Tiziana Life Sciences has updated investors on its lead programs in development along with the release of its financial results for the year ended December 31, 2022.
The biotechnology company's interim CEO Gabriele Cerrone said that, after it announced in late 2022 its near-term focus on advancing intranasal foralumab to address central nervous system-mediated inflammatory diseases, Tiziana has started this year with a stream of continuous, positive program-related developments.
“Intranasal foralumab’s unique action on regulatory T-cells and its potential to treat multiple inflammatory pathology indications has been published in a major medical journal and recognized in the media,” Cerrone said in a statement.
“We also recently announced intranasal foralumab’s potential to treat Long Covid, Alzheimer’s and Type 1 diabetes.”
Cerrone said the company’s aim was to become a leading company pioneering intranasal therapies for inflammatory diseases.
“Our near-term strategic focus is to prioritize resources for the clinical development of this unique therapeutic candidate to maximize shareholder value while still maintaining optionality for our other research programs, including milciclib in oncology,” Cerrone said.
Regarding its 2022 financial results, the company narrowed its net loss year-over-year from $27.9 million to $19 million.
Tiziana’s research and development expenses decreased from $13.2 million for the 2021 financial year to $13 million, attributed to the company’s focus on its proprietary programs foralumab and, to a lesser extent, IL6-R.
The company finished the period with $18.1 million in cash, compared to $42.2 million on December 31, 2021.
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