TFF Pharmaceuticals releases results for Q3 2020

Summary

  • TFF Pharmaceuticals Inc. was incorporated in 2018 as a clinical-stage biopharmaceutical company
  • The company’s patented technology platform, Thin Film Freezing, or TFF helps it in developing and commercializing innovative drug products.
  • The company released its results for Q3 2020 ending September 30, 2020
  • The Group recorded a net loss of $12.7 million (Q3 2019: $7.2 million)

The biopharmaceutical company, TFF Pharmaceutical released its results for Q3 2020 ending September 30, 2020 and also provided business and clinical updates.

Having its headquarters in the USA, TFF Pharmaceuticals Inc. was incorporated in 2018 as a clinical-stage biopharmaceutical company. The company’s patented technology platform, Thin Film Freezing, or TFF helps it in developing and commercializing innovative drug products. TFF technology can contribute towards improving the solubility and absorption of poorly water-soluble drugs, has been proven from early testing. Water-soluble drugs constitute of roughly one-third of the major pharmaceuticals all over the world. Thus, this will lead to an improvement in their pharmacokinetics.

Having two leading drug candidates in its profile, TFF Pharmaceuticals is planning to add more candidates to its pipeline by collaborating with large pharmaceutical partners. A total of 42 patents have been issued by the company or is pending in the US and globally.

 

Financial Highlights

Let us have a look at the financial position of the company for the nine-month period ending 30 September 2020. All the information provided is on a year-on-year basis.

The group recorded a net loss of $12.7 million (Q3 2019: $7.2 million). The general & administrative (G&A) expenses incurred by the company were $5.1 million (Q3 2019: $1.7 million), whereas the research and development (R&D) expenses incurred were recorded as $7.6 million (2019: $5.6 million).  

The total assets, working capital, and cash & cash equivalents of the group amounted to be approximately $43.2 million, $40.6 million and $41.6 million respectively as of 30 September 2020. The period recorded the total number of shares outstanding as 20,810,004 (Q3 2019: 4,400,000).

Financial Results for TFF Pharmaceuticals Inc

(Source: Company website)

Operational Updates

  • TFF recently signed an agreement with Felix Biotechnology on 5 November 2020 for developing dry powder formulations of its bacteriophage products.
  • On 2 November 2020, TFF entered into an agreement with Augmenta Bioworks for development of novel commercial products for Covid-19 therapeutics by incorporating Augmenta’s human-derived monoclonal antibodies (mAbs).
  • In October 2020, positive preclinical immunogenicity and efficacy data from a UGA-developed universal Influenza hemagglutinin (HA) recombinant vaccine was reported by TFF. The same had been reformulated using the Thin Film Freezing process of the company.
  • Phase 1 trial of Tacrolimus Inhalation Powder was successfully completed and reported by the company.
  • Successful completion of the clinical portion of TFF’s lead clinical program, Voriconazole Inhalation Powder’s Phase 1 trial was reported, progressing to Phase 2.
  • TFF had been actively reviewing previously approved drugs by FDA that could be made to use to combat the novel coronavirus.
  • Robert O. (Bill) Williams III, who invented the TFF technology, published new animal pharmacokinetics data evaluating the development of remdesivir as a dry powder for inhalation.
  • The company signed an agreement with UNION Therapeutics for its TFF technology used in combination with niclosamide on 12 August.

Board’s Statement

President and CEO of TFF Pharmaceuticals Glenn Mattes said that the company had performed strongly in the period witnessing strong clinical progress and exceptional partnering activity. The dual-track business model adopted by the company was validated by the progress. It also demonstrated the technological capability and market potential of its patented platform.

Finally, the outbreak of the Covid-19 has made the world realise the importance of pharma companies and the healthcare sector. TFF Pharmaceuticals has outperformed the third quarter of FY2020 by bagging many contracts and agreements and is also focused on reviewing previously approved drugs for the treatment of coronavirus disease.

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