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Arca Biopharma progresses toward FDA approval of Gencaro as it beats 1Q expectations

Gencaro, a beta blocker designed to treat irregular heartbeat, received a Special Protocol Assessment from the Food and Drug Administration
Heart and stethoscope
The biopharmaceutical company reported a net loss of $1.86 per share, compared to a $3.61 loss in the prior year quarter

Arca biopharma Inc (NASDAQ:ABIO) posted a smaller-than-expected first-quarter loss as its lead drug progressed toward regulatory approval, the company announced Wednesday.

The biopharmaceutical company reported a net loss of $1.86 per share, compared to a $3.61 loss in the prior year quarter. That beat Street expectations of a $1.98 loss.

Cash and its equivalents increased to $8 million from $6.6 million last quarter.

READ: Arca Biopharma rockets after ‘encouraging’ data for beta-blocker Gencaro

Gencaro, its beta blocker designed to treat irregular heartbeat, received a Special Protocol Assessment from the Food and Drug Administration in February. That means its planned 2019 Phase 3 trial will be acceptable to secure FDA approval.

The Colorado-based company also plans to begin non-clinical studies later this year of AB171, a genetically-targeted treatment for heart failure and peripheral arterial disease.

After jumping 10% at the open, the stock fell back to earth, dropping 0.5% to $15.03.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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