BioPharmX Corp. announced financial highlights for the fiscal quarter ended July 31, as well as an update on BPX01, the company's novel topical acne drug.
The company is pursuing the development of novel products targeting large dermatologic markets, according to a press release. The products include BPX01, which will deliver minocycline in a directly applied, gel-like treatment to treat acne, but with fewer expected side effects than its oral counterpart, the release stated.
BioPharmX reported that it expects to file an IND with the FDA for BPX01 and anticipates phase 2 clinical trials to begin in early 2016.
The company also reported cash and cash equivalents totaled $7.4 million for the quarter ended July 31, compared to $1.3 million on Jan. 31, 2015. Cash and cash equivalents increased due to the public offering of $10 million, according to the release.
Due to increased expenditures for the acne drug’s pre-clinical preparations and continued marketing and commercialization efforts for Violet iodine, a daily supplement to promote breast health and alleviate symptoms associated with fibrocystic breast condition, total operating expenses were $3.6 million for the quarter, compared to $1.8 million during the quarter ended July 31, 2014, according to the release.
Other highlights mentioned in the release included the appointment of Greg Kitchener as chief financial officer.