BioMedNewsBreaks – Processa Pharmaceuticals Inc. (NASDAQ: PCSA) Releases Q1 2021 Financial, Corporate Report

Company: Processa Pharmaceuticals Inc. (PCSA)
Category: News

Processa Pharmaceuticals (NASDAQ: PCSA), a clinical-stage biopharmaceutical company developing products to improve the survival and quality of life for patients who have unmet medical needs, has reported its financial and corporate results for the first quarter of 2021, the period ended March 31, 2021. In the report, PCSA noted that its clinical drug pipeline is funded and targeting major milestones throughout this year. Corporate highlights for the company included the selection of five clinical sites around the United States for the upcoming phase 2b randomized, double-blind, placebo-controlled clinical trial evaluating the efficacy and safety of PCS499 in treating patients who have necrobiosis lipoidica along with ulcerations; the initiation of clinical sites to enroll patients in the phase 1B study of the safety and PK of PCS6422 with capecitabine in patients with refractory GI tract tumors; and the plan to submit an IND application in the third quarter of 2021 for PCS12852, a small molecule drug in development for the treatment of gastroparesis and functional gastrointestinal motility disorders. The company also closed a private placement resulting in gross proceeds of $10.2 million. Other financial highlights for PCSA were its cash and cash equivalents, which totaled $23 million at the end of Q1 2021, an increase from the Q1 2020 total of $15.4 million as of December 31, 2020; R&D expenses reaching $1.5 million for the quarter; and general and administrative expenses for Q1 2021 totaling an estimated $717,000, compared to $484,000 for the comparable period in 2020. “During the first quarter we made substantial progress advancing our three clinical in-licensed drugs, each with a potential market exceeding $1 billion,” said Processa Pharmaceuticals CEO and president Dr. David Young in the press release. “We expect first patients to be dosed with PCS6422 and PCS499 within the next six weeks, and to receive interim data for PCS6422 near the end of the third quarter of 2021 and interim data for PCS499 during the first quarter of 2022.”

To view the full press release, visit https://ibn.fm/TsUcb

About Processa Pharmaceuticals Inc.

The mission of Processa is to develop products with existing clinical evidence of efficacy for patients with unmet or underserved medical conditions who need treatment options that improve survival and/or quality of life. The company uses these criteria for selection to further develop its pipeline programs to achieve high-value milestones effectively and efficiently. PCSA’s active clinical pipeline programs include PCS6422 (“PCS6422”) (metastatic colorectal cancer and breast cancer), PCS499 (“PCS499”) (ulcerative Necrobiosis Lipoidica) and PCS12852 (“PCS12852”) (gastroparesis). The markets of each indication are in excess of $1 billion each. The members of the Processa development team have been involved with more than 30 FDA drug approvals, including drug products targeted to orphan disease conditions, and more than 100 FDA meetings throughout their careers. For more information, visit the company’s website at www.ProcessaPharma.com.

NOTE TO INVESTORS: The latest news and updates relating to PCSA are available in the company’s newsroom at https://ibn.fm/PCSA

About BioMedWire

BioMedWire (BMW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) BioMedNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. BMW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.

To receive SMS text alerts from BioMedWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)

For more information please visit https://www.BioMedWire.com

Please see full terms of use and disclaimers on the BioMedWire website applicable to all content provided by BMW, wherever published or re-published: http://BMW.fm/Disclaimer

BioMedWire (BMW)
San Francisco, California
www.BioMedWire.com
415.949.5050 Office
Editor@BioMedWire.com

BioMedWire is part of the InvestorBrandNetwork

BioMedWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 415.949.5050