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July 12 , 2021 Artelo BIOSCIENCES Artelo Biosciences Reports Third Quarter Fiscal 2021 Financial Results and Provides Business Update Enrollment in CARES Study in patients with cancer anorexia on track to deliver first data readout by calendar year - end $ 10.0 Million of Cash and Cash Equivalents as of May 31 , 2021 SOLANA BEACH , Calif . , July 12 , 2021 ( GLOBE NEWSWIRE ) Artelo Biosciences , Inc. ( NASDAQ : ARTL ) , a clinical stage biopharmaceutical company focused on the development of therapeutics that target lipid - signaling pathways , including the endocannabinoid system , today reported financial and operating results for the third fiscal 2021 quarter ended May 31 , 2021 and provided a business update . " We are making substantial progress enrolling patients in the ongoing Phase 1/2 Cancer Appetite Recovery Study ( CAReS ) of our lead drug candidate , ART27.13 , ” stated , Gregory D. Gorgas , President and Chief Executive Officer of Artelo Biosciences . " ART27.13 represents a novel mechanism - based strategy to stimulate appetite and weight gain that could significantly benefit patients with cancer anorexia . " Cancer anorexia represents a global unmet need with a current market valued in excess of $ 2 billion despite no standard of care . As previously noted , up to 50 % of cancer deaths are attributed to anorexia associated with the disease and currently there are no regulatory approved therapies in North America or Europe with an indication to treat cancer anorexia . " We also continue to advance our two preclinical assets towards clinical development for the treatment of cancer , " added Gorgas . ART12.11 is a patented cocrystal of cannabidiol ( CBD ) and tetramethylpyrazine ( TMP ) , which may have the potential to prevent cancer cell growth and kill cancer cells . The Company also continues to generate data on its FABP5 inhibitor , ART26.12 , as a potential anti - cancer treatment , supported by FABP5's emerging utility as a biomarker . Artelo ended the third quarter with over $ 10.0 million of cash and cash equivalents . This level of funding is projected to enable the Company to execute on a number of key upcoming milestones before the end of 2021 and into 2022 , including readout of the Phase 1b stage of the CARES study . Recent Highlights : • Presented a poster at the 31st Annual International Cannabinoid Research Society ( ICRS ) Symposium featuring ART27.13 as a novel mechanism - based strategy to