ENSYSCE BIOSCIENCE WTS - ENSCW STOCK NEWS

Ensysce Biosciences released an updated investor presentation on August 17, 2022, accessible on their investor relations website. This presentation features data from the Bioequivalence study of PF614, a novel abuse-protected opioid, which compared its release of oxycodone to OxyContin. The company is focused on improving prescription drug safety and performance to mitigate abuse and overdoses. A corporate update call is scheduled for the same day at 11 AM ET, featuring key executives discussing company progress.

Ensysce Biosciences reported Q2 2022 financial results, showing a net loss of $7.9 million, up from $1.0 million the previous year. The company completed an $8 million financing, aiding clinical trial advancements. Positive bioequivalence data for PF614, an opioid designed to reduce abuse and overdose, was achieved, supporting FDA approval plans. Cash reserves fell to $3.7 million from $8.4 million in Q1, and R&D expenses surged to $5.3 million. Ensysce maintains a focus on developing safer pain management solutions.

Ensysce Biosciences announced positive data from its PF614-102 bioequivalence study, demonstrating that PF614, an abuse-protected opioid, meets FDA standards compared to OxyContin. The study involved 57 healthy volunteers and showed minimal absorption variability under different meal conditions. The findings could facilitate PF614's path to FDA approval via the 505(b)(2) regulatory pathway. Dr. Lynn Kirkpatrick highlighted this as a critical step toward providing a safer pain management alternative. A corporate update call is scheduled for August 17, 2022.

Ensysce Biosciences has initiated the PF614-103 study, testing the abuse potential of PF614 compared to oxycodone in recreational opioid users. This double-blind trial, led by Dr. Glen Apseloff, aims to confirm that PF614 cannot be misused via nasal inhalation. Chief Medical Officer Dr. Nily Osman emphasized the importance of this study in establishing PF614's safety profile, as it requires trypsin activation for efficacy, significantly reducing abuse risk. Results are anticipated by October 2022, which will help differentiate PF614 from traditional opioids.

Ensysce Biosciences has secured $8 million in funding through a convertible note agreement with institutional investors, supporting its mission to enhance opioid safety. The financing includes senior secured convertible notes and warrants, with $4 million received in an initial closing. The funds will aid in advancing clinical studies for its abuse deterrent products. The notes are convertible at a 10% premium and bear a 6% interest rate, maturing in 18 months. The company continues to prioritize developing safer prescription drugs utilizing its unique technologies.

Ensysce Biosciences has been awarded $2.8 million for the fourth year of funding from the National Institute on Drug Abuse (NIDA) for its Multi-Pill Abuse Resistance (MPAR) platform. This funding raises total NIDA support to $10.8 million, facilitating the ongoing Phase 1 clinical trial of the PF614-MPAR opioid prodrug. CEO Lynn Kirkpatrick emphasized the grant's validation of their progress in developing safer pain relief options that deter abuse and overdose. The company is focused on delivering a market-ready MPAR drug product in the future.

Ensysce Biosciences has initiated a critical study, PF614-103, to assess the intranasal abuse potential of its drug PF614 compared to oxycodone. Conducted by Dr. Glen Apseloff, the trial aims to demonstrate that PF614 cannot be manipulated for euphoric effects by drug abusers. Chief Medical Officer Dr. Nily Osman emphasized the drug's tamper-resistant features, while CEO Dr. Lynn Kirkpatrick expressed confidence in PF614's efficacy. Results from the trial are anticipated in September 2022, marking a significant advancement in Ensysce's commitment to safer opioid alternatives.

Ensysce Biosciences reported its Q1 2022 financial results with a net loss of $1.0 million, slightly higher than the $0.9 million loss in Q1 2021. Cash reserves decreased to $8.4 million from $12.3 million at year-end 2021, driven by increased operating costs. Notably, $3.1 million was spent on R&D, up from $0.3 million in the prior year. The company announced positive results from trials PF614-102 and PF614-MPAR-101, indicating advancements in their opioid products aimed at reducing abuse and overdose risks. A corporate update call is scheduled for May 17, 2022.