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Biotech Influence on Cannabinoid-based Drug Development Leading to Latest Clinical Trials for Treatments for Chronic Disorders

MarketNewsUpdates.com News Commentary

As the biotechnology science industry continues to become more involved in medical cannabis, specifically in the area of cannabinoid-based drugs and treatments, revenue generating opportunities across the marijuana sector are beginning to become more and more apparent. Key factors boosting the legal marijuana market include growing revenues as there are over 20 conditions for which medical marijuana is used, some of the key applications include pain management, arthritis, cancer, multiple sclerosis and Alzheimer's and additional chronic disorders. Active biotech companies in the sector include: Therapix Biosciences Ltd. (NASDAQ:TRPX), Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE), GW Pharmaceuticals plc (NASDAQ:GWPH), INSYS Therapeutics Inc. (NASDAQ:INSY) and 22nd Century Group Inc. (NYSE:XXII)

Therapix Biosciences Ltd. (NASDAQ:TRPX), a specialty clinical stage pharmaceutical Company specializing in the development of cannabinoid-based drugs, today reported financial results for the three and six months ended June 30, 2017. The Company will host a conference call and webcast today to discuss the financial results and to provide an update on current developments with respect to its clinical programs. Financial Summary - Second Quarter 2017 vs. Second Quarter 2016 (the functional currency of the Company is New Israeli Shekel; for presentation purposes. See the full financial tables at YahooFinance .

Brief details from the press release include:

  • Net loss of $1.9 million, or $0.54 per ADS, for the three months ended June 30, 2017, compared to a net loss of $0.5 million, or $0.61 per ADS, for the three months ended June 30, 2016. This period's net loss included $0.44 million of exchange rate differences on balances of cash and cash equivalents, versus none incurred during the corresponding period in 2016.
  • Research and development ('R&D') expenses amounted to approximately $0.46 million for the three months ended June 30, 2017, compared to approximately $0.23 million for the three months ended June 30, 2016. The increase resulted primarily from a marked rise in expenses in connection with the clinical trials, as well as a R&D studies.
  • Cash totaled $11.8 million as of June 30, 2017, compared to $12.1 million at March 31, 2017. The increase in cash primarily resulted from additional net proceeds raised in the Company's Initial Public Offering through the complete exercise of the underwriter's overallotment option, as well as expenses incurred in our ongoing clinical trials, other R&D expenses, investor relations and business development activities and operational activities. The Company currently believes that its cash balance will be sufficient to maintain its current operations into the third quarter of 2018

Read this entire release and more news for TRPX at: http://www.marketnewsupdates.com/news/trpx.html.

Business update and developments in Therapix Biosciences clinical R&D programs:

  • In the Company's ongoing study Phase IIa clinical trial in Tourette's Syndrome at Yale University (n=18), 12 patients have been enrolled to date; patient #13 is scheduled to be screened this week. The last patient is currently projected to be enrolled by the end of September or...

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