11:01 AM EDT, 05/14/2024 (MT Newswires) -- Satellos Bioscience Inc. ( MSCLF ) , a public biotech company developing new small molecule therapeutic approaches to improve the treatment of muscle diseases and disorders, earlier on Tuesday reported a first-quarter net loss of $6.9 million, or $0.06 per share, wider than a loss $1.7 million, or $0.04 per share, a year ago.

But the company said it was "on track" to initiate Phase 1 first-in-human clinical trials mid-2024.

On its result, the company said the widened net loss was because of increased research and development expenses related to increased headcount and activities associated with SAT-3247 as the company is working to initiate first-in-human clinical trials and increased G&A expenses due to increased personnel and professional fees to support increased operations.

Research and development expenses increased to $5.9 million for Q1, as compared with $0.9 million a year earlier. General and administrative expenses increased by approximately $1.6 million to $2.3 million for the three months ended March 31, 2024, as compared to $0.7 million for the three months ended March 31, 2023.

Satellos reported cash and cash equivalents and short-term investments of $33.2 million as of March 31, 2024, as compared with $39.6 million at Dec. 31, 2023.

"We are excited about progress made during the first quarter as we get closer to initiating Phase 1 clinical development with SAT-3247, our novel oral drug to treat Duchenne muscular dystrophy and other degenerative muscle conditions," said Frank Gleeson, Co-founder and CEO. "During the first quarter we presented positive preclinical data at the MDA Clinical and Scientific Conference, conducted preclinical safety and toxicology studies, manufactured bulk quantities of SAT-3247 under GMP conditions to support development through 2025, and formulated our very first tablets of SAT-3247 for oral administration in upcoming Phase 1 and subsequent clinical trials. We look forward to submitting our regulatory package in the coming weeks seeking approval to initiate our first-in-human Phase 1 clinical study of SAT-3247 during the summer."

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