NetworkNewsBreaks – CNS Pharmaceuticals Inc. (NASDAQ: CNSP) Releases Q3 2023 Financial Results, Update on Berubicin Study
CNS Pharmaceuticals (NASDAQ: CNSP), a biopharmaceutical company specializing in the development of novel treatments for primary and metastatic cancers in the brain and central nervous system, is reporting on its financial results for third quarter, the period ended Sept. 30, 2023; the company also noted upcoming milestones. Notable financial numbers from the report include net loss for Q3 totaled approximately $4.5 million compared to an estimated $3.4 million for the comparable period in 2022; R&D expenses came in at $3.4 million for the third quarter compared to approximately $2.2 million for the comparable period in 2022; and general and administrative expense reached approximately $1.1 million. CNS reported cash of approximately $0.9 million with an additional $2.6 million in a warrant inducement transaction and placements on the ATM facility.
Operationally, the company noted that enrollment numbers rose to 239 participants in the ongoing potentially pivotal study of Berubicin for treatment of GBM, with expected full enrollment by next month; topline data from preplanned interim analysis from the Berubicin study is also expected next month. “Over the course of 2023, we have demonstrated solid execution and rapid progression of enrollment in our ongoing potentially pivotal study of Berubicin,” said CNS Pharmaceuticals CEO John Climaco in the press release. “We are preparing for the most significant milestones for patients, the company and our stockholders in just a few short weeks. . . . With topline data from our interim analysis expected in the coming weeks, we are poised to determine whether or not the independent Data Safety Monitoring Board recommends continuing the study. We are hopeful that by the end of this study, Berubicin will ultimately demonstrate life-saving value as a second-line treatment for patients with recurrent glioblastoma. We look forward to an exciting remainder of the year and building value for all stakeholders in the near and long-term.”