BioPharmX posts $2.6 net loss in second quarter, seeks for strategic partnership transaction

BioPharmX posted net loss for the second quarter ended July 31, 2019 was $2.6 million, or $0.22 per share, compared with a net loss of $4.4 million, or $0.58 per share, during the prior fiscal year’s second quarter. 

“This was an important quarter for BioPharmX to position our late-stage product candidates for continued success. We were extremely pleased to deliver positive Phase 2b trial results for BPX-04 as well as to secure additional patent protection for the underlying technology,” said Dr. Tierney, BioPharmX CEO.

He said that following a strategic review of the business, the company jas determined that the best path forward to realize the intrinsic value in these assets will be a strategic partnership transaction.

“As such, I am pleased to be working with the Locust Walk team, given my longstanding relationship with the firm, to initiate a more formal process with the aim to announce a strategic transaction in Q4 2019.”  

Second Quarter Financial Results

For the second fiscal quarter ended July 31, 2019, total operating expenses were $2.7 million, compared with total operating expenses of $4.5 million in the prior fiscal year’s second quarter.