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BioPharmX reports fiscal year financial results, BPX-01 highlights

BioPharmX Corp. reported financial results for its fourth quarter and for the fiscal year ended Jan. 31, 2017, as well as research highlights of BPX-01, its topical gel formulation of minocycline.

“We achieved key clinical milestones and attracted significant attention for our dermatology research across the industry,” Anja Krammer, BioPharmX president, stated in a news release. “We look forward to advancing our pipeline during 2017, including advancing the BPX-01 program in both acne and rosacea indications and introducing another product from our set of novel drug delivery platforms into clinic.”

BioPharmX listed highlights, including research suggesting that BPX-01 delivers both antibacterial and anti-inflammatory benefit in treating acne. The research findings also reported novel imaging techniques that suggested BPX-10 effectively targets P. acnes in the skin without the systemic side effects of oral minocycline, according to the release.

BioPharmX also initiated a 12-week feasibility BPX-01 1% minocycline for treating rosacea, according to the release.

For the fourth quarter, total operating expenses were $4.3 million, compared to $4.4 million in the same period a year before, and net loss was $5.2 million, or $0.09 per share, compared with a net loss of $4.6 million, or $0.19 per share, during the same time period the prior year, according to the release.

Total operating expenses for the fiscal year were $18 million, compared to $15 million in the prior fiscal year, with the increase resulting primarily from higher expenditures for clinical trial activities related to BPX-01, according to BioPharmX.

Net loss was $18.5 million, or $0.52 per share, for the fiscal year, compared with a net loss of $16 million or $0.08 per share, during the prior fiscal year, according to the release.