Bone Therapeutics (EPA:BOTHE) said it expects patient recruitment for the phase III trial of osteoarthritic knee pain treatment, JTA-004, to be completed by the 2020 year-end.
The Euronext-listed biotech added it also expects to start recruitment soon for a phase IIb study of ALLOB for difficult tibial fractures as regulatory approvals are nearly all complete.
Bone received €15mln in additional financing over the first half of the year and has since received a further €1.6mln in loans from the Walloon region of Belgium both for JTA-004 and also BT-20, a cell therapy product.
Miguel Forte, chief executive, said: “Bone Therapeutics is continuing to make significant progress with the development of our clinical assets closer to patients.
“The successful fundraises in previous months further strengthen our cash position allowing us to execute our business strategy to progress both lead candidates through their late-stage clinical development.”
Recruitment for the JTA-004 trial had been hampered by lockdown restrictions but started in mid-May and is now ongoing in seven countries: Belgium, Czech Republic, Denmark, Hong Kong, Moldavia, Poland and the United Kingdom.
Approximately 20%of the targeted assessable patients have been treated since the initiation of the trial.
Consisting of a combination of plasma proteins and hyaluronic acid, JTA-004 is intended to provide added lubrication and protection to the cartilage of the arthritic joint and to alleviate osteoarthritic pain and inflammation.
In the second half of 2020, the company also expects to report results from the 2-year follow-up period of the phase IIa study with ALLOB in patients undergoing a spinal fusion procedure.
Bone said it continues to hold discussions with potential partners to explore business opportunities and also intends to prepare a fundraise in the second half of 2020.
There was an interim operating loss of €9.10mln in six months to June, compared to €5.44mln a year earlier.