Arca Biopharma reports almost $67M in cash as it prepares for COVID treatment trials

WESTMINSTER — Arca Biopharma Inc. (Nasdaq: ABIO) said it had almost $67 million in cash on hand at the end of the first quarter of 2021 to fund its clinical research into a possible treatment for some patients with deadly reactions to COVID-19 infections.

The Westminster company reported having just more than $66.93 million in cash and equivalents on hand. It has no revenues, as the company doesn’t have any drugs approved for use by physicians yet.

The company also posted a $4.1 million loss for the period, a 206% increase over the same period last year. The majority of that increased losses came from increased research and development costs.

Arca’s flagship drug candidate is AB-201, which was originally designed as an anti-clotting treatment for patients who had suffered heart attacks or other cardiac events. The company repurposed the drug for potential use as an anti-inflammatory and anti-clotting agent to combat those symptoms seen in some patients suffering from severe bouts of COVID-19.

Results for the Phase II trial for AB-201 in COVID patients are due in the third quarter of the year.

© 2021 BizWest Media LLC

on Facebook on LinkedIn