Artelo Biosciences Inc (NASDAQ:ARTL) widened net loss by 175.80% to $951,395 in Q3 2020. Its operating expenses related to R&D, administrative and general expenses and regulatory filing requirements are almost flat at $951,395.
USPTO awarded a patent for cocrystal, a solid form of cannabidiol, – ART12.11 in response to the application filed by Artelo. The company conducted several business development conferences and investor presentations online.
CEO and President of Artelo, Gregory D. Gorgas, said the company is making meaningful operational and clinical progress in its therapeutic product pipeline. He said the company received a composition of MOP (Matter of Patent) for its ART12.11, an innovative cocrystal of cannabidiol. It supports the development of therapies for inflammatory bowel disease and PTSD. Artelo will receive approvals for enrolling patients in the Phase 1b/2a clinical study of ART27.13 to cure cancer-associated anorexia towards the end of this year.
Expands license accord with Stony Brook University
Artelo expanded the licensing pact with Stony Brook University to comprise rights for the recently developed compounds with the support of $4.2 million NCI funding. It is also in discussions with prospective partners for advancing and validates its programs.
The expansion of license agreement with Stony Brook provides Artelo exclusive rights to FABP5 (3rd generation fatty acid-binding protein 5). It will choose a lead CTC (Cancer Therapeutic Compound) from these compounds. The company will also identify candidates for managing inflammation and pain and other health conditions. It will play an important role in expanding the development pipeline.
According to Gorgas, FABP5 inhibitors showed significant improvement in preclinical studies in pain, inflammation, and cancer. Therefore, it offers a significant opportunity for the company to its development pipeline. The inhibition of FABP5 suppressed migration and growth of prostate and breast cancers in preclinical trials. According to studies conducted on animals, inhibiting FABP5 helps to cure pain.
Participates in virtual conferences
Artelo participates in the forthcoming virtual conferences. Gorgass gives the lecture on the subject ‘Disruptive Thinking’ during a Bio-Digital conference from June 8 to 12, 2020. He discusses innovative therapeutic options in developing treatments for pain.
San Diego based Artelo engages in developing and commercializing proprietary therapeutics that target the endocannabinoid system. It is advancing therapies to address unmet medical needs.