Corbus Pharmaceuticals Holdings, Inc. (CRBP) has seen an increase of 5.8% in premarket. However, the last trading session concluded at $0.69 with a decrease of 4.71%.
New Appointment – Who’s it?
On 7th December 2021, CRBP announced that Rachael Brake has been appointed as the Chief Scientific Officer. Dr. Brake was most recently Vice President, Global Project Leader in Oncology at Takeda Pharmaceuticals, where she held various leadership positions across the R&D continuum. Moreover, she oversaw a portfolio of initiatives and cross-functional teams tasked with the preclinical and clinical evaluation of a variety of solid tumor therapeutic candidates with varied modes of action.
Furthermore, Dr. Brake will be in charge of developing Corbus’ TGF-targeting treatments pipeline as well as existing endocannabinoid system-targeting pharmacological prospects. She will also play a crucial role in the creation of the Company’s larger scientific strategy, which will serve to guide future commercial development prospects and the refining of the Company’s research focus.
Rachael has a wealth of business knowledge and a real interest in cancer medication development. Her knowledge, leadership, and vision will be essential in moving forward with our current pipeline and supporting its development.
Third Quarter 2021 Results – Newest Updates
CRBP announced third quarter 2021 results on 12th November 2021. The company reported that the revenue from awards and licenses was about $97,000, compared to roughly $1,231,000 in the same period in 2020. Moreover, the operating expenditures declined by $21.2 million to roughly $14.0 million, compared to $35.2 million in the prior year’s similar period.
The drop was mostly due to lower clinical trial and medication manufacturing expenses, as well as a decrease in compensation expenses overall. Furthermore, the Company reported a net loss of about $2.2 million, compared to a net loss of about $34.9 million, for the same period in 2020. Lastly, the firm has $108 million in cash which should be enough to sustain operations until the first quarter of 2024.
CRBP had a solid third quarter as the company moved closer to the clinic with the lead projects. The company is happy to watch how integrin biology is progressing and to realize the potential significance of the program. Last but not least, they have the operational skills and are in a solid financial position to carry out the plan to advance the diverse pipeline.