Sign up
Pharma Capital

Arca Biopharma progresses toward FDA approval of Gencaro as it beats 1Q expectations

Gencaro, a beta blocker designed to treat irregular heartbeat, received a Special Protocol Assessment from the Food and Drug Administration
Heart and stethoscope
The biopharmaceutical company reported a net loss of $1.86 per share, compared to a $3.61 loss in the prior year quarter

Arca biopharma Inc (NASDAQ:ABIO) posted a smaller-than-expected first-quarter loss as its lead drug progressed toward regulatory approval, the company announced Wednesday.

The biopharmaceutical company reported a net loss of $1.86 per share, compared to a $3.61 loss in the prior year quarter. That beat Street expectations of a $1.98 loss.

Cash and its equivalents increased to $8 million from $6.6 million last quarter.

READ: Arca Biopharma rockets after ‘encouraging’ data for beta-blocker Gencaro

Gencaro, its beta blocker designed to treat irregular heartbeat, received a Special Protocol Assessment from the Food and Drug Administration in February. That means its planned 2019 Phase 3 trial will be acceptable to secure FDA approval.

The Colorado-based company also plans to begin non-clinical studies later this year of AB171, a genetically-targeted treatment for heart failure and peripheral arterial disease.

After jumping 10% at the open, the stock fell back to earth, dropping 0.5% to $15.03.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

1551807154_andrew.jpg


Register here to be notified of future ABIO Company articles
View full ABIO profile View Profile
View All

Related Articles

© biotech Capital 2019

Biotech Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed biotech companies to interact with institutional and highly capitalised investors.
Headquartered in London, Biotech Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Biotechnology market.