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Bio-Path Holdings Inc. (NASDAQ:BPTH) announced its operational and financial results for the year ended December 31, 2015, commenting that it incurred a net loss of $5.5 million, up from a net loss of $4.5 million the previous year.
Bio-Path Holdings Inc. (NASDAQ:BPTH) announced its operational and financial results for the year ended December 31, 2015, commenting that it incurred a net loss of $5.5 million, up from a net loss of $4.5 million the previous year.
According to the company, the loss was largely the result of “increased clinical trial expenses, manufacturing development, preclinical study costs and personnel costs associated with the addition of research and development support staff in the second half of 2014.”
Other financial highlights include:
- Research and development expenses for the year ended December 31, 2015 increased to $3.0 million, compared to $1.8 million for the year ended December 31, 2014.
- General and administrative expenses for the year ended December 31, 2015 decreased to $2.5 million, compared to $2.7 million for the year ended December 31, 2014.
- As of December 31, 2015, the Company had a cash balance of $8.9 million, compared to $13.9 million at December 31, 2014. Net cash used in operating activities for the year ended December 31, 2015 was $5.0 million, compared to $3.8 million for the comparable period in 2014.
Peter Nielsen, president and CEO of Bio-Path, commented:
2015 was a year of significant progress for Bio-Path. With two full remissions achieved in the safety segment of our Phase II trial of lead candidate BP1001 in advanced AML patients, the formation of an inaugural Scientific Advisory Board, and receiving orphan drug designation for BP1001 in AML, we are looking forward to a successful 2016.
Click here to read the full Bio-Path Holdings Inc. (NASDAQ:BPTH) press release.