Cyclo Therapeutics Reports Second Quarter 2023 Financial Results
- Continued strong enrollment in pivotal Phase 3 study
- Anticipates achieving 60% enrollment by end of August
- Extended cash runway with $5.0 million private placement
- Net loss of approximately $4.6 million for Q2 2023
- Research and development expenses increased by 69%
Continued strong enrollment of pivotal Phase 3 global study (TransportNPC™) evaluating Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1) on track to complete enrollment by year end 2023
Company anticipates achieving
Topline results from TransportNPC™ expected Q4 2024
“Over the past quarter, we continued to execute on all fronts. We remain focused on driving recruitment in our pivotal TransportNPC™ study of Trappsol® Cyclo™ and are on track to complete enrollment by the end of this year. Our commitment to the NPC community remains steadfast, strong and a top priority. We are working diligently to bring a safe and effective treatment option where there remains a significant unmet need,” commented N. Scott Fine, Chief Executive Officer of Cyclo Therapeutics.
Recent Highlights
-
Extended cash runway with the closing of a
$5.0 million - Continued prioritization on patient engagement and advocacy through participation at the 2023 NNPDF Family Support & Medical Conference and China NPC meeting to connect with the global NPC community and discuss Trappsol® Cyclo™ and its clinical development program for the treatment of NPC;
- Announced the publication of positive, confirmatory data from its Phase 1/2 clinical trial, which demonstrated promising safety and efficacy results for Trappsol® Cyclo™ in the treatment of Niemann-Pick Disease Type C1; and
- Received allowance of patent from European Patent Office for Trappsol® Cyclo™ for Alzheimer’s Disease.
Summary of Financial Results for the Second Quarter 2023
Net loss for the quarter ended June 30, 2023 was approximately
The Company ended the quarter with approximately
About Cyclo Therapeutics
Cyclo Therapeutics, Inc. is a clinical-stage biotechnology company dedicated to developing life-changing medicines through science and innovation for patients and families living with disease. The Company’s Trappsol® Cyclo™, an orphan drug designated product in
Safe Harbor Statement
This press release contains “forward-looking statements” about the company’s current expectations about future results, performance, prospects and opportunities, including, without limitation, statements regarding the satisfaction of closing conditions relating to the offering and the anticipated use of proceeds from the offering. Statements that are not historical facts, such as “anticipates,” “believes” and “expects” or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual results in future periods to differ materially from what is expressed in, or implied by, these statements. The factors which may influence the company’s future performance include the company’s ability to obtain additional capital to expand operations as planned, success in achieving regulatory approval for clinical protocols, enrollment of adequate numbers of patients in clinical trials, unforeseen difficulties in showing efficacy of the company’s biopharmaceutical products, success in attracting additional customers and profitable contracts, and regulatory risks associated with producing pharmaceutical grade and food products. These and other risk factors are described from time to time in the company’s filings with the Securities and Exchange Commission, including, but not limited to, the company’s reports on Forms 10-K and 10-Q. Unless required by law, the company assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.
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Investor Contact:
JTC Team, LLC
Jenene Thomas
(833) 475-8247
CYTH@jtcir.com
Source: Cyclo Therapeutics, Inc.
