Belite Bio, Inc., a clinical-stage biopharmaceutical company, reported its financial results for the first quarter ending March 31, 2024. The company also provided an update on its recent corporate developments and progress in advancing its pipeline of innovative therapies.
During the quarter, Belite Bio made significant strides in its ongoing clinical trials, with promising results from its lead candidate for the treatment of age-related macular degeneration (AMD). The company also announced the initiation of a new Phase 2 study for its novel small molecule drug targeting diabetic retinopathy.
Additionally, Belite Bio strengthened its financial position through a successful private placement, raising $50 million to support its research and development efforts. The company remains well-capitalized to execute its strategic objectives and advance its pipeline of groundbreaking treatments for ocular diseases.
Belite Bio’s management expressed confidence in the company’s progress and outlook for the remainder of 2024, as it continues to develop transformative therapies to address significant unmet medical needs in the field of ophthalmology.