Cyclo Therapeutics, Inc. (CYTH) a clinical-stage biotechnology company emphasizing to manufacture of revolutionary medicines through science and innovation for patients and families suffering from diseases with unmet medical needs, confirmed that it will participate in the M-Vest Virtual Conference Series: Alzheimer’s Disease Panel on Wednesday, May 26, 2021.
Shares of Cyclo Therapeutics Inc. (CYTH) were down 0.64% at $8.20 in the current market trading as of this writing. CYTH stock closed the last session at $8.25, increasing 10.15% or $0.76. Shares of the company fluctuated between $7.46 and $10.3695 throughout the day. The shares of Cyclo Therapeutics Inc. have advanced 17.86% in the last five days; however, they have gained 14.58% over the last month.
Financial Results for First Quarter 2021
Net loss for the quarter finished on March 31, 2021, was almost $4.0 million. Research and development expenses saw a rise of 58% to $3.2 million for the three months ended March 31, 2021, compared to $2.0 million for the first quarter of the previous year. The surge in research and development expense was facilitated by increased activity in the Company’s global clinical program and U.S. clinical trials.
Cyclo Therapeutics, Inc anticipates research and development costs to further rise in 2021 as the company continues to seek regulatory compliance for the use of Trappsol® Cyclo for the treatment of Alzheimer disease.
In December 2020, CYTH closed a public offering, which was inclusive of the use of the underwriter’s over-allotment option, as a result generating total gross proceeds of $14.4 million. Subsequent to the closing of the public offering through March 12, 2021, warrants to acquire an aggregate of 1,654,184 shares of Common Stock was used due to which the company gained additional gross proceeds worth $8.3 million. The Company finished the quarter with almost $15.5 million of capital.
Cyclo Therapeutics Inc. Highlights
Assigned Lori McKenna Gorski as Global Head of Patient Advocacy. Ms. Gorski is a renowned biotechnology executive with more than 2 decades of experience and has worked in patient advocacy for uncommon disease communities;
Confirmed the design of the international clinical protocol agreed with U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) for the phase 3 study assessing TrappsolCyclo to treat NPC.
Received positive feedback from FDA which depicted a supportive stance in CYTH’s development strategy to submit an IND application for a Phase 2 study of Trappsol Cyclo to treat early Alzheimer’s disease.
Announced positive data from its Phase 1/2 clinical trial, which depicted high safety and efficacy results for Trappsol Cyclo to treat NPC.
Participation in the M-Vest Virtual Conference Series: Alzheimer’s Disease Panel combined with positive topline data has increased shareholder expectation from the company with CYTH stock price rising at last check.