Bio-Path Holdings Reports First Quarter 2011 Financial Results
Bio-Path Holdings, Inc., (OTCBB: BPTH) (“Bio-Path”), a biotechnology company developing a liposomal delivery technology for nucleic acid cancer drugs, today announced financial and operational results for its first quarter ended March 31, 2011.
FIRST QUARTER 2011 FINANCIAL AND OPERATIONAL HIGHLIGHTS
- Bio-Path continued to enroll patients into the Phase I clinical trial of its lead product candidate, Liposomal Grb-2, which is a systemic treatment for blood cancers including acute myeloid leukemia (AML), chronic myelogenous leukemia (CML), acute lymphoblastic leukemia (ALL) and myelodysplastic syndrome (MDS). The trial is being conducted at the MD Anderson Cancer Center.
- During the first quarter 2011, the Company continued the sale of shares of its common stock through a previously announced Private Placement Memorandum. At the end of April, 2011, the Company closed this Private Placement, raising approximately $1.8 million in total. As a result, the Company had in excess of $1.3 million in cash as of mid-May of 2011 and approximately $50,000 of additional funds in escrow. These cash resources are expected to fund Bio-Path’s operations into 2012.
- Net loss for the first quarter 2011 was $(592,726), compared to a Net Loss of $(490,941) in the first quarter 2010. The increase was primarily attributed to increased research and development expense from our expanding clinical trial, as well as increased expenses for accounting, legal, insurance, personnel and expenses related to being a public company. These expenses included non-cash stock option expense of $104,776 and $107,770 for the quarters ending March 31, 2011 and 2010, respectively. For the quarter, the Company reported a net loss per share of $(0.01) based on 49,400,605 weighted average shares outstanding, compared to $(0.01) per share for the same period last year.
- Operating expenses in the first quarter of 2011 increased by approximately 21 percent to $592,737 versus the first quarter 2010 primarily due to increased research and development expenses for the clinical trial and increased general and administrative expenses.
- As of March 31, 2011, the Company had cash of $765,768 , compared to $238,565 at December 31, 2010. Net cash used in operating activities for the first quarter of 2011 was $(124,971) compared to $(286,502) for the first quarter of 2010, an improvement of 56 percent compared to the first quarter of 2010. As previously noted, the Company completed a private placement after the close of the quarter.
“We continue to make progress with our clinical trial and look forward to announcing preliminary data, potentially at the American Society of Hematology (ASH) Annual Meeting in December,” said Peter Nielsen, President and Chief Executive Officer of Bio-Path. “Last month, we welcomed Dr. Ana Tari to our team. Ana is a leading researcher in the area of liposomal delivery technology and her experience will be extremely beneficial as we continue to move our proprietary delivery technology forward in the clinic.”
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