CohBar Inc. (NASDAQ: CWBR) has announced its Q3 20221 financial results for the quarter ending September 30, 2021.
CB4211 demonstrated a promising impact
CEO of CohBar, Dr. Joseph Sarret, said, We were pleased to report positive topline data from our first clinical study this past quarter and believe that this data not only demonstrates the potential of our CB4211 program but also validates our unique approach of creating novel therapeutics sourced from the mitochondrial genome. Additionally, with a strengthened balance sheet from our recent financing, we are now well-positioned to continue to advance our pipeline.”
CB4211, which is being developed for NASH and obesity, reported topline results from a multi-center, randomized, double-blind, placebo-controlled Phase 1a/1b clinical research in August. The study’s primary goals were fulfilled since CB4211 was well-tolerated and appeared to be safe, with no major side effects reported. The exploratory endpoints revealed that the CB4211 group had strong and statistically significant improvements in important biomarkers of liver damage, AST and ALT, and glucose levels relative to the placebo group. In addition, after four weeks of treatment, the CB4211 group showed a trend toward a decreased body weight.
The company revealed that CB4211 Phase 1a/1b clinical study data had been picked for presentation at The American Association for the Study of Liver Diseases Annual Meeting. CohBar also announced that the USPTO has given it’s a patent that covers CB4211 and related composition, including treatment methods and NASH treatment methods. Therefore, the foundational patent qualifies for listing the FDA Orange Book once CB4211 is approved as a therapeutic in the US.
Q3 2021 financial highlights
At the beginning of November, the company finalized an underwritten public offering of common shares and warrants generating proceeds of around $15 million. CohBar intends to use the net proceeds from the offering to finance research and development as well as general corporate uses.
The company has $15 million in cash and equivalents at the end of September 30, 2021, relative to cash of around $21 at the end of December 31, 2021. CohBar had a cash burn of $3.3 million for the ended quarter.