Business
Processa Pharmaceuticals Announces Third Quarter 2020 Results, Provides Corporate Update
Highlights include closing $19.2 million public offering, uplisting to Nasdaq, and positive progress with multiple candidates currently in Processa’s clinical
About this update from Processa Pharmaceuticals, Inc.
[{"type":"text","content":"Highlights include closing $19.2 million public offering, uplisting to Nasdaq, and positive progress with multiple candidates currently in Processa’s clinical drug pipeline\nHANOVER, MD., Nov. 12, 2020 (GLOBE NEWSWIRE) -- via InvestorWire -- Processa Pharmaceuticals, Inc. (NASDAQ: PCSA) (“Processa” or the “Company”), a clinical-stage biopharmaceutical company focused on the development of drug products that are intended to provide treatment for and improve the survival and/or quality of life for patients who have unmet medical needs or conditions or who have no alternative treatment, today reports financial results for the third quarter of 2020.\n Dr. David Young, CEO and chairman of Processa, commented, “The third quarter was a period of tremendous value creation. Over that time, we in-licensed important clinical drug candidates PCS12852 and PCS6422, uplisted to Nasdaq and closed a $19.2 million public offering. Due to those achievements, we now have sufficient funds to complete three trials for three distinct markets, each exceeding $1 billion. Importantly, we are developing products for which existing clinical evidence of efficacy has already been established. With key milestones to announce over the next 12-18 months, including interim data for PCS6422 in 3Q21 and PCS499 in 4Q21, we are excited about the near-term opportunity of increasing shareholder value.” Recent Highlights and New Developments Entered into an exclusive licensing agreement with Elion Oncology, Inc. to develop, manufacture and commercialize eniluracil (PCS6422) globally. PCS6422 is an oral drug to be administered with fluoropyrimidine cancer drugs (e.g., capecitabine, 5-FU). PCS6422 is designed to decrease the breakdown of the cancer drugs, which, without such intervention, reduce to inactive metabolites or metabolites that are known to cause unwanted side effects and to interfere with the anticancer activity.Entered into a licensing agreement with Yuhan Corporation, a publicly traded South Korean company, to license PCS12852, a small molecule drug in development for the treatment of functional gastrointestinal (GI) disorders (FGID).Appointed Dr. Khalid Islam to the Company’s board of directors.Appointed Michael Floyd as the Company’s chief operating officer.Uplisted to Nasdaq.Closed an underwritten public offering of 4,800,000 shares of common stock for a...