Artelo Biosciences Reports Q3 Results, Talks Patent For Cocrystal CBD

Artelo Biosciences (NASDAQ:ARTL) announced its third-quarter results as of May 31. 

The La Jolla, California-based company reported a net loss of $951,191, approximately $0.27 per basic share in contrast to $0.17 per share for the same quarter 2019.

Operating expenses related to research and development increased by $10,000 in comparison to third-quarter 2019 and totaled $951,395.

Liquidity was disclosed to be about $1.3 million. The company had more than $4.4 million in cash holdings in August 2019.

During this quarter, the company was granted a patent from the U.S. patent and trademark office for its application for ART12.11 — a cocrystal solid form of CBD.

In addition, the company announced substantial progress of ART26.12, a fatty acid-binding protein 5 platform by expanding its license agreement with Stony Brook University supported by a $4.2 million grant from the NCI.

“We continue to make meaningful clinical and operational progress throughout our therapeutic product candidate pipeline,” Artelo CEO Gregory Gorgas said.

Artelo was awarded the first and only composition of matter patent for our novel cocrystal of CBD, ART12.11, establishing a basis for market exclusivity through the end of 2038 and supporting the company's development for PTSD and inflammatory bowel disease.

"Despite delays related to the COVID-19 pandemic, we still expect to receive the appropriate approvals in order to initiate enrollment in our Phase 1b/2a clinical study of ART27.13 for the treatment of cancer-related anorexia later this year," Gorgas added.

At the time of publication, the company’s shares are down by 12% at $1.10.

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