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Avenue Therapeutics | 8-K: Avenue Therapeutics Reports First Quarter 2024 Financial Results and Recent Corporate Highlights

SEC announcement ·  May 15 21:06
Summary by Futu AI
On May 15, 2024, Avenue Therapeutics, Inc., a specialty pharmaceutical company, announced its financial results for the first quarter ending March 31, 2024. The company, which focuses on developing treatments for neurologic diseases, reported a productive quarter with significant advancements in its CNS treatment pipeline. Avenue's lead clinical program, AJ201, for spinal and bulbar muscular atrophy, is expected to report topline data mid-2024. The company also highlighted the potential of BAER-101 for epilepsy treatment, with plans for a Phase 2a clinical trial pending necessary funding. Additionally, Avenue has finalized an agreement with the FDA on the safety study design for IV tramadol, aimed at treating acute post-operative pain, with a Phase 3 study to commence upon securing funding. Corporate achievements include raising approximately $9.4 million from...Show More
On May 15, 2024, Avenue Therapeutics, Inc., a specialty pharmaceutical company, announced its financial results for the first quarter ending March 31, 2024. The company, which focuses on developing treatments for neurologic diseases, reported a productive quarter with significant advancements in its CNS treatment pipeline. Avenue's lead clinical program, AJ201, for spinal and bulbar muscular atrophy, is expected to report topline data mid-2024. The company also highlighted the potential of BAER-101 for epilepsy treatment, with plans for a Phase 2a clinical trial pending necessary funding. Additionally, Avenue has finalized an agreement with the FDA on the safety study design for IV tramadol, aimed at treating acute post-operative pain, with a Phase 3 study to commence upon securing funding. Corporate achievements include raising approximately $9.4 million from warrant exercises and a reverse stock split to comply with Nasdaq's minimum bid price requirement. Financially, Avenue's cash position improved to $3.2 million, an increase from the previous quarter, with R&D expenses at $2.4 million and a net loss of $4.3 million for the quarter. The company's future plans involve progressing its pipeline to deliver shareholder value and patient therapies.

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