Capricor Therapeutics, Inc. (NASDAQ:CAPR)
Capricor Therapeutics, Inc. (NASDAQ:CAPR) has announced its financial results for Q1 of 2017 and announced a number of updates on its business. Capricor president and CEO Linda Marbán, Ph.D said since the company’s announcement of positive results from the HOPE-Duchenne clinical study of CAP-1002 they are working towards meeting with the FDA to chat the way for registration as well as clinical development for the Duchenne muscular dystrophy indication.
Dr. Marbán also expressed disappointments in the recently announced results from the ALLSTAR clinical study of CAP-1002 used in treatment of heart attack. The parameters of change examined in the study did not change in addition to the inconsistency of the placebo response with the natural history of the disease.
Capricor Therapeutics, Inc. (NASDAQ:CAPR) reported positive outcome from the six-month Phase I/II HOPE-Duchenne clinical study of CAP-1002 in younger men. The company announced that a recently performed analysis showed very low probability of attaining a statistically-significant difference in the efficacy endpoint. Due to the ALLSTAR results, the company intends to cut the scope of its operations. This will entail shrinking its workforce so as to focus its efforts and resources on advancing the DMD program. The company recently reported $3.7 million in gross proceeds from a private placement of its common stock.
Capricor Therapeutics, Inc. (NASDAQ:CAPR) is currently expecting a decision on its application for CAP-1002 license from Janssen Biotech. The decision is expected to be out in the third quarter of 2017. The company is also expecting data from the Phase I/II HOPE-Duchenne clinical clinical study which is expected in the fourth quarter of 2017. Finally, the company itends to make an Investigational New Drug application (IND) for its CAP-2003 in 2018.
On the financial front, Capricor Therapeutics, Inc. (NASDAQ:CAPR) reported a net loss of around -$3.7 million or -$0.17 per share in Q1 of 2017 compared to a net loss of -$4.3 million or -$0.26 per share that was reported in Q1 of 2016. The company had $11.7 million in cash, cash equivalent and securities. This is compared to around $16.2 million that the company had in Q1 of 2016. The company believes the current financial resources which include proceeds from the recently closed private placement, will be enough to finance its activities and meet its financial requirements up to Q1 of 2017 basing on the current operations of the company.
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.