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Rezolute Reports First Quarter Fiscal 2022 Financial Results and Highlights Recent Company Progress
REDWOOD CITY, Calif., Nov. 12, 2021 (GLOBE NEWSWIRE) -- Rezolute, Inc. (Nasdaq: RZLT), a clinical-stage biopharmaceutical company developing transformative
About this update from Rezolute, Inc.
[{"type":"text","content":"REDWOOD CITY, Calif., Nov. 12, 2021 (GLOBE NEWSWIRE) -- Rezolute, Inc. (Nasdaq: RZLT), a clinical-stage biopharmaceutical company developing transformative therapies for metabolic diseases associated with chronic glucose imbalance, today announced its financial results for the first quarter of fiscal 2022 ended September 30, 2021. “This has been a productive quarter of execution for Rezolute, with steady clinical advancement of our lead pipeline candidates, RZ358 and RZ402, in Phase 2b and Phase 1b development, respectively,” said Nevan Elam, Chief Executive Officer and Founder of Rezolute. “We look forward to announcing topline data for both programs in Q1 of 2022. Additionally, with a strengthened balance sheet following our recent offering, raising $55 million in gross proceeds, we have extended our cash runway and are well-positioned to continue to execute on our key clinical milestones.” Recent Business Highlights RZ358, monoclonal antibody for the treatment of congenital hyperinsulinism (HI) – Enrollment is ongoing in the Phase 2b RIZE study of RZ358 for the treatment of congenital HI. The Company expects to report topline results in Q1 of 2022.European Society for Paediatric Endocrinology (ESPE) 2021 – Rezolute presented results from a natural history study designed to highlight the utility of continuous glucose monitors (CGM) and to quantify the extent of hypoglycemia in congenital HI patients on standard of care therapies.RZ402, oral PKI for the treatment of diabetic macular edema (DME) – A Phase 1b multiple ascending dose study, initiated in August 2021, is progressing as expected, with topline data expected in Q1 of 2022.Financing Update – In October of 2021, Rezolute completed an underwritten public offering of 6,030,847 shares of its common stock at a public offering price of $6.50 per share and of pre-funded warrants to purchase 1,661,461 shares of its common stock at a public price of $6.49 and completed a registered direct offering of 769,231 shares of its common stock at a public price of $6.50 per share. The gross proceeds of $55 million will be used to support clinical trial and program development activities. First Quarter Fiscal 2022 Financial Results Cash and cash equivalents totaled $37.3 million as of September 30, 2021.Research and development (R&D) expenses were $5.8 million for the first quarter of fis...