(Stockholm, 27 February 2024) Asarina Pharma (“the Company”) today releases its Second Half-Year and Year-End Report for 2023.
The full Report (in English) is available on the Company’s Financial Reports page here: https://asarinapharma.com/investors/financial-reports/
FINANCIAL SUMMARY
Asarina reduced its expenditure in H2/23. Total operating expenses amounted to 5.2 MSEK compared with 6.7 MSEK in the second half of 2022. For the full year 2023, total costs were unchanged at 14.7 MSEK reflecting the costs in the first half-year related to the phase IIa study in Tourette Syndrome. As of 31 December 2023, the cash position amounted to SEK 3.2 million. In January 2024, the Company reduced the expenditure even further to ensure that it can conduct its partnering activities.
CEO STATEMENT
Peter Nordkild, CEO: “Following the positive outcome of the phase IIa study in Tourette Syndrome in April 2023, the second half of 2023 was marked by two key activities.
Together with our clinical and other advisers we made initial preparations for the next clinical study with Sepranolone in Tourette Syndrome (TS). The phase IIb study should be a randomized, double blind study involving 120-130 patients including patients with stable OCD/ADHD comorbidities.
The second key activity was our efforts to find a partner for the phase IIb study. It is critical for the further clinical development of Sepranolone to involve a strong partner with a focus on neurological diseases and with adequate financial resources.
Together with our financial adviser we have reached out to a substantial number of potential partners. As of the end of February 2024, we are in dialogue with a select group of companies which have expressed an interest in being involved in the next phase of the development of Sepranolone.
It is not clear when and how each of these dialogues will come to a conclusion, but we aim to have clarity regarding our partnering options within the first half of the year. It should be noted that there is no certainty that a partnership can be established.
In the meantime, we have taken measures to reduce our expenditure to an absolute minimum in order to allow enough time for the partnering process.”