Ensysce receives $14M grant for opioid trial By Investing.com
Summary
SAN DIEGO - Ensysce Biosciences Inc. (NASDAQ:ENSC), a clinical-stage pharmaceutical company, has announced the receipt of a $14 million federal grant to support the next clinical trial of its opioid product PF614-MPAR, which aims to offer severe pain relief with reduced abuse and overdose potential. He highlighted that this opioid is the only one to be designated as Breakthrough Therapy by the FDA, a status given to less than 300 drugs since 2012.Ensysces CEO, Dr. Lynn Kirkpatrick, expressed satisfaction with the IRBs approval, which allows the commencement of the second clinical study of PF614-MPAR. According to InvestingPro, Ensysce holds a stronger liquidity position with more cash than debt on its balance sheet, which can be crucial for funding ongoing clinical trials and operations. Additionally, despite the challenges faced in the pharmaceutical industry, Ensysce has seen a significant return over the last week, indicating a potential uptick in investor confidence following recent developments.However, the companys financial metrics reflect some concerns. These factors, combined with the absence of dividend payments to shareholders, paint a cautious picture for potential investors.For those considering an investment in Ensysce, further detailed analysis and additional InvestingPro Tips are available.