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Satellos Bioscience Announces Q2 2023 Financial Results and Operational Highlights
$48.7 million in cash and cash equivalents at June 30, 2023, providing expected runway to advance...
About this update from Satellos Bioscience Inc
[{"type":"text","content":"Satellos Bioscience Announces Q2 2023 Financial Results and Operational Highlights$48.7 million in cash and cash equivalents at June 30, 2023, providing expected runway to advance Company's development candidate (\"DC\") through Phase I clinical development in healthy human volunteers and Duchenne muscular dystrophy patients Toronto, Ontario--(Newsfile Corp. - August 29, 2023) - Satellos Bioscience Inc. (TSXV: MSCL) (OTCQB: MSCLF) (\"Satellos\" or the \"Company\"), a public biotech company developing new small molecule therapeutic approaches to improve the treatment of muscle diseases and disorders, announced today the release of its financial results and MD&A for the quarter ending June 30, 2023. All dollar amounts are expressed in Canadian currency unless otherwise noted.\"This quarter included a $55 million equity financing in a very difficult market environment which included elite biotechnology institutional investors such as Perceptive Advisors, Avidity Partners, Soleus Capital, Qiming Venture Partners USA, FMB Research, and Allostery Investments, among others. We view our ability to attract such knowledgeable and sophisticated experts in the field as not only providing us the resources to execute on our plans but also as an endorsement of the differentiated nature and game changing potential of our science for the treatment of Duchenne and potentially other muscle disorders,\" said Frank Gleeson, President and CEO of Satellos. Program highlights for the quarter ended June 30, 2023 include:On August 1, 2023, Satellos announced that U.S. Food and Drug Administration (FDA) granted Orphan Drug Designation and Rare Pediatric Disease Designation to SAT-3153 for the potential treatment of Duchenne muscular dystrophy. The FDA grants Orphan Drug Designation to support development of medicines for underserved patient populations, or rare disorders, that affect fewer than 200,000 people in the U.S. Orphan Drug Designation provides certain benefits, including the potential for a seven-year market exclusivity upon regulatory approval, exemption from FDA application fees, tax credits for qualified clinical trials, and a priority review voucher. The FDA grants Rare Pediatric Disease Designation for serious and life-threatening diseases that primarily affect children ages 18 years or younger and fewer than 200,000 people in the ...