Corbus Archives - Green Market Report

William SumnerNovember 8, 2018


The biopharmaceutical companies Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) and Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) today posted their financial results for the third quarter, which ended on September 30, 2018. In the results, both companies glossed over their less than stellar financial situation, opting instead to highlight their clinical achievements over the last quarter.

Zynerba Pharmaceuticals

Over the last quarter, Zynerba was able to raise approximately $29.9 million through a follow-on public offer. The company has approximately $66.2 million in cash and cash equivalents, slightly down from $66.5 million at the start of the year. Company management believes that this is sufficient capital for the company to continue operations into at least the first half of 2020. Net losses for the quarter were down, falling from $8.31 million during the same period in the previous year to $7.8 million. The net loss per share, basic and diluted, was $0.47. “The momentum we established in the first half of 2018 continued through the third quarter,” commented Armando Anido, Chairman and CEO of Zynerba. “We began enrolling patients into CONNECT-FX, our pivotal study in Fragile X syndrome and we expect to complete enrollment in BELIEVE-1, our Phase 2 study in developmental and epileptic encephalopathies, before year end. With our third quarter 2018 follow-on offering, we are well capitalized and expect our current cash to take us through the presentation of top line data for both of these studies.”

Corbus Pharmaceuticals

Losses for the company increased over the last quarter, rising from $6.9 million in the same period in the previous year to $14.6 million. Revenue for the quarter rose, but not nearly enough to cover its losses; increasing from $0.3 million to $1.1 million. The increase in revenue was attributed to a $25 million Development Award Agreement with the Cystic Fibrosis Foundation. However, operating expenses also rose, going from $8.2 million to $16 million; which was attributed to increased spending for clinical studies. Currently, Corbus has $55.7 million in cash and cash equivalents. Combined with the grant from the Cystic Fibrosis Foundation, the company believes that it has enough capital to continue operating until the fourth quarter of 2019. “Our expanded pipeline of ECS-targeting drug candidates is now diversified with lenabasum, our lead late-stage clinical asset in four rare inflammatory indications with expected clinical read-out in 2020, together with CRB-4001, which is expected to enter the clinic in 2019 as a novel candidate for nonalcoholic steatohepatitis, or NASH,” said Corbus CEO, Yuval Cohen, Ph.D. “We have progressed in securing a platform for potential future growth for our Company from our library of over 600 compounds targeting ECS pathways.”

William SumnerMarch 20, 2018


No one likes a fake, especially in the business world. Sometimes in order to drive sales or investor interest, companies will misrepresent who they are and what industry they’re in. A most recent example is when the company Long Island Iced Tea Corp. changed its name to “Long Blockchain Corp.” and saw its stock prices soar.

Closer to home there are countless companies hoping to capitalize on the crazy amount of buzz that the cannabis industry has generated; even if they’re not really in the cannabis industry. Today Green Market Report will separate fact from fiction and give you a look at some of the most notorious Cannabis Fakes.

Corbus Pharmaceuticals

Corbus Pharmaceuticals is (CRBP) late-stage stage clinical pharmaceutical company that specializes in the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. Lately, the company has enjoyed a bit of buzz as a “cannabis company” listed on the NASDAQ exchange, but the truth is less exciting. The drug that has led to this company being called a “cannabis company” is JBT-101, which is an oral endocannabinoid-mimetic drug. What that means is that JBT-101 interacts with endocannabinoid receptors by mimicking cannabinoids, no cannabis required. The company may enjoy a Outperform rating from Raymond James, but it is by no means a cannabis company.

Compass Diversified Holdings

Compass Diversified Holdings (CODI) is a company that acquires and manages mid-size businesses. Compass gets its cannabis credentials from its ownership of the hemp-based food company Manitoba Harvest as well as the appropriately named Hemp Oil Canada. Aside from the fact that these two companies are just a small piece of Compass’ greater portfolio, most hemp advocates would be keen to point out that hemp is not cannabis; despite the similarities that these two may share.

22nd Century Group

Perhaps the most egregious use of the term “cannabis company” has to come from 22nd Century Group (XXII). 22nd Century Group is first and foremost a tobacco company. They got the reputation as a cannabis company because of their work with the development of hemp-based cannabinoid related products and through its collaboration with the University of Virginia to cultivate industrial hemp. The company’s lead product, however, is a brand of “non-addictive” cigarettes that contact low doses of nicotine, which is in keeping with the US Food and Drug Administration’s overarching goal of reducing the amount of nicotine in cigarettes. An interesting business venture, perhaps, but 22nd Century Group is definitely not what you would consider a cannabis company.

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