Artelo Biosciences Inc. (NASDAQ:ARTL) has announced its financial and operating results for Q4 and fiscal 2020 year ended August 31, 2020, and offered a corporate update.
Artelo completed financing to fund clinical programs
Gregory Gorgas, the company’s CEO and the president, said that this had been an important year for the company. The company reported notable operational and clinical progress with successful financing to advance its clinical programs into meaningful milestones. Most importantly, the company expects to commence enrolment in its Cancer Appetite Recovery Phase 1a/2a Clinical (CAReS) Study for the ART27.13 program before the end of 2020.
Gorgas added that the company also expanded its contract with Stony Brook University for third-generation FABP5 inhibitors rights for treating pain, cancer and inflammation. Early this year the FABP5 inhibitor platform earned Stony Brook an NCI development grant of $4.2 million. Therefore this expanded the potential of the already established ART26.12 program. Artelo also filed a method of use patent with the USPTO which covers FABP5 inhibitors for psychological disorders treatment such as PTSD and anxiety.
Artelo received approval to commence CAReS ART27.13 Study in the UK.
The CEO said that the company’s main priority in 2021 would be the execution of the CAReS ART27.13 Study and strategic collaboration discussion for the ART12.11 and ART26.12 program. The company received UK ethics approval for the commencement of the CAReS ART27.13 Study I cancer-related anorexia treatment. Artelo also successfully manufactured ART27.13 clinical study material and selected a contract research organization for the CAReS study.
The company received the first composition of matter [patent for ART12.11 related claims from the USPTO. ART12.11 is Artelo’s cocrystal, solid CBD form and the patent received will enable protection until 2038.
In FY2020, the company’s operating expenses increased to $4.69 million compared $3.21 million in FY2019. The increase is attributable to the increase in research and development expenses as well as general and administrative fees. The company reported a net loss of $4.65 million or $1.26 per share. At the end of August 31, 2020, Artelo has around $2.142 million in cash and cash equivalents.