ASLAN Pharmaceuticals Limited (ASLN) stock is declining by 28.31% in the premarket – Here’s why?

ASLAN Pharmaceuticals Limited (ASLN) has experienced a decrease of 28.31% in the premarket after ASLN announces positive data establishing proof of concept for ASLAN004 in Atopic Dermatitis. However, the last trading session closed at $3.25 with an increase of 0.31%.

Positive Data Establishing Proof of Concept by ASLN

On 27th September 2021, ASLN announced that ASLAN004 had good topline findings from its placebo-controlled, 8-week, multiple-ascending-dose Phase 1 trial. ASLAN004, a possible first-in-class monoclonal antibody targeting the IL-13 receptor, was well tolerated in all dosages. The study’s findings demonstrate proof of concept and indicate ASLAN004’s potential as a differentiated, new therapy for Alzheimer’s disease.

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ASLAN released interim findings from three dosage escalation groups in March 2021, then continues to enroll and treat another 27 patients in an expansion cohort at the maximum dose (600mg). The results published today compare the outcomes of all 600mg patients with those of all placebo patients. The Intent to Treat (ITT) population included patients from ten locations and included all patients dosed, with the exception of one patient who dropped out owing to COVID-19 limitations.

Cantor Virtual Global Healthcare Conference

On 22 September 2021, ASLN announced that Dr. Carl Firth, CEO, will introduce the firm at the Cantor Virtual Global Healthcare Conference on September 30, 2021, at 9:20 a.m. ET. The conference will be held from September 27 to September 30, 2021. On September 30 at 9:20 a.m. ET, a live webcast of the presentation will be accessible, with a 365-day replay.

Dr. Lawrence Eichenfield leads the scientific advisory board

On 21 September 2021, ASLN announced that Dr. Lawrence Eichenfield, MD, FAAD, is the head of the company’s Scientific Advisory Board, which includes dermatological and allergic disease specialists. Dr. Lawrence Eichenfield is the Chief of Pediatric and Adolescent Dermatology at Rady Children’s Hospital in San Diego. He is also the Distinguished Professor of Dermatology and Pediatrics at the University of California San Diego School of Medicine and Vice-Chair of the Department of Dermatology.

Dr. Eichenfield is a lead author and co-chair of the American Academy of Dermatology’s Atopic Dermatitis Guidelines Committee. He was also the member of the editorial boards of a number of other publications and magazines. He has written over 400 articles on inflammatory skin disease, in addition to his considerable clinical expertise.

ASLN announced Second Quarter 2021 Financial Results

ASLN announced second-quarter 2021 financial results on 6th August 2021. Firstly, in the second quarter of 2021, cash utilized in operations was US$6.9 million. Secondly, the research and development costs were $4.0 million, up from $1.9 million in the same period of 2020. Preparations for the ASLAN004 Phase 2b clinical trials accounted for the majority of the rise. In the second quarter of 2021, general and administrative costs were US$3.8 million. Thirdly, the cost of financing operations undertaken in the first half of the year, as well as staff costs, contributed to the rise.

The second quarter of 2021 saw a net loss of US$5.5 million, compared to US$4.0 million in the second quarter of 2020. Lastly, the firm earned US$2.3 million from the dilution of its subsidiary and recognition of its affiliate.

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