Seneca Biopharma reported its financial results for Q3 2020, with a net loss of $2.3 million or $0.13 per share, up from $1.8 million or $0.59 per share year-over-year. The company completed funding offerings generating over $14.7 million and appointed new executives to strengthen management. Notable achievements include completing a Phase II trial for NSI-566 and progress towards a Phase 3 study for ALS post-FDA feedback. As of September 30, 2020, cash stood at $12.7 million, down from $15.8 million in June 2020.
Seneca Biopharma, Inc. (Nasdaq: SNCA) has announced the completion of its non-GCP Phase II study evaluating NSI-566 for chronic ischemic stroke treatment in Beijing, China. With the last subject's final follow-up assessment finished, the company is set to release top-line data in Q4 2020. Chronic ischemic stroke, affecting millions globally, currently has no effective interventional therapies, highlighting the significance of this study. The company focuses on developing innovative treatments for high unmet medical needs while transforming through new science and technology acquisitions.
Seneca Biopharma, Inc. (Nasdaq: SNCA) reported its financial results for Q2 2020, showing a net loss of $2.0 million or $0.15 per share, compared to a loss of $1.4 million or $1.45 per share in Q2 2019. Cash increased to approximately $15.8 million, up from $10 million in Q1 2020, mainly due to recent offerings. The Company noted progress on clinical trials for NSI-566 and NSI-189, alongside an expected readout in the second half of 2020. Operating loss was stable at $1.9 million, reflecting reduced R&D spending amid winding down of clinical programs.
Seneca Biopharma, Inc. (Nasdaq: SNCA) announced the adjournment of its 2020 Annual Meeting of Stockholders, originally held on August 7, 2020, to September 4, 2020, to gather more proxies for Proposals 3, 4, and 7. The meeting saw only 67.90% participation, down from 80.5% in 2019, attributed to COVID-19 and weather issues. Significant stockholder support was noted for Proposals 3 and 4, but neither attained the required majority for approval. Proposal 4 aims to authorize a reverse stock split to meet Nasdaq compliance. Shareholders are encouraged to vote by September 3, 2020.