Pardes Biosciences, Inc. - PRDS STOCK NEWS

Pardes Biosciences, Inc. (Nasdaq: PRDS) has appointed Laurie Smaldone Alsup, M.D. and John C. Pottage, Jr., M.D. to its Board of Directors as it advances PBI-0451 into a Phase 2 study targeting SARS-CoV-2 infections. CEO Tom Wiggans emphasized the value of their extensive experience in regulatory strategies and clinical development for the company’s goals. Dr. Smaldone Alsup brings over 30 years of biopharmaceutical expertise, while Dr. Pottage has 20 years focused on infectious diseases. These appointments aim to enhance the development of an innovative oral antiviral treatment for COVID-19.

Pardes Biosciences has initiated a Phase 2 trial for PBI-0451, an oral antiviral for COVID-19, targeting 210 non-hospitalized adults. The double-blind, randomized study aims to assess efficacy, safety, and antiviral activity versus placebo. Results are expected in Q1 2023. PBI-0451 demonstrated favorable tolerability in Phase 1 trials without severe adverse events. The drug inhibits the main protease of coronaviruses, potentially providing a novel treatment option for patients unable to take existing therapies.

Pardes Biosciences, Inc. (NASDAQ: PRDS), a clinical-stage biopharmaceutical company, announced participation in the H.C. Wainwright 24th Annual Global Investment Conference on September 14, 2022, at 7:30 a.m. PT. The event will feature a company overview highlighting its oral antiviral drug candidate, PBI-0451, aimed at treating and preventing COVID-19. A live audio webcast will be accessible on the company’s website, with a replay available for 30 days.

Pardes is focused on developing effective oral antiviral treatments to address pandemic challenges.

Pardes Biosciences (NASDAQ: PRDS) reported significant developments regarding its antiviral candidate PBI-0451 for SARS-CoV-2. The company completed various components of its Phase I program and secured Fast Track designation, with a Phase 2 trial set to initiate soon across 60 U.S. sites. Financially, Pardes reported a net loss of $27.6 million for Q2 2022, up from $8.1 million in Q2 2021, primarily due to increased research and development expenses, which reached $20.3 million. As of June 30, 2022, the company had $228.6 million in cash, projected to sustain operations into 2023.

Pardes Biosciences, Inc. (NASDAQ: PRDS) has announced management's participation in a fireside chat at the Jefferies Global Healthcare Conference on June 9, 2022, at 8:30 a.m. PT / 11:30 a.m. ET. The event will focus on the company's development of PBI-0451, a novel oral antiviral drug aimed at treating and preventing SARS-CoV-2 infections, including COVID-19. A live audio webcast will be accessible through Pardes' website, with an archived replay available for 30 days post-event.

Pardes Biosciences, Inc. (NASDAQ: PRDS) reported Q1 2022 results, revealing a net loss of $21.4 million, significantly higher than $4.5 million in Q1 2021. This increase is attributed to rising research and development costs, which surged to $13.2 million from $3.4 million year-over-year. General and administrative expenses also rose to $8.2 million compared to $1.1 million in the previous year. As of March 31, 2022, the company's cash reserves stood at $247.9 million, expected to sustain operations through the second half of 2023.

Pardes Biosciences, Inc. (NASDAQ: PRDS) reported a net loss of $38.5 million for the year ended December 31, 2021, a significant increase from a $13 million loss in 2020. Research and development expenses soared to $28.2 million, driven by advancing PBI-0451 for COVID-19 treatment. The company completed a business combination with FS Development Corp. II, garnering $274 million for its initiatives. PBI-0451's First-in-Human Phase 1 trials showed favorable tolerability, with the FDA clearing its IND application. Cash reserves of $268.7 million are projected to fund operations until late 2023.

Pardes Biosciences (NASDAQ: PRDS) announced its oral presentation at the 35th International Conference on Antiviral Research (ICAR) 2022, focusing on their antiviral drug candidate PBI-0451 for COVID-19. The presentation, titled "Profile of PBI-0451 an Orally Administered 3CL Protease Inhibitor of SARS-CoV-2 for COVID-19," is scheduled for March 24, 2022, during the Coronaviruses session from 2:45-5:45 p.m. PT. Attendees can access the session on the ICAR virtual platform until April 25, 2022.

Pardes Biosciences, Inc. (NASDAQ: PRDS) has granted an inducement award to its new CEO, Thomas G. Wiggans, under the 2022 Inducement Plan. The award includes non-qualified stock options for 925,000 shares at an exercise price of $6.36 per share, the closing price on March 2, 2022. The options have a ten-year term and will vest over four years, contingent upon Mr. Wiggans’ continued service. This move is part of the company's strategy to advance its clinical-stage oral antiviral drug candidate, PBI-0451, aimed at treating and preventing COVID-19.