Bio-Path Holdings Inc (NASDAQ: BPTH) shares hiked Tuesday, on reporting a full-year loss for 2017.
The Houston-based Bio-Path is a biotechnology company leveraging its proprietary DNAbilize® antisense RNAi nanoparticle technology to develop a portfolio of targeted nucleic acid cancer drugs.
The Company reported a net loss attributable to common stockholders of $8.1 million, or $0.80 per share, for the year ended December 31, 2017, compared to a net loss attributable to common stockholders of $6.8 million, or $0.73 per share, for the year ended December 31, 2016.
The increase was primarily due to the deemed dividend related to the warrant conversion in 2017. The per-share amounts above have been adjusted to give effect to the one-for-10 reverse stock split on February 8, 2018.
As of December 31, 2017, the Company had cash of $6.0 million, compared to $9.4 million at December 31, 2016. Net cash used in operating activities for the year ended December 31, 2017 was $8.0 million compared to $8.1 million for the comparable period in 2016.
Net cash used in investing activities for the year ended December 31, 2017 was $0.5 million. Net cash provided by financing activities for the year ended December 31, 2017 was $5.1 million.
CEO Peter Nielsen said "As we move into 2018, we expect to implement the protocol amendments to our Phase 2 clinical trial of prexigebersen for the treatment of acute myeloid leukemia, to prepare for a Phase 1 clinical trial of BP1002 in lymphoma, to begin enrollment of a Phase 1 clinical trial of prexigebersen in solid tumors potentially by year-end."
Shares in the company hurtled skyward 63 cents, or 35.6%, to $2.40.
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