Erytech Pharma SA (NASDAQ: ERYP) Reports Net loss of €11.9 Million in the First Quarter of 2021

Erytech Pharma SA (NASDAQ: ERYP) reported a Net loss of €11.9 million in the first quarter of 2021. The loss is depressed €5.6 million -32% year-over-year, with a €5.8 million reduction -31% in operating loss and a €0.2 million reduction in financial proceeds. The €5.8 million reductions in the operating loss were attributable to the €4.8 million reductions in preclinical and clinical development expenditures.

The company has cash and cash equivalents totaling €37.4 million

At the end of the first quarter, ERYTECH had cash and cash equivalents totaling €37.4 million, compared with €44.4 million on December 31, 2020. The €7.0 million reductions in cash position during the first quarter of 2021 resulted from a 3-month €7.6 million net cash consumption, which mainly encompassed a €16.3 million net cash use in operating actions.

Financing actions in the first quarter of 2021 comprised the engagement of 744,186 afresh distributed ordinary shares fundamental American Depositary Shares (ADSs) in the United States through the company’s at-the-market equity bankrolling program for net earnings of €6.4 million.

Business Highpoints

TRYbeCA-1, essential Stage 3 scientific trial in second-line progressive pancreatic cancer

TRYbeCA-1 is a randomized, measured Stage 3 essential trial, assessing eryaspase in second-line progressive pancreatic cancer at around 90 sites in the United States and Europe. Eryaspase, in a mixture with standard chemotherapy, is related to regular chemotherapy unaided in a 1 to 1 randomization. 

Registration was accomplished in January 2021. A total of 512 patients were randomized in the pilot, above the target registration of 482 patients.

In February 2021, an independent data monitoring committee performed an intervening efficiency and security examination, which suggested that the trial carry on without altering its concluding exploration. 

As with the three preceding IDMC appraisals, no security issues have been recognized, and the company remains blinded to the primary and ancillary endpoint effectiveness data. The company expects that the final results from this trial will be available in the fourth quarter of 2021.