ARCA biopharma Announces Third Quarter 2022 Financial

WESTMINSTER, Colo., Oct. 28, 2022 (GLOBE NEWSWIRE) — ARCA biopharma, Inc. (Nasdaq: ABIO), a biopharmaceutical firm making use of a precision drugs strategy to growing genetically focused therapies for cardiovascular illnesses, at present reported third quarter 2022 monetary outcomes and supplied a company replace.

In May 2022, the Company retained Ladenburg Thalmann & Co. Inc. to behave as its monetary advisor to discover and consider strategic choices for maximizing stockholder worth. Potential strategic alternate options that could be explored or evaluated as a part of this course of embody the potential for an acquisition, merger, business mixture or different strategic transaction involving the Company. The Board has not set a timetable for the conclusion of this overview, nor has it made any choices associated to any additional actions or potential strategic choices right now. There will be no assurance, nevertheless, that this course of will end in any such transaction.

Third Quarter 2022 Summary Financial Results

Cash and money equivalents have been $43.9 million as of September 30, 2022, in comparison with $53.4 million as of December 31, 2021. ARCA believes that its present money and money equivalents, might be ample to fund its operations on the present ranges by way of not less than the tip of 2023. The Company’s overview of its strategic choices might influence this projection.

Research and growth (R&D) bills have been $1.0 million for the quarter ended September 30, 2022, in comparison with $3.4 million for the corresponding interval in 2021. In the third quarter of 2022, ARCA applied a strategic discount of the workforce and recorded whole restructuring fees of roughly $0.8 million, of which $0.5 million and $0.3 million have been acknowledged in analysis and growth and basic and administrative bills, respectively, in reference to the restructuring, all within the type of one-time termination advantages. The $2.4 million lower in R&D bills within the third quarter was primarily associated to the completion of enrollment within the rNAPc2 Phase 2b scientific trial within the fourth quarter of 2021, partially offset by the restructuring fees mentioned above. R&D bills in 2022 are anticipated to be decrease than 2021.

General and administrative (G&A) bills have been $1.5 million for the quarter ended September 30, 2022, in comparison with $1.3 million for the corresponding interval in 2021. The $0.2 million enhance in G&A bills was primarily a results of the restructuring fees mentioned above. G&A bills in 2022 are anticipated to be barely greater than 2021 as we keep administrative actions to assist our ongoing operations together with the one-time termination advantages recorded within the third quarter 2022.

Total working bills for the quarter ended September 30, 2022 have been $2.6 million in comparison with $4.7 million for the third quarter of 2021.

Net loss for the quarter ended September 30, 2022 was $2.3 million, or $0.16 per primary and diluted share, in comparison with $4.7 million, or $0.33 per primary and diluted share within the third quarter of 2021.

About ARCA biopharma
ARCA biopharma is devoted to growing genetically and different focused therapies for cardiovascular illnesses by way of a precision drugs strategy to drug growth. At current, ARCA is evaluating choices for growth of its belongings, together with partnering and different strategic choices. For extra info, please go to www.arcabio.com or observe the Company on LinkedIn.

Safe Harbor Statement
This press launch accommodates “forward-looking statements” for functions of the protected harbor supplied by the Private Securities Litigation Reform Act of 1995. These statements embody, however are usually not restricted to, statements concerning potential future growth plans for Gencaro and rNAPc2, if any, the Company’s overview of strategic choices. Such statements are based mostly on administration’s present expectations and contain dangers and uncertainties. Actual outcomes and efficiency might differ materially from these projected within the forward-looking statements because of many components, together with, with out limitation, the dangers and uncertainties related to: ARCA’s monetary sources and whether or not they are going to be ample to fulfill its business goals and operational necessities; ARCA might not be capable to elevate ample capital on acceptable phrases, or in any respect, to proceed growth of rNAPc2 or Gencaro or to in any other case proceed operations sooner or later; outcomes of earlier scientific trials might not be confirmed in future scientific trials; the safety and market exclusivity supplied by ARCA’s mental property; dangers associated to the drug discovery and the regulatory approval processes; the Company’s skill to finish a strategic transaction, and, the influence of aggressive merchandise and technological modifications. These and different components are recognized and described in additional element in ARCA’s filings with the Securities and Exchange Commission, together with with out limitation ARCA’s annual report on Form 10-Ok for the yr ended December 31, 2021, and subsequent filings. ARCA disclaims any intent or obligation to replace these forward-looking statements.

Investor & Media Contact:
Jeff Dekker
720.940.2122
[email protected]

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