UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
April 28, 2023
(Commission File No. 001-38475)
ASLAN PHARMACEUTICALS LIMITED
(REG. NO. 289175)
(Translation of registrant’s name into English)
CAYMAN ISLANDS
(Jurisdiction of incorporation or organization)
3 Temasek Avenue
Level 18 Centennial Tower
Singapore 039190
(Address of registrant’s principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):
Yes No
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):
Yes No
Announcement of first quarter 2023 financial results and corporate update
On April 28, 2023, ASLAN Pharmaceuticals Limited (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2023, and provided an update on recent corporate activities.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
The information contained in this Form 6-K is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333-252575), Registration Statement on Form F-3 (File No. 333-254768), Registration Statement on Form F-3 (File No. 333-270835), Registration Statement on Form F-3 (File No. 333-270837), Registration Statement on Form S-8 (File No. 333-252118), Registration Statement on Form S-8 (File No. 333-263843) and Registration Statement on Form S-8 (File No. 333-270832).
Exhibits
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Exhibit |
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Exhibit Description |
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99.1 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
ASLAN PHARMACEUTICALS LIMITED |
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(Registrant) |
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By: |
/s/ Kiran Kumar Asarpota
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Name: |
Kiran Kumar Asarpota |
Title: |
Chief Operating Officer |
Date: April 28, 2023
Exhibit 99.1
PRESS RELEASE
ASLAN PHARMACEUTICALS REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
San Mateo, California, and Singapore, April 28, 2023 – ASLAN Pharmaceuticals (Nasdaq: ASLN), a clinical-stage, immunology-focused biopharmaceutical company developing innovative treatments to transform the lives of patients, today announced financial results for the first quarter ended March 31, 2023, and provided an update on recent corporate activities.
“We have made strong progress in the first quarter of the year by completing enrollment in our TREK-AD Phase 2b trial, testing eblasakimab as a novel treatment for moderate-to-severe atopic dermatitis (AD), and we look forward to reporting topline data from this study in early July 2023,” said Dr Carl Firth, CEO, ASLAN Pharmaceuticals. “We have also advanced farudodstat into a Phase 2a, proof-of-concept study in alopecia areata (AA) expected to commence enrollment in the second quarter of 2023. AA is a common autoimmune disease that is associated with a severe psychological burden yet there are few effective treatments that are safe for long-term use. Farudodstat potently inhibits key drivers of AA disease pathophysiology and has the potential to be a novel, first-in-class treatment. This quarter we also announced strong support from BVF Partners and additional investors on a $20 million financing which we expect will enable sufficient runway for the company as we look forward to three possible clinical readouts in the next 12 months.”
First quarter 2023 and recent business highlights
Q1 and recent clinical developments
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Corporate updates
Anticipated upcoming milestones
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First quarter 2023 financial highlights
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ASLAN Pharmaceuticals Limited
CONSOLIDATED BALANCE SHEETS
(In US Dollars, other than shares or share data)
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December 31, 2022 |
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March 31, 2023 |
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ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents |
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$ |
56,902,077 |
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$ |
57,496,537 |
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Other assets |
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3,976,350 |
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2,611,142 |
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Total current assets |
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$ |
60,878,427 |
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$ |
60,107,679 |
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NON-CURRENT ASSETS |
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Investment in associate company |
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8,587 |
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(2,946 |
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Property, plant and equipment |
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43,140 |
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41,670 |
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Right-of-use assets |
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249,601 |
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166,399 |
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Intangible assets |
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5,836 |
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4,806 |
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Total non-current assets |
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307,164 |
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209,929 |
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TOTAL ASSETS |
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$ |
61,185,591 |
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$ |
60,317,608 |
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LIABILITIES AND EQUITY |
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CURRENT LIABILITIES |
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Trade payables |
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$ |
12,784,485 |
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$ |
10,021,102 |
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Other payables |
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2,325,038 |
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2,324,963 |
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Lease liabilities - current |
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215,671 |
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143,006 |
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Current borrowings |
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7,748,831 |
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10,605,934 |
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Financial liabilities at fair value through profit or loss |
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90,213 |
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145,268 |
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Total current liabilities |
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23,164,238 |
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23,240,273 |
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NON-CURRENT LIABILITIES |
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Long-term borrowings |
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29,656,133 |
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27,187,152 |
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Total non-current liabilities |
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29,656,133 |
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27,187,152 |
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Total liabilities |
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52,820,371 |
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50,427,425 |
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EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY |
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Ordinary shares |
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63,019,962 |
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63,619,540 |
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Capital surplus |
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223,910,955 |
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243,948,637 |
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Accumulated deficits |
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(278,386,749 |
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(297,499,047 |
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Other reserves |
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(178,948 |
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(178,948 |
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Total equity attributable to stockholders of the Company |
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8,365,220 |
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9,890,183 |
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Total equity |
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8,365,220 |
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9,890,183 |
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TOTAL LIABILITIES AND EQUITY |
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$ |
61,185,591 |
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$ |
60,317,608 |
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ASLAN Pharmaceuticals Limited
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In US Dollars, other than shares or share data)
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For the Three Months |
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2022 |
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2023 |
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OPERATING EXPENSES |
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General and administrative expenses |
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$ |
(2,535,533 |
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$ |
(4,047,567 |
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Research and development expenses |
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(9,358,109 |
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(14,055,560 |
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Total operating expenses |
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(11,893,642 |
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(18,103,127 |
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LOSS FROM OPERATIONS |
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(11,893,642 |
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(18,103,127 |
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NON-OPERATING INCOME AND EXPENSES |
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Interest income |
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2,424 |
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324,547 |
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Other income |
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119,330 |
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134 |
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Other gains and losses |
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76,623 |
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(240,875 |
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Finance costs |
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(1,083,021 |
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(1,074,850 |
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Total non-operating income and expenses |
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(884,644 |
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(991,044 |
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Share in losses of associated company, accounted for using equity method |
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(158,501 |
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(11,533 |
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LOSS BEFORE INCOME TAX |
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(12,936,787 |
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(19,105,704 |
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INCOME TAX EXPENSE |
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— |
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(6,593 |
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NET LOSS FOR THE PERIOD |
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(12,936,787 |
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(19,112,297 |
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TOTAL COMPREHENSIVE LOSS FOR THE PERIOD |
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$ |
(12,936,787 |
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$ |
(19,112,297 |
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NET LOSS ATTRIBUTABLE TO: |
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Stockholders of the Company |
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$ |
(12,936,787 |
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$ |
(19,112,297 |
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TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO: |
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Stockholders of the Company |
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$ |
(12,936,787 |
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$ |
(19,112,297 |
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LOSS PER ORDINARY SHARE |
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Basic and diluted |
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$ |
(0.04 |
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$ |
(0.05 |
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LOSS PER EQUIVALENT ADS |
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Basic and diluted |
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$ |
(0.93 |
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$ |
(1.29 |
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Weighted-average number of ordinary shares in the computation of basic loss per ordinary share |
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348,723,365 |
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370,707,916 |
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Weighted-average number of ADS in the computation of basic loss per ADS |
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13,948,935 |
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14,828,317 |
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Each ADS represents twenty-five ordinary shares
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About ASLAN Pharmaceuticals
ASLAN Pharmaceuticals (Nasdaq: ASLN) is a clinical-stage, immunology-focused biopharmaceutical company developing innovative treatments to transform the lives of patients. ASLAN is developing eblasakimab, a potential first-in-class antibody targeting the IL-13 receptor in moderate-to-severe atopic dermatitis (AD) with the potential to improve upon current biologics used to treat allergic disease. Eblasakimab is being investigated in a global Phase 2b trial of moderate-to-severe AD patients with topline readout expected in early July 2023. ASLAN is also developing farudodstat, a potent oral inhibitor of the enzyme DHODH, as a potential first-in-class treatment for alopecia areata (AA) and plans to initiate a proof-of-concept trial in 2Q 2023. ASLAN has teams in San Mateo, California, and in Singapore. For additional information please visit the website or follow ASLAN on LinkedIn.
Forward looking statements
This release contains forward-looking statements. These statements are based on the current beliefs and expectations of the management of ASLAN Pharmaceuticals Limited and/or its affiliates (the "Company"). These forward-looking statements may include, but are not limited to statements regarding the Company’s business strategy and clinical development plans; the Company’s plans to develop and commercialize eblasakimab and farudodstat; the safety and efficacy of eblasakimab and farudodstat; the Company’s plans and expected timing with respect to manufacturing activities, clinical trials, clinical trial enrolment and clinical trial results for eblasakimab and farudodstat; the potential of eblasakimab as a first-in-class treatment for atopic dermatitis and of farudodstat as a first-in-class treatment for alopecia areata; the potential benefits, capabilities and results of the Company’s collaboration efforts, including with Thermo Fisher; the Company’s cash runway; and the potential to receive up an additional $80 million if all purchase warrants being issued in connection with the Purchase Agreement are fully exercised. The Company’s estimates, projections and other forward-looking statements are based on management's current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations, or financial performance, and inherently involve significant known and unknown risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of many risks and uncertainties, which include, unexpected safety or efficacy data observed during preclinical or clinical studies; clinical site activation rates or clinical trial enrolment rates that are lower than expected; the impact of the COVID-19 pandemic, the ongoing conflict between Ukraine and Russia and bank failures on the Company’s business and the global economy; general market conditions; changes in the competitive landscape; and the Company’s ability to obtain sufficient financing to fund its strategic and clinical development plans. Other factors that may cause actual results to differ from those expressed or implied in such forward-looking statements are described in the Company’s US Securities and Exchange Commission filings and reports (Commission File No. 001- 38475), including the Company’s Annual Report on Form 20-F filed with the US Securities and Exchange Commission on March 24, 2023. All statements other than statements of historical fact are forward-looking statements. The words “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections, and other forward-looking statements. Estimates, projections, and other forward-looking statements speak only as of the date they were made, and, except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement.
Ends
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ASLAN Media and IR contacts
Emma Thompson Spurwing Communications Tel: +65 6206 7350 Email: ASLAN@spurwingcomms.com |
Ashley R. Robinson LifeSci Advisors, LLC Tel: +1 (617) 430-7577 Email: arr@lifesciadvisors.com |
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