Biomednewsbreaks Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) Releases FY 2023 Financial Results, Provides Business Update


(MENAFN- Investor Brand Network) Scinai Immunotherapeutics
(NASDAQ: SCNI) , a biopharmaceutical company focused on
the development of inflammation and immunology (“I&I”) biological products and on providing
contract development and manufacturing
organization
(“CDMO”) services through its Scinai Bioservices business unit, is reporting its full-year financial
results for 2023 along with a company update. Highlights of the report included news that, in the first four months of 2024, the company has received CDMO work orders valued at approximately
$500,000, with current guidance for this year of approximately
$1.25 million
in expected revenues. The report also noted that the company is“aggressively advancing” its NanoAb preclinical development, with promising results obtained in a psoriatic human skin model and the conclusion of an in-vivo proof of concept animal study conducted in collaboration with Professor Amos Gilhar, a world-renowned dermatologist. The company is preparing for a scientific advisory meeting with the Paul Erlich Institute (“PEI”) of
Germany, which is considered the European comparable to a pre-IND meeting with the U.S. Food and Drug Administration in the United States. Financial numbers show R&D expensesfor FY 2023 reached $5.2 million, compared to
$5.7 million
for 2022, with marketing, general and administrative expensesfor the year totaling $4.5 million
, compared to
$5.3 million
for 2022. Financial incometotaled
$3.2 million with net loss of $6.5 million with the company reporting cash and cash equivalents and short-term deposits of
$4.9 million.

To view the full press release, visit

About Scinai Immunotherapeutics Ltd.

Scinai Immunotherapeutics is a biopharmaceutical company with two complementary business units: one focused on in-house development of inflammation and immunology (“I&I”) biological therapeutic products beginning with an innovative, derisked pipeline of nanosized VHH antibodies (NanoAbs) targeting diseases with large unmet medical needs, and the other a boutique CDMO providing biological drug development, analytical methods development, clinical GMP manufacturing
, and preclinical and clinical trial design and execution services to early-stage biotech companies. For more information, visit the company's website at
.

NOTE TO INVESTORS:
The latest news and updates relating to SCNI are available in the company's newsroom at

About BioMedWire

BioMedWire
(“BMW”) is a specialized communications platform
with a focus on the latest developments in the Biotechnology (BioTech), Biomedical Sciences (BioMed) and Life Sciences sectors. It is one of 60+ brands within the
Dynamic Brand Portfolio
@
IBN
that delivers :
(1) access to a vast Network
of wire solutions via
InvestorWire
to efficiently and effectively reach a myriad of target markets, demographics and diverse industries ;
(2) article and
editorial syndication to 5,000+ outlets ;
(3) enhanced
press release enhancement
to ensure maximum impact ;
(4)
social media
distribution
via IBN to millions of social media
followers ;
and (5) a full array of tailored
corporate communications solutions . With broad reach and a seasoned team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today's market, BMW brings its clients unparalleled recognition and brand awareness.

BMW is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from BioMedWire,“Biotech” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit

Please see full terms of use and disclaimers on the BioMedWire website applicable to all content provided by BMW, wherever published or re-published:
/Disclaimer

BioMedWire
San Francisco, CA

415.949.5050 Office
...

BioMedWire is powered by
IBN

MENAFN16052024000224011066ID1108223079


Investor Brand Network

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.