Processa Pharmaceuticals (NASDAQ: PCSA), a clinical-stage company developing drugs for patients who have unmet medical conditions that require better treatment options to improve a patient’s survival and/or quality of life, is reporting its financial results for the quarter ended March 31, 2022; the company also released an update on its clinical programs. According to the announcement, the company continues to manage fund efficiently, reporting a cash balance of $14.4 million at quarter end; PCSA anticipates using this money to complete its three ongoing clinical trials and fund operations into 2023. The report also included a net loss of $3.2 million for the quarter, as well as R&D expenses totaling $2 million, compared to $1.5 million for the same period in 2021. “We are on track to get important data from all our clinical programs over the remainder of this year that will elucidate the path to registration for these programs that each have a market that could exceed $1 billion,” said Processa Pharmaceuticals CEO and chair Dr. David Young in the press release. “The amended protocol for next-generation Capecitabine will provide insights into the de novo formation of DPD by midsummer and allow us to get to the MTD by year end; our expanded outreach to find and enroll patients in the PCS499 uNL trial has identified new potential patients to complete enrollment for our interim analysis cohort midsummer and interim results by year end; enrollment in PCS12852 is going well and is expected to fully enroll patients and provide top-line results before the end of the year; and we expect to complete the initial development on the macromolecule assays that will be evaluated as potential biomarkers for PCS3117 and confirm our regulatory path with FDA by the end of the year.”

To view the full press release, visit https://ibn.fm/FQU6f

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. Active clinical pipeline programs include PCS6422 (“PCS6422”), a metastatic colorectal cancer and breast cancer program;  PCS499 (“PCS499”), an ulcerative necrobiosis lipoidica program; and PCS12852 (“PCS12852”), a gastroparesis program. The members of the Processa development team have been involved with more than 30 drug approvals by the FDA, 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://ibn.fm/PCSA

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