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Aerpio Pharmaceuticals (Nasdaq: ARPO) reported its Q2 2021 financial results, ending with $36.8 million in cash, down from $42.6 million at 2020's close. The firm is pursuing a merger with Aadi Bioscience, which requires shareholder approval and includes a $155 million PIPE financing. Q2 operating expenses decreased 16.9% year-over-year to $4.8 million, while R&D costs plummeted 79.7% to $0.7 million. However, general and administrative expenses rose 84.5% to $4.1 million, largely due to merger-related costs. The company reported a net loss of $4.4 million, compared to a profit of $9.3 million in Q2 2020.
Aerpio Pharmaceuticals (Nasdaq: ARPO) announced a merger agreement with Aadi Bioscience, focusing on precision therapies for cancers with mTOR pathway alterations. Aadi's product, FYARRO™, has shown promise in treating malignant PEComa, achieving a 39% overall response rate in trials. The FDA has granted Breakthrough Therapy and Fast-Track designations for FYARRO, with a rolling New Drug Application submitted in May 2021. Aadi plans to submit an Investigational New Drug application for further trials in 2021.
Aerpio Pharmaceuticals (Nasdaq: ARPO) has announced its merger agreement with Aadi Bioscience, a company focused on precision therapies for cancers with mTOR pathway gene alterations. Aadi plans to present its research at the ASCO 2021 Annual Meeting. Aerpio is concentrating on developing compounds that activate Tie2, which may hold therapeutic potential. The merger is expected to enhance Aerpio’s portfolio and market position in the biopharmaceutical sector.
Aerpio Pharmaceuticals, Inc. (Nasdaq: ARPO) reported its first-quarter 2021 financial results, ending with $39.0 million in cash. The company announced a merger agreement with Aadi Bioscience, aimed at advancing Aadi's lead product candidate, FYARRO. The merger is subject to shareholder approval and other customary conditions. Aerpio also raised $155 million through a PIPE financing to support the merger. Operating expenses increased by 36.7% year-over-year to $5.6 million, with a net loss of $4.4 million for the quarter.
Aerpio Pharmaceuticals (Nasdaq: ARPO) and Aadi Bioscience have announced a definitive merger agreement to focus on advancing Aadi's late-stage pipeline in genetically-defined cancers, particularly targeting the mTOR pathway. The merger will be supported by a concurrent $155 million PIPE financing led by prominent investors. Cash from both companies will fund operations into 2024, facilitating the commercialization of Aadi's product, FYARRO, for advanced malignant PEComa. The transaction is anticipated to close in Q3 2021, pending shareholder approval and customary conditions.
Aerpio Pharmaceuticals (NASDAQ: ARPO) reported its fourth quarter and full year 2020 results, ending with $42.6 million in cash. The company discontinued its RESCUE trial and participation in the I-SPY COVID trial due to recruitment challenges during the pandemic. Despite achieving primary efficacy in the Phase 2 trial of razuprotafib, the intraocular pressure reduction was insufficient for Phase 3 advancement. The company plans to reduce operating costs, laying off 58% of its workforce, with a one-time severance charge of $1.2 million expected. 2020 net loss decreased significantly to $4.3 million from $23.3 million in 2019.
Aerpio Pharmaceuticals (Nasdaq: ARPO) announced that its drug, razuprotafib, will not proceed in the I-SPY COVID Trial due to difficulties in administration and patient dropout related to hypotension. Despite a minor blood pressure decline, no significant adverse effects were attributed to the drug. The Data Monitoring Committee recommended halting further testing, suggesting it may have potential in treating acute respiratory distress syndrome (ARDS) outside of the pandemic context. Key investigators remain optimistic about razuprotafib's future capabilities in non-COVID-19 ARDS.
Aerpio Pharmaceuticals (Nasdaq: ARPO) has initiated a strategic review to maximize stockholder value from its clinical assets and cash reserves of $47.3 million as of September 30, 2020. This review will consider options such as partnerships and acquisitions. Key programs under review include the Phase 2 trial results of razuprotafib for glaucoma, which demonstrated significant intraocular pressure reduction, and ongoing trials for COVID-19 related ARDS. No further disclosures will be made until specific actions are approved.
Aerpio Pharmaceuticals (Nasdaq: ARPO) announced that its drug razuprotafib achieved the primary efficacy endpoint in a Phase 2 trial for patients with open angle glaucoma or ocular hypertension. The twice-daily dosing group showed a significant reduction in intraocular pressure (IOP) compared to the latanoprost control group, with a p-value of 0.0130. The company continues to enroll patients in trials for razuprotafib related to COVID-19. Aerpio plans to release the full dataset later in December 2020 and explore future strategic plans for their glaucoma program.
Aerpio Pharmaceuticals (Nasdaq: ARPO) announced the completion of enrollment for its Phase 2 glaucoma trial and plans to report topline data by early January 2021. The company initiated a second clinical trial for treating acute respiratory distress syndrome (ARDS) in COVID-19 patients, with first patient dosing in October 2020. As of September 30, 2020, Aerpio reported cash and cash equivalents of $47.3 million, up from $38.5 million at the end of 2019. Operating expenses for Q3 2020 rose to $5.9 million, resulting in a net loss of $5.0 million for the quarter.
