Avenue Therapeutics reports Q3 EPS 6c vs (45c) last year

Reports Q3 cash Position as of September 30 totaled $0.2 M compared to $6.7M at December 31, 2022, a decrease of $6.5M In November , we completed a follow-on public offering of our common stock and warrants, raising approximately $5M in gross proceeds ..”In the third quarter, Avenue continued to successfully execute across our pipeline of innovative CNS treatments,” said Alexandra MacLean, M.D., Chief Executive Officer of Avenue. “We presented trial-in-progress posters for our lead product candidate, AJ201 for the treatment of spinal and bulbar muscular atrophy at important medical meetings attended by the neurology scientific community in recent months, and we are pleased to report that enrollment continues to progress on-track in the Phase 1b/2a clinical trial of AJ201, with initial clinical results anticipated in the second quarter of 2024. Turning to BAER-101, we look forward to presenting the full dataset of August’s promising preclinical results at the American Epilepsy Society Annual Meeting in December, further showcasing this novel drug’s robust anti-seizure activity in a translational animal model of absence epilepsy. This quarter, we also reached alignment with the U.S. Food and Drug Administration on the key aspects of the Phase 3 safety study design for IV tramadol, a crucial milestone for the program as positive study results have the potential to support an approval in acute post-operative pain. Importantly, we closed a public offering of common stock and warrants, resulting in $5M in gross proceeds, to strengthen Avenue’s balance sheet and continue to fund our clinical and corporate progress. We look forward to providing updates in the quarters to come as we work to deliver near-term value for Avenue shareholders and realize our mission of providing impactful therapies to patients suffering from neurologic diseases.”