With COVID-19 trials underway, Acra Biopharma says its cash will last through 2022

WESTMINSTER — Arca Biopharma Inc. (Nasdaq: ABIO) reported growing losses in the third quarter of 2021, but with trials underway for its COVID-19 treatment candidate the company says it has cash to continue operations through next year. 

The company, which does not yet have any revenue, saw research and development costs jump from $1.1 million in the third quarter to 2020 to $3.4 million during the most recent period, primarily due to the initiation of clinical trials for drug candidate rNAPc2.

The U.S. Food and Drug Administration this year designated the investigation of rNAPc2 as a potential COVID-19 treatment as a Fast Track development program. 

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“The continuing pandemic and the emergence of multiple variants that have led to a resurgence of infections and hospitalizations, highlight the need for additional safe and effective therapeutic tools to treat patients that develop severe COVID-19,” Arca CEO Michael Bristow said in a prepared statement. “With rNAPc2’s combination of anticoagulant, anti-inflammatory and potential antiviral properties, we believe it has the potential to be effective in addressing COVID-19 impacts in hospitalized patients. Our international Phase 2b clinical trial is nearing completion, and we look forward to sharing its results in the first quarter.”

Arca is also developing Gencaro (bucindolol hydrochloride), a beta-blocker and mild vasodilator, as a potential treatment for atrial fibrillation in heart failure patients. 

Net losses for the quarter ended Sept. 30, 2021, were $4.7 million, or $0.33 per share. That’s up from losses of $2 million for the third quarter of 2020.

According to Arca’s quarterly report, the company has cash and cash equivalents of $58.3 million available, sufficient to fund operations through 2022.

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