Corbus Pharmaceu Stock Price, News & Analysis

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) announced its second quarter financial results and provided updates on its clinical studies. The company reported a net loss of $38.1 million, down from a net income of $2.2 million in the same quarter last year, primarily due to a lack of significant licensing revenue. Revenue fell to $0.3 million, a decrease of $28.8 million. Corbus strengthened its balance sheet with $121 million in new capital, including a $71 million ATM offering and a $50 million debt facility. Topline results for its RESOLVE-1 Phase 3 study of lenabasum for systemic sclerosis are expected this summer.

Corbus Pharmaceuticals (NASDAQ: CRBP) announced the successful completion of subject enrollment in its Phase 3 clinical trial, DETERMINE, evaluating lenabasum for treating dermatomyositis. The study enrolled 176 participants, making it the largest randomized, double-blind, placebo-controlled study for this condition. Topline results are anticipated in the fourth quarter of 2021. Lenabasum has received Orphan Drug Designation from the FDA and EMA, indicating significant unmet medical need in treating this rare autoimmune disease.

Corbus Pharmaceuticals (NASDAQ: CRBP) announced that CEO Yuval Cohen, Ph.D., will present at two key conferences this month. The events include the BTIG Virtual Biotechnology Conference on August 10, 2020, at 10:00 AM ET and the Canaccord Genuity 40th Annual Growth Conference on August 13, 2020, at 3:00 PM ET. Webcast access will be available on the company's website post-event. Corbus is in the Phase 3 stage of developing lenabasum for treating inflammatory diseases and has an upcoming safety study for CRB-4001, targeting nonalcoholic steatohepatitis.

Corbus Pharmaceuticals Holdings (NASDAQ: CRBP) will report its second quarter financial results on August 6, 2020. Management, led by CEO Yuval Cohen, will hold a conference call and webcast at 8:30 a.m. ET. The company focuses on novel therapeutics targeting inflammatory diseases, with key candidates including lenabasum and CRB-4001.

Corbus Pharmaceuticals announced an aggregate of $71 million in proceeds from an at-the-market offering, selling 9,167,080 shares at a weighted average price of $7.70 per share. The company also secured a $50 million debt facility with K2 HealthVentures, receiving the first $20 million tranche. With $101 million in cash on hand, Corbus expects to fund operations into Q3 2021. This funding enhances the company's strategic flexibility, particularly following Phase 3 clinical readouts.

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) appointed George Golumbeski, Ph.D., to its Board of Directors. Dr. Golumbeski brings extensive experience from his roles at Celgene and Novartis, enhancing the company's leadership ahead of crucial data readouts this summer. He emphasizes the importance of Corbus' focus on unmet medical needs, especially regarding lenabasum, a first-in-class treatment for systemic sclerosis and dermatomyositis, which currently lack approved therapies. The addition aims to strengthen Corbus as it evolves from a pre-commercial to a commercial stage.

Corbus Pharmaceuticals (NASDAQ: CRBP) presented data from three abstracts at the 6th Systemic Sclerosis World E-Congress, indicating that the ACR CRISS score correlates positively with patient-reported outcomes in systemic sclerosis (SSc) over two years. The ACR CRISS score is the primary endpoint for the upcoming RESOLVE-1 Phase 3 study of lenabasum, with topline data expected in summer 2020. A satellite symposium will discuss the endocannabinoid system's role in chronic inflammation and fibrosis during the Congress.

Corbus Pharmaceuticals announced the completion of the final visit in their Phase 2b trial of lenabasum for cystic fibrosis, which enrolled 426 participants. The primary endpoint focuses on reducing pulmonary exacerbations (PEx). Topline results are expected in Q3 2020, supported by a $25 million Development Award from the Cystic Fibrosis Foundation. Lenabasum has received Orphan Drug and Fast Track designations from FDA and EMA. Despite currently being unapproved, lenabasum shows promise in reducing inflammation and fibrosis, addressing a significant unmet need in CF treatment.

Corbus Pharmaceuticals (NASDAQ: CRBP) announced progress in its Phase 2b study of lenabasum, aimed at treating cystic fibrosis, with a focus on patients at high risk for pulmonary exacerbations. The study's baseline demographics and disease characteristics were published in the Journal of Cystic Fibrosis. Topline results are expected in late summer 2020. Lenabasum is designed to target the endocannabinoid system, with prior studies showcasing its potential in reducing inflammation and fibrosis. It has shown acceptable safety profiles but remains unapproved for any conditions.