Resunab Results Keeping Corbus on Fast Track Says CEO

Corbus has surged 325% in 2016 due to Resunab which received an FDA "Fast Track" designation. Corbus CEO Dr. Yuval Cohen does not expect things to slow down anytime soon.
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Shares of Corbus Pharmaceuticals (CRBP) - Get Report have raced 325% higher in 2016 due to its Resunab drug which received "Fast Track" designation by the Food and Drug Administration. The company's CEO Dr. Yuval Cohen does not expect things to slow down anytime soon. "Our guidance is for a mid-November data result for systemic sclerosis and following that we will either move to a phase 2B or a pivotal study depending on the strength of the study," said Cohen. If all goes according to plan, Cohen expects the drug to be on the market in 2021 or potentially earlier. Resunab was granted Fast Track designation and Orphan Drug designation for systemic sclerosis. The Phase 2 clinical study for systemic sclerosis completed enrollment in June 2016 with data expected in the fourth quarter of 2016. Elsewhere on the horizon, Resunab has a Phase 2 clinical study for the treatment of dermatomyositis with data expected in the first half of 2017. Resunab will be tested in a Phase 2 study for the treatment of systemic lupus erythematosus with funding from the NIH. Financially speaking, Corbus reported a net loss of approximately $4.2 million, or a net loss per diluted share of $0.11 in its second quarter. For the six months ended June 30, 2016, the company reported a net loss of approximately $7 million. The company attributed the increased losses to additional spending on clinical studies and staffing costs. Corbus ended the second quarter with approximately $22 million of cash and cash equivalents, which Cohen said is "more than sufficient to get the three data readouts we are waiting for."