Fezagepras, our lead candidate, has been proven in pre-clinical models to be an anti-inflammatory and anti-fibrotic agent. In December 2020, fezagepras entered a Phase 1 multi-ascending dose clinical trial in the UK to evaluate multiple-ascending doses (MAD) in normal healthy volunteers, at daily dose exposures higher than those evaluated in our previously completed Phase 2 clinical trials.

The Company has completed the clinical phase of its Phase 1 multi-ascending dose (“MAD”) clinical trial and is in the process of evaluating the complete pharmacokinetic (“PK”) data set from the Phase 1 MAD clinical trial and expects to complete this analysis before the end of the fourth quarter of 2021. The Company anticipates updating the market on any further development plans for fezagepras during the first quarter of 2022.