Atossa Therapeutics Inc (NASDAQ:ATOS) reported financial results for its first quarter ended March 31, revealing progress in the development of its estrogen receptor (ER)-positive, HER2-negative breast cancer treatment (Z)-endoxifen.
“I am proud of the progress we’ve made to date in 2023 and look forward to further accelerating our (Z)-endoxifen development programs over the coming months,” CEO Steven Quay said in a statement.
“With three ongoing Phase 2 studies investigating (Z)-endoxifen, $103.9 million of cash and cash equivalents on our balance sheet, broad patent protection and a talented team in place, we are well positioned to change the treatment paradigm for women with dense breast tissue and those diagnosed with estrogen receptor positive breast cancer."
Earlier this year, Atossa dosed the first patient in its Phase 2 EVANGELINE study evaluating (Z)-endoxifen compared to exemestane plus goserelin as a neoadjuvant treatment for premenopausal women with Grade 1 or 2 ER+ / HER2- breast cancer.
The company also began a new study arm within its ongoing Phase 2 I-SPY 2 clinical trial, a collaborative effort among academic investigators from major cancer research centers across the United States, Quantum Leap Healthcare Collaborative, the US Food and Drug Administration and the Foundation for the National Institutes of Health (FNIH) Cancer Biomarkers Consortium. About 20 patients will receive (Z)-endoxifen for up to 24 weeks prior to surgery.
Total operating expenses in the period were $7,098, an increase of 50% year-over-year. That breaks down into research and development expenses of $3,508 plus general and administrative expenses of $3,590.
Looking ahead, full enrollment in the company's Phase 2 KARISMA mammographic breast density study is expected by end of 2023
Atossa Therapeutics is a clinical-stage biopharmaceutical company developing innovative medicines in areas of significant unmet medical need in oncology with a current focus on breast cancer.
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