Business
Xenetic Biosciences, Inc. Reports First Quarter 2023 Financial Results and Provides Business Update
- Continued progress with the DNase-based oncology program towards Phase 1 study for the treatment of pancreatic carcinoma and other locally advanced or
About this update from Xenetic Biosciences, Inc.
[{"type":"text","content":"- Continued progress with the DNase-based oncology program towards Phase 1 study for the treatment of pancreatic carcinoma and other locally advanced or metastatic solid tumors- Ended the quarter with $12.0 million of cash to fund operations and drive pipeline forwardFRAMINGHAM, MA / ACCESSWIRE / May 11, 2023 / Xenetic Biosciences, Inc. (NASDAQ:XBIO) (\"Xenetic\" or the \"Company\"), a biopharmaceutical company focused on advancing innovative immune-oncology technologies addressing hard to treat cancers, today reported its financial results for the first quarter of 2023 and provided a business update.\"We made solid progress with our DNase platform by the establishment of a research and development collaboration with The Scripps Research Institute. Importantly, with the recent addition of business development, R&D and regulatory expertise and experience to our team, we expect to establish additional strategic collaborations that we believe will enable us to expedite our pathway toward a first in human study and expand our opportunities,\" commented, Jeffrey Eisenberg, Chief Executive Officer of Xenetic.Recent Highlights:Appointed leading business development and translational research and development experts, Scott N. Cullison and Reid P. Bissonnette, Ph.D., to support the advancement of the DNase oncology platform.Entered into a research and development collaboration agreement with The Scripps Research Institute to advance the development of the Company's systemic DNase program as well as its DNase-armored CAR T program.Received Notice of Allowance for Canadian patent covering use of DNase enzyme for preventing or ameliorating toxicity associated with chemotherapy.Summary of Financial Results for First Quarter 2023Net loss for the quarter ended March 31, 2023 was approximately $0.9 million. Research & development expenses for the three months ended March 31, 2023 decreased by approximately $0.5 million, or 46.0%, to approximately $0.6 million from approximately $1.1 million in the comparable quarter in 2022. The decrease was primarily due to the Company's decrease in spending related to XCART™ U.S. pre-clinical development efforts which was partially offset by costs related to the Company's initial development efforts associated with the DNase platform. Royalty payments of approximately $0.6 million were received from our subli...