Galmed Pharmaceuticals Ltd. (GLMD) shares plunged 5.52% in the after-hours on Monday, January 10, 2022, and closed the daily trading at $1.54. Even in the regular trading sessions of Monday, GLMD’s stock lost 13.53%. GLMD shares have fallen 52.06% over the last 12 months, and they have moved down 21.26% in the past week. Over the past three months, the stock has lost 40.07%, while over the past six months, it has declined 41.16%.
Let’s briefly discuss its recent news and developments.
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GLMD update about Phase 1 study of Amilo-5MER
On January 10, 2022, Galmed Pharmaceuticals Ltd. (GLMD) announced the results of Phase 1 clinical trial of Amilo-5MER in healthy volunteers that demonstrated an excellent safety profile and tolerability.
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The Phase I study was conducted in a single-center, using a double-blind, randomized, placebo-controlled design. The study aimed to assess the safety, tolerability, and pharmacokinetics of single and multiple doses of Amilo-5MER. A total of 64 healthy males and females were enrolled in the study.
There were no serious clinically significant adverse events and none considered related to the investigational product. The Company plans to submit an IND for mild to moderate ulcerative colitis in 2022.
GLMD latest financial results
On Nov. 8, 2021, Galmed Pharmaceuticals Ltd. (GLMD) announced its financial results for the three and nine months ended September 30, 2021.
Q3 2021 financial highlights
- GLMD reported zero revenue in Q3 2021.
- Research and development expenses were approximately $6.5 million in Q3 2021 compared to approximately $6.5 million for the same period in 2020.
- General and administrative expenses were approximately $1.3 million for the three months ended September 30, 2021, compared to approximately $1.1 million for the three months ended September 30, 2020.
- it suffered a net loss of $7.7 million, or $0.31 per share for the third quarter of 2021 compared to a net loss of $6.9 million, or $0.32 per share in Q3 2020.
- The company ended the third quarter with cash and cash equivalents, restricted cash, and marketable debt securities of $42.0 million.
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Conclusion
Despite positive results of the phase 1 study of Amilo-5MER, Galmed stock faced a significant loss on Monday which is a bit strange. We can expect it to perform well in the coming trading sessions on Tuesday.