At March 31, 2015, we had cash, cash equivalents and securities available-for-sale of $17.0 million and net working capital of $15.5 million. We expect that our cash, cash equivalents and securities available-for-sale as of March 31, 2015 will be sufficient to fund our operations through the end of April 2016, assuming that we do not initiate any additional clinical development of PRX302 other than our planned Phase 2a proof of concept trial for low to intermediate risk prostate cancer. We will need to find additional capital to fund a second Phase 3 clinical trial of PRX302 for the treatment of the symptoms of BPH and for any future clinical development of PRX302 for the treatment of localized prostate cancer beyond our planned Phase 2a proof of concept clinical trial.
The Company reported a net loss of $4.3 million ($0.26 per share) for the three months ended March 31, 2015 compared to a net loss of $8.5 million ($0.52 per share) for the three months ended March 31, 2014.
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Sophiris Bio (SPHS +25.4%) commences a Phase 2a proof-of-concept study assessing its lead product candidate, PRX302, in patients with low-to-intermediate risk prostate cancer. The single-center open-label trial will enroll ~20 patients.
PRX302 (topsalysin) is a modified recombinant protein engineered to be selectively activated by an enzyme in the prostate. It kills cancer cells within the prostate without damaging surrounding tissue. It is currently in Phase 3 development for the treatment of symptoms of benign prostatic hyperplasia (enlarged prostate).
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