Processa Pharmaceuticals (NASDAQ: PCSA), a clinical-stage biopharmaceutical company developing products to improve the survival and quality of life for patients who have unmet medical needs, has reported its financial numbers for the year ending Dec. 31, 2020; the company also reported a corporate update. High on the list of noteworthy achievements for the year 2020 was the selection of five U.S. clinical sites for the enrollment of patients for the company’s upcoming phase 2B trial; exclusive licensing agreements with Elion Oncology Inc. and Yuhan Corporation; the appointment of new board and executive team members; and the closing of an underwritten public offering that resulted in $17.1 million. The update also noted that the company anticipated seeing the first patients in its phase 1B clinical study and its phase 2 study dosed in the first half of 2021. Processa Pharmaceuticals held a March 25 conference call reviewing the report; a reply of that call can be obtained by dialing toll-free 877-481-4010 for domestic callers and 919-882-2331 for international callers; the passcode for either call is 40452. “2020 was a transformational year for our company,” said Processa CEO and chair Dr. David Young in the press release. “We in-licensed three exciting programs with potential markets exceeding $1 billion for each drug, improved our balance sheet, strengthened our management team and board, uplisted to Nasdaq, and prepared the foundation for successful execution for our three clinical-stage programs. I am delighted to report that we anticipate the first patients to be dosed with PCS6422 and PCS499 in the second quarter of 2021 with interim data for PCS6422 near the end of Q3 and for PCS499 in the first quarter of 2022.”
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About Processa Pharmaceuticals Inc.
The mission of Processa is to develop products with existing clinical evidence of efficacy for patients with unmet or underserved medical conditions who need treatment options that improve survival and/or quality of life. The company uses these criteria for selection to further develop its pipeline programs to achieve high-value milestones effectively and efficiently. PCSA’s active clinical pipeline programs include PCS6422 (“PCS6422”) (metastatic colorectal cancer and breast cancer), PCS499 (“PCS499”) (ulcerative Necrobiosis Lipoidica) and PCS12852 (“PCS12852”) (gastroparesis). The markets of each indication are in excess of $1 billion each. The members of the Processa development team have been involved with more than 30 FDA drug approvals, including drug products targeted to orphan disease conditions, and more than 100 FDA meetings throughout their careers. For more information, visit the company’s website at www.ProcessaPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to PCSA are available in the company’s newsroom at https://nnw.fm/PCSA
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