensation and legal expenses. Research and development (“R&D”) expenses increased 70.9% to $598,000 in the first quarter of 2020, up from $350,000 in the first quarter of 2019, primarily due to an increase in clinical trial costs. Other net expenses were $824,000 and $999,000 for the three months ended March 31, 2020 and 2019, respectively. The net ex...