Veru reports Q1 revenue $2.1M vs. $2.5M last year

Reports Q1 gross profit increased to $1.2M from $0.7M last year. “FDA’s clearance of the Investigational New Drug application (IND) for the planned enobosarm clinical trial to further increase fat loss and weight loss while preventing the significant muscle loss that occurs with weight-loss drugs, is a significant milestone for Veru,” said Mitchell Steiner, M.D., Chairman, President, and CEO of Veru. “There’s a critical unmet medical need for orally administered therapeutics today that produce higher quality weight loss for patients by preserving muscle and augmenting fat loss with minimal to no additional side effects. Based on the promising results of past enobosarm clinical muscle studies, we think that enobosarm could effectively meet this critical unmet medical need. We plan to commence the Phase 2b clinical study in April 2024 and expect top line data by the end of the calendar year.” Dr. Steiner added: “Supported by the solid institutional investment of our recent financing, including many highly regarded biotech institutional investors who were excited about the potential of enobosarm for the avoidance of muscle loss – weight loss indication, we believe our current funds are sufficient to complete and report topline results for the Phase 2b enobosarm study for potentially higher quality weight loss as well as the Phase 2b open label extension study.”