Kiora Pharmaceuticals Inc (NASDAQ: KPRX) has announced financial results for the quarter and six months ending June 30, 2022, and provided a business update.
CEO of Kiora Brian Strem said, “In the first half, we continued to advance three core programs toward their next phase of clinical development. With the recent financing, we are now in a position to continue advancing these programs, most notably, KIO-301 for Retinitis Pigmentosa, a rare, inherited genetic eye disease.”
Major accomplishments during the quarter
The company received approval to begin KIO-301’s (the ABACUS study) first-in-human clinical study, which aims to restore lost vision in Retinitis Pigmentosa patients. There are presently no recognized medications for this uncommon, inherited eye condition.
In March 2022, the US FDA designated KIO-301 as an orphan drug, granting it extended commercial exclusivity for a maximum of 7 years in the US. During the quarter first patients with Persistent Corneal Epithelial Defect (PCED), a rare ocular surface disorder defined by non-healing ulcers on the eye surface, are enrolled in a Phase 2 research of KIO-201.
The company also received a US patent for KIO-201 and other hydrogel-based controlled release platforms permitting regulated antibiotic delivery for ocular disorder management.
During the quarter, presented the complete KIO-101 Phase 1b study results at the meeting of the American Society of Cataract & Refractive Surgery in April 2022. The outcomes back up the proposed Phase 2 clinical study for the management of Rheumatoid Arthritis’ Ocular Presentation (OPRA).
Financial results for six months
The company had a net loss of $6 million in 1H relative to $4.6 million in 1H 2021. Cash used in operating activities in 1H 2022 was $5.3 million relative to $5.5 million in 1H 2021. As of June 30, 2022, the company had cash and cash equivalents of $2.4 million.
Strem stated, “The recent capital raise provides Kiora with the financial resources to execute on our near-term development strategy across all three candidates under development. Strategically, we are going to prioritize KIO-301, which we believe provides the most cost-efficient path toward clinical validation and a potentially critical inflection point.”