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Mar 31, 2021
CervoMed Q1 2021 Earnings Report
Reported financial results for the first quarter of 2021 and provided a business update.
Key Takeaways
Diffusion Pharmaceuticals focused on progressing the development of its therapeutic, trans sodium crocetinate (TSC), and fortified its balance sheet through a $34.5 million equity raise during the first quarter. They completed dosing in a Phase 1 trial and a Phase 1b trial, and anticipate data analysis completion in the second quarter of 2021.
Initiated, enrolled, and completed dosing of 30 healthy volunteers in a Phase 1 trial evaluating the pharmacodynamic effects of TSC on peripheral tissue oxygenation.
Completed dosing and reported topline results from its Phase 1b trial evaluating TSC in hospitalized COVID-19 patients, with all doses evaluated being well tolerated.
Raised $34.5 million in gross proceeds through an offering of its common stock.
Existing cash and cash equivalents are expected to be sufficient to fund operations through 2023.
Forward Guidance
For the remainder of 2021, Diffusion is focused on the design and execution of two Oxygenation Trials, which are the foundation of their redefined TSC development strategy.
Positive Outlook
- Data from the TCOM Trial is anticipated to be available later in the second quarter of 2021 and will be used to guide dose selection for the two additional Oxygenation Trials.
- Induced Hypoxia Trial: A double-blind, randomized, placebo-controlled study will evaluate the effects of TSC on maximal oxygen consumption, or VO2, and partial pressure of blood oxygen, or PaO2.
- DLCO Trial: A double-blind, randomized, placebo-controlled study will evaluate the effects of TSC on the diffusion of carbon monoxide through the lungs (DLCO) in patients with previously diagnosed interstitial lung disease.
- Diffusion anticipates topline results from each study will be available within two months of their respective completion.
- The Company believes positive data from any one or more of the three Oxygenation Trials, if obtained, would provide evidence of a definitive effect of TSC on oxygenation.
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