Belite Bio Reports First Half 2022 Operational Highlights and Financial Results
SAN DIEGO, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Belite Bio, Inc (NASDAQ: BLTE), a San Diego based clinical stage biopharmaceutical drug development company targeting untreatable eye diseases, today announced its financial results for the first six months ended June 30, 2022 and provided a general business update.
“We are pleased to be listed on Nasdaq to further progress LBS-008’s clinical trials,” said Dr. Tom Lin, Belite’s Chairman and CEO. “With the promising results from the Phase 2 trial in early-onset STGD1 subjects, we have initiated the global Phase 3 trial for LBS-008 and believe that we are on a clear clinical development pathway to accelerate and bring forward a promising treatment for STGD1 and dry AMD.”
First Half 2022 Business Highlights and Upcoming Milestones:
Therapeutics Programs Targeting STGD1 and Dry AMD
LBS-008 (aka Tinlarebant): orally administered RBP4 antagonist
The Company strengthened its balance sheet with an initial public offering
Belite Bio (NASDAQ: BLTE) became listed on Nasdaq on April 29, 2022 and raised net proceeds of approximately $36.1 million including the overallotment. The Company expects to use the net proceeds to fund the Phase 3 clinical trial of LBS-008 for STGD1, further clinical development of LBS-008 for Dry AMD, working capital and other general corporate purposes.
First half 2022 Financial Results:
Conference Call/Webcast Information
Belite Bio will host a conference call/webcast to discuss the Company’s financial results and provide a business update. The call is scheduled for August 11, 2022, at 4:30 p.m. Eastern Time.
Webcast Link Instructions
You can join a live webcast of the conference at https://edge.media-server.com/mmc/p/duiw3n7s or the “Presentations & Events” section of the Company’s Investor Relations website at https://investors.belitebio.com/presentations-events/events. A replay will be available approximately two hours after the event for 30 days.
Phone Registration Instructions
To participate in the live call, please register at https://register.vevent.com/register/BI1ef44339069942b696cb9a1a54d14d41. Once registered, you will receive dial-in numbers and unique PIN numbers via email. At the time of the call, you will dial in using the numbers from the confirmation email, and upon entering the unique PIN, will be routed into the call.
About Belite Bio
Belite Bio is a San Diego based clinical stage biopharmaceutical drug development company targeting untreatable eye diseases, such as atrophic age-related macular degeneration (commonly known as Dry AMD) and Stargardt disease, and etabolic diseases. For more information, follow us on Twitter, Instagram, LinkedIn, Facebook or visit us at www.belitebio.com.
This press release contains forward-looking statements, including statements regarding the potential implications of clinical data for patients, and Belite Bio’s advancement of, and anticipated preclinical activities, clinical development, regulatory milestones, and commercialization of its product candidates. Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including but not limited to Belite Bio’s ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, which may not support further development or regulatory approval; the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approval of Belite Bio’s drug candidates; Belite Bio’s ability to achieve commercial success for its drug candidates, if approved; Belite Bio’s ability to obtain and maintain protection of intellectual property for its technology and drugs; Belite Bio’s reliance on third parties to conduct drug development, manufacturing and other services; Belite Bio’s limited operating history and Belite Bio’s ability to obtain additional funding for operations and to complete the development and commercialization of its drug candidates; Belite Bio’s ability to enter into additional collaboration agreements beyond its existing strategic partnerships or collaborations, and the impact of the COVID-19 pandemic on Belite Bio’s clinical development, commercial and other operations, as well as those risks more fully discussed in the “Risk Factors” section in Belite Bio’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information currently available to Belite Bio, and Belite Bio undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
BELITE BIO, INC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousand US Dollars, except share and per share amounts)