Cyclo Therapeutics Provides Business Update and Reports First Quarter 2023 Financial Results
- Company on track to complete enrollment in ongoing pivotal Phase 3 global study (TransportNPC™) evaluating Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1) by year end 2023
“We continued to execute both clinically and operationally last quarter. We remain on track to be fully enrolled in our Transport NPC study by the end of the year and can’t thank the NPC community enough for their continued support in working with us in advancing the study of Trappsol® Cyclo™ as a potential treatment to all living with NPC. In addition, we received continued support financially from our board of directors and welcomed strategic investor Rafael Holdings in two successful fund raises completed following the end of the quarter. Our commitment to the NPC community remains steadfast and strong; we are here with you,” commented N. Scott Fine, CEO of Cyclo Therapeutics.
Recent Highlights
-
TransportNPC™ pivotal study on track to be
50% enrolled by the end of May 2023; Company on track to complete enrollment by year end; -
Completed financings with gross proceeds totaling
$7.7 million - Appointed global pharmaceutical and biotechnology commercialization leader, William Conkling, Rafael’s Chief Executive Officer, to the Board of Directors of Cyclo Therapeutics; and
- Commenced Phase 2b study of Trappsol® Cyclo™ for the treatment of early Alzheimer’s Disease.
Summary of Financial Results for the First Quarter 2023
Net loss for the quarter ended March 31, 2023 was approximately
The Company ended the quarter on a pro forma basis with approximately
About Cyclo Therapeutics
Cyclo Therapeutics, Inc. is a clinical-stage biotechnology company dedicated to developing life- changing medicines through science and innovation for patients and families living with disease. The Company’s Trappsol® Cyclo™, an orphan drug designated product in
Safe Harbor Statement
This press release contains “forward-looking statements” about the company’s current expectations about future results, performance, prospects and opportunities, including, without limitation, statements regarding the satisfaction of closing conditions relating to the offering and the anticipated use of proceeds from the offering. Statements that are not historical facts, such as “anticipates,” “believes” and “expects” or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual results in future periods to differ materially from what is expressed in, or implied by, these statements. The factors which may influence the company’s future performance include the company’s ability to obtain additional capital to expand operations as planned, success in achieving regulatory approval for clinical protocols, enrollment of adequate numbers of patients in clinical trials, unforeseen difficulties in showing efficacy of the company’s biopharmaceutical products, success in attracting additional customers and profitable contracts, and regulatory risks associated with producing pharmaceutical grade and food products. These and other risk factors are described from time to time in the company’s filings with the Securities and Exchange Commission, including, but not limited to, the company’s reports on Forms 10-K and 10-Q. Unless required by law, the company assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.
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JTC Team, LLC
Jenene Thomas
(833) 475-8247
CYTH@jtcir.com
Source: Cyclo Therapeutics, Inc.
