Bio-Path: Why the Biotech Penny Stock Is Skyrocketing Today
Bio-Path Holdings Inc (NASDAQ:BPTH) stock was up Tuesday on a few bits of good news from the company.
Source: Will Thomas via Flickr (Modified)
The first bit of positive info from the company includes interim results for its Phase 2 study of Prexigebersen in combination with LDAC to treat AML. The study was testing the combination of treatments on 17 patients.
According to its press release, 47% of patients saw responses from the combined treatments. This includes four patients with complete remission and another four patients that now have stable diseases.
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The other bit of good news for BPTH stock today was financial results for its fiscal full year of 2017. During the year, the company reported a net loss of $8.1 million, or 80 cents per share. This is a wider net loss than the $6.8 million, or 73 cents per share from the year prior.
According to Bio-Path Holdings Inc, the increase in its net loss for 2017 was due to its deemed dividend related to the warrant conversion in 2017. The company also notes that the values were adjusted to take into account for the 1-for-10 reverse stock split that took place in February.
“As we move into 2018, we expect to implement the protocol amendments to our Phase 2 clinical trial of prexigebersen for the treatment of acute myeloid leukemia, to prepare for a Phase 1 clinical trial of BP1002 in lymphoma, to begin enrollment of a Phase 1 clinical trial of prexigebersen in solid tumors potentially by year-end, and to start a series of IND-enabling studies for BP1003 in pancreatic cancer,” Peter Nielsen, President and CEO of Bio-Path Holdings Inc, said in a statement.
BPTH stock was up 31% as of noon Tuesday.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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