Anebulo Pharmaceuticals(US:ANEB) Businesswireยท2024-02-13 21:05Core Insights - Anebulo Pharmaceuticals is focused on developing treatments for acute cannabinoid intoxication (ACI) and has made significant progress towards becoming the first company to receive FDA approval for such a treatment [2][3][6]. Company Developments - Richie Cunningham has been appointed as the Chief Executive Officer, indicating a leadership change [2]. - The United States Adopted Names (USAN) has officially adopted "selonabant" as the generic name for the company's lead product candidate, ANEB-001 [2][3]. - Anebulo is advancing an intravenous (IV) formulation of selonabant, which is being scaled up for initial clinical safety studies, particularly for pediatric patients who may experience severe outcomes from cannabis exposure [2][3]. - The company has secured a credit facility of up to $10 million, reflecting investor confidence as it prepares for Phase 3 trials [4]. Financial Performance - For the three months ended December 31, 2023, operating expenses were $2.8 million, a decrease from $3.8 million in the same period of fiscal 2023 [5]. - The net loss for the second quarter of fiscal 2024 was $2.7 million, or $(0.11) per share, compared to a net loss of $3.8 million, or $(0.15) per share, in the same quarter of the previous year [5][12]. - As of December 31, 2023, the company had cash reserves of $6.6 million [5][10]. Product Information - Selonabant (ANEB-001) is a small molecule antagonist of cannabinoid receptor type 1 (CB1) and is being developed as a specific antidote for cannabis toxicity, including ACI [6][8]. - The company is targeting the initiation of Phase 3 registrational studies for oral selonabant in the first half of calendar 2024 [6][9].