180 Life Sciences (NASDAQ: ATNF) CEO Dr. James Woody issued a letter to stockholders of the clinical-stage biotechnology company that has its lead indication in phase 2b clinical trial and is focused on the development of novel drugs that fulfill unmet needs in inflammatory diseases, fibrosis and pain. The letter noted that the company has focused on strengthening its balance sheet by negotiating down and paying off a significant amount of liabilities and clearing all convertible debt. Woody noted that this was possible because of the company’s $11.6 million private placement that was completed in February 2021. Woody also noted that the company had filed its delinquent periodic reports, regained complete compliance with NASDAQ, and filed the current Form 10-Q in a timely basis. Woody also provided an overview of the company’s current pipeline, which includes three clinical programs that address Early Dupuytren’s contracture, a fibrotic disease of the hand; frozen shoulder; and postoperative cognitive delirium disorder and dysfunction, a major unmet clinical need occurring in the elderly patient population. The company’s preclinical discovery programs include nonalcoholic steatohepatitis (“NASH”), which started preclinical studies with Celgene-BMS in human tissue in Q2 2020; a program focused on the development of unique pharmaceutical-grade oral synthetic cannabidiol analogs to treat pain that is specifically evaluating chronic pain associated with arthritis; and a aα7nAChR program, which aims to develop α7nAChR agonists for the treatment of inflammatory diseases, initially ulcerative colitis induced in ex-smokers. “I’d like to again reiterate an important distinguishing factor in our model, itself unique for a biotech company,” stated 180 Life Sciences CEO Dr. James Woody in the letter. “Almost all of our clinical studies to date have been substantially funded through competitive, peer-reviewed grants. While ultimately, we intend to fund some studies primarily internally, we anticipate our operating expenses will remain low relative to our peers. There are many advantages of doing clinical development mostly with academic leaders, both in cost, efficiency, and credibility. We have several potential additional innovative initiatives in progress, and you will hear about them in the upcoming months. I’d like to close by telling you that while recent months have been challenging at times, my personal goal for 180 Life Sciences remains the same as always. My goal and the goal of the other members of management is to benefit patients and build stockholder value by developing world leading products to solve unmet medical needs.”
To view the full press release, visit https://ibn.fm/QuX9k
About 180 Life Sciences Corp.
180 Life Sciences is a clinical-stage biotechnology company focused on the development of novel drugs that fulfill unmet needs in inflammatory diseases, fibrosis and pain by leveraging the combined expertise of luminaries in therapeutics from Oxford University, the Hebrew University and Stanford University. 180 Life Sciences is leading the research into solving one of the world’s biggest drivers of disease — inflammation. The company is driving groundbreaking studies into clinical programs, which are seeking to develop novel drugs addressing separate areas of inflammation for which there are no effective therapies. The company’s primary platform is a novel program to treat fibrosis using anti-TNF (“TNF”) (tumor necrosis factor). For more information about the company, visit www.180LifeSciences.com.
NOTE TO INVESTORS: The latest news and updates relating to ATNF are available in the company’s newsroom at https://ibn.fm/ATNF
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