Artelo Biosciences Inc. (NASDAQ: ARTL) has announced its operating and financial results for the fiscal year ending August 31, 2021, and offered a business update.
Artelo enrolling patients in CAReS study
CEO and President Gregory D. Gorgas said, “We achieved significant progress throughout the past year, both clinically and operationally. Importantly, we initiated and continue to enroll patients into our Cancer Appetite Recovery (CAReS) Study, evaluating ART27.13 as a potential treatment for cancer-related anorexia. We expect to report Phase 1 data from our CAReS study first quarter of 2022 with randomized Phase 2 data anticipated in the second half of next year.”
Gorgas added, “In addition, we strengthened our balance sheet with additional capital raised through our at-the-market equity offering, resulting in more than $26.8 million in cash and marketable securities on a pro-forma basis as of November 15, 2021. With funding well into 2023, we expect to reach meaningful clinical and developmental milestones, including complete data readout from our CAReS study as well as initiation of preclinical research to enable the start of human trials for both our ART26.12 cancer program and ART12.11, our proprietary cocrystal of cannabidiol.”
Artelo submitted an application for the ART27.13 patent
The company has submitted an application to the UK Patent offer for a new solid formulation ART27.13. Artelo started a research partnership with Trinity College Dublin to evaluate ART27.13 for cancer cachexia treatment. At the 31st Annual International Cannabinoid Research Society Symposium, the company presented two posters incorporating ART27.13 and ART12.11. A study comparing the pharmacological effects of plant-derived vs. synthesized cannabidiol in human cell lines has been published. New patent application filed for Fatty Acid Binding Protein 5 chemistry of the third generation.
Artelo had a net loss of $7.44 million or $0.4 per diluted and basic share for the fiscal year ending August 31, 2021, relative to a net loss of $4.65 million or $1.26 per share a year ago. At the end of the quarter, the company had cash and marketable securities of $10.065 million.