In the last trading session, the stock price of Catabasis Pharmaceuticals Inc (NASDAQ:CATB) declined more than 1% to close the day at $1.62. The decline came at a share volume of 226,124 compared to average share volume of 860,784. More recently, the company posted financial report for the quarter closed September 30, 2017.
Jill C. Milne, Ph.D., the CEO of Catabasis, reported that they have recorded a vital milestone for the edasalonexent plan. In their Phase II open-label extension of the MoveDMD® study, they witnessed improvements across evaluations of muscle health and muscle function as well as a continued robust safety profile through three years of edasalonexent treatment. Depending on the consistency of these encouraging data from prespecified analyses and supportive input from the U.S. FDA, they intend to further assess edasalonexent as a prospective novel disease-modifying treatment for boys with Duchenne irrespective of mutation type in an international Phase 3 study that they intend to start in 1H2018.
The CEO of Catabasis stated that their team also advanced their research of CAT-5571, a prospective oral treatment targeting cystic fibrosis-related respiratory infections. They anticipate to commence a Phase 1 study for CAT-5571 in 2H2018.
For Q3 2017, loss from operations came at $7 million versus $8.3 million for the same period, a year earlier. Net loss came at $7.0 million for the quarter closed September 30, 2017, versus a net loss of $8.4 million, for the quarter closed September 30, 2016.
As of the close of September 30, 2017, Catabasis recorded cash/cash equivalents of $21.7 million, versus $29.4 million as of the close of June 30, 2017. Catabasis’ existing operating plan offers for cash to fund operations via August 2018. To develop edasalonexent in the Phase III study, Catabasis projects to seek additional funds through debt or equity financings or via licensing or collaboration transactions.