Ensysce Biosciences, Inc. (ENSC) soared 6.10% in the after-hours trading session at the price of $3.13 despite no recent news published by the company.
ENSC is a leading clinical-stage biotech company. It produces safer prescription drugs using its proprietary technology platforms. The company is developing tamper-proof opioids that help in the prevention of both drug abuse and overdoses. ENSC’s products assist in preventing deaths resulted from opioid abuse by minimizing human and economic costs.
Clinical Study of Next Generation Opioid, PF614 to Treat Cohort
On 8th September 2021, ENSC published the enrollment of its first cohort in a clinical study of next-generation opioids, PF614-102. It is a phase 1b, randomized, 2-part single-center study. The study aimed to evaluate the Pharmacokinetics and safety of multiple-ascending oral doses of PF614. It has analyzed the food effect and bioavailability of single oral OxyContin-related doses of PF614. The study has conducted under the supervision of Matthew Johnston, MD, PRA Health Sciences.
Chief Medical Officer of ENSC, Dr. William Schmidt, remarked that it is their first and foremost health priority to find a safe and efficient treatment to address the opioid crisis. This study is an essential step towards manufacturing opioid products to treat patients dealing with chronic pain. CEO of Ensysce Biosciences, Dr. Lynn Kirkpatrick, commented that transforming pain treatment and providing a critical solution to the opioid crisis is their chief mission. Their approach is to turn opioid pain relief into a more satisfactory therapeutic option in the future. They are focused on their commitment to stemming the prescription drug abuse epidemic by bringing their unique products to the industry. Their pipeline of products will provide safer options for both prescribers and patients, he concluded.
Second Quarter 2021 Financial Results
On 16th August 2021, ENSC announced its second-quarter 2021 financial results and provided business updates. ENSC reported cash and cash equivalents of $8.0 million for the second quarter ended 30th June 2021. The company entered into a share subscription facility in December 2020. It had access to $60 million shares following the closure of the merger with Leisure Acquisition on 30th June 2021. The company reported a net loss of $1.0 million for the second quarter ended 30th June 2021. The net loss was $0.7 million for the same quarter of the previous year. Funding under federal grants was $0.4 million for the second quarter of 2021. Federal grants were $1.8 million for the second quarter ended 30th June 2020. The reduction is attributable to the timing related to research activities eligible for funding.
