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Biostage CEO Jim McGorry
November 12, 2019
Biostage cash reserves drop to $1M as R&D costs climb
The losses rose in the third quarter for Holliston biotech startup Biostage as the company continues to push towards clinical trials of its esophageal implants.
On Tuesday, Biostage reported a net loss of $2.4 million, or a net loss per share of $0.33, compared to a net loss of $2.1 million, or a net loss per share of $0.37 for the third quarter of 2018. This continued a downward trend for the company, with year-to-date net losses of $6.7 million, or a net loss per share of $1.02, compared to a net loss of $5.7 million, or a net loss per share of $1.40, at this point last year.
The continued losses were attributed to a $1.2-million increase in research and development costs and a $200,000 increase in general and administrative expenses. These were partially offset by a $200,000 net decrease in expense.
On Oct. 29, Biostage submitted its investigational new drug application to the U.S. Food and Drug Administration for the company’s lead product candidate, the Cellspan Esophageal Implant. According to Biostage CEO James McGorry, this marks the Biostage’s transition to a clinical stage company.
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