Business
Protara Therapeutics Announces First Quarter 2020 Financial Results and Business Overview
NEW YORK, May 13, 2020 (GLOBE NEWSWIRE) -- Protara Therapeutics, Inc. (Nasdaq: TARA), a clinical stage company developing treatments for rare and specialty
About this update from Protara Therapeutics, Inc.
[{"type":"text","content":"NEW YORK, May 13, 2020 (GLOBE NEWSWIRE) -- Protara Therapeutics, Inc. (Nasdaq: TARA), a clinical stage company developing treatments for rare and specialty diseases with significant unmet needs, today announced financial results for the first quarter ended March 31, 2020.\n “We remain keenly focused on executing on our core mission to deliver effective therapies for rare and specialty diseases amidst these unprecedented times,” Jesse Shefferman, Chief Executive Officer of Protara Therapeutics. “With solid financial footing and a strong commitment to the patients we serve, we believe we are well positioned to continue to advance our promising portfolio of late-stage product candidates. We look forward to providing updates on these efforts in the coming months.” Pipeline Overview TARA-002 TARA-002, Protara’s lead product candidate, is an investigational cell based therapy based on the broad immunostimulant OK-432, which is approved in Japan and Taiwan for lymphangiomas, including lymphatic malformations (LMs), which are rare, typically congenital, malformations of the lymphatic vasculature. The Company plans to initially pursue development of TARA-002 for the treatment of LMs and is also evaluating the potential of TARA-002 in oncologic indications. IV Choline Chloride Protara is developing intravenous (IV) Choline Chloride, a Phase 3-ready investigational phospholipid substrate replacement therapy for patients receiving parenteral nutrition who have intestinal failure associated liver disease (IFALD). IV Choline Chloride has been granted Orphan Drug Designation by the U.S. Food and Drug Administration for this indication. Corporate Name Change The Company recently announced a corporate name change to Protara Therapeutics from ArTara Therapeutics. The Company’s shares will continue trading on the Nasdaq Capital Market under the ticker symbol “TARA.” Business Impact of COVID-19 Protara is actively monitoring the rapidly evolving COVID-19 pandemic and maintaining operations in accordance with guidance from health authorities and government agencies. The Company has experienced limited impact on its pre-clinical, clinical and business activities but will continue to monitor the situation and take steps to mitigate any potential impact. First Quarter 2020 Results from Operations The Company reported a net loss of $10.1 million for the...