Acer Therapeutics Inc, a pharmaceutical company has been in the industry for nearly three decades dedicated to acquiring, advancing, and commercializing therapies for lethal illnesses with no proper medicines.
The annual turnover for 2019 has been $ 12.1 million which is quite small compared to their $ 41.7 million trade by the end of the year 2018. After befalling a net loss of $ 29.4 million indicating a 2.91 loss per share for the whole year 2019, they are planning to sell off $15 million worth stocks in a stock purchase agreement with Lincoln Park Capital Fund (LLC) spread over 36 months initiating in 2020.
Some Recent Highlights For 2020
- Meanwhile, EDVISO has been on halt due to rejection of Acer’s Complete Response Letter (CRL) by Office of New Drugs (OND), CEO Chris Schelling talks about a possible resubmission plan.
- ACER-001 evaluation of Bioequivalence to BUPHENYL has been successfully completed in a pivotal trial. Next NDA for UCDs is to be submitted at the beginning of 2021 after completion of the remaining non-clinical work and examining the stability of the product in the long run.
- Regarding OSSANET, a Phase (½) safety trial is targeted by the end of the year 2020 which will require some additional capital.
- Emetine Hydrochloride research for COVID-19 treatment is recently initiated (preclinical phase) in collaboration with the National Center for Advancing Translational Sciences (NCATS). It was presented at the Biomedical Advanced Research and Development Authority (BARDA) CoronaWatch meeting held on 7TH MAY 2020 during which they selected promising projects to fund with government support to tackle COVID-19.
Acer Therapeutics announced its financial report results for the first quarter of 2020 which ended on 31st March.
- In the first quarter, Acer attained a Cash Position of $7million on cash and equivalents which they assume would suffice the fund requirement for their upcoming OSSANET goal in the fourth quarter and other operations currently. Although this is again lower than the last quarter of 2019.
- $2.6 million went on general and administrative expenses for three months. It is lower than the first quarter of 2019 expenses of $4.2 million. This $1.2 million slack is influenced by the EDVISO call response letter by NDA in June 2019. Unlike in 2020, there were expenses in clinical trials, regulation, contract manufacturing, and other employee payments.
- Net loss of 4.9 million till 31st march 2020 incurred indicating a $0.49 loss per share which is better than $0.79 loss per share on 31st March 2019.
According to NASDAQ: ACER at https://www.webull.com/quote/nasdaq-acer reports, the current share price of Acer is running on 3.36 with an uptrend of 0.3%. You can now do online stock trading with your brokerage account. Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.