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context therapeutics Context Therapeutics® Reports Third Quarter 2021 Operating and Financial Results December 2 , 2021 Entered into $ 31.25 million Private Placement Agreement Completed Initial Public Offering of Common Stock and Raised $ 28.75 million in Gross Proceeds Dosed First Patient in Phase 2 ER + , PR + , HER2- Metastatic Breast Cancer Clinical Trial PHILADELPHIA , Dec. 02 , 2021 ( GLOBE NEWSWIRE ) -- Context Therapeutics Inc. ( Nasdaq : CNTX ) , a women's oncology company developing small molecule and immunotherapy treatments to transform care for breast and gynecological cancers , today announced financial results for the third quarter ended September 30 , 2021 , and highlighted recent corporate accomplishments . " This is a pivotal time for Context , as we debuted on Nasdaq and entered into a $ 31.25 million private placement agreement that extends our cash runway into 2024. We also strengthened our leadership team with the addition of Chief Financial Officer Jennifer Minai - Azary and Chief Legal Officer Alex Levit , who was instrumental in bringing our company public , " said Martin Lehr , CEO of Context Therapeutics . " Additionally , the clinical evaluation of our lead product candidate onapristone extended release ( ONA - XR ) continues to progress , with three Phase 2 clinical trials and one Phase 1b / 2 clinical trial in hormone - driven breast , ovarian and endometrial cancers currently enrolling patients . We also recently entered into a research collaboration and license agreement with Integral Molecular for the development of an anti - claudin 6 ( CLDN6 ) bispecific monoclonal antibody ( BSMAb ) for gynecologic cancer immunotherapy . We look forward to early data from several of the ONA - XR clinical trials in 2022 , as we continue our work to demonstrate its potential to make a meaningful difference for patients with hormone - driven women's cancers . " Third Quarter 2021 and Recent Corporate Highlights Pipeline Updates • In November 2021 , announced preliminary results from the Window of Opportunity study assessing ONA - XR in postmenopausal women with PR + / HER2- early breast cancer will be presented at the 2021 San Antonio Breast Cancer Symposium ( SABCS ) taking place virtually and in San Antonio , Texas , from December 7-10 , 2021 ( Abstract # 511 ) . • In October 2021 , announced with the Wisconsin Oncology Network that the first patient was dosed in the Phase 2 SMILE study assessing ONA - XR in combination with fulvestrant in women with ER + , PR + , HER2- metastatic breast cancer who have progressed on prior aromatase inhibitor and CDK4 / 6 inhibitor combination therapy . A trial design poster will be presented at SABCS ( Abstract # 379 ) , and preliminary data from this trial are anticipated in 2022 . Corporate Updates • In December 2021 , announced that the Company entered into definitive securities purchase agreements for a private placement with accredited investors of 5,000,000 shares of common stock of Context Therapeutics together with warrants to purchase 5,000,000 shares of common stock at a combined offering price of $ 6.25 , which will result in gross proceeds to Context Therapeutics of approximately $ 31.25 million , before deducting placement offering expenses . • In November 2021 , announced the appointment of Jennifer Minai - Azary as Chief Financial Officer and the prior appointment , in April 2021 , of Alex Levit as Chief Legal Officer . • In October 2021 , completed an initial public offering ( IPO ) of common stock and raised gross proceeds of $ 28.75 million , before deducting underwriting discounts , commissions and offering expenses , through the sale of 5,750,000 shares including shares sold pursuant to the exercise in full by the underwriter of its option to purchase additional shares , at a public offering price of $ 5.00 per share . • In August 2021 , entered into a license agreement with Tyligand Bioscience , Ltd. ( " Tyligand " ) whereby Tyligand was granted the exclusive right and sole responsibility for the development and commercialization of ONA - XR in China , Hong Kong , and Macau ( the " Territory " ) . Context is eligible to receive royalties on net sales of ONA - XR in the Territory and retains rest of world rights to commercialize ONA - XR . Third Quarter Financial Highlights • Cash and cash equivalents were $ 0.4 million at September 30 , 2021 compared to $ 0.3 million at December 31 , 2020 . • Research and development ( R & D ) expenses were $ 0.7 million for the third quarter 2021 , as compared to $ 0.5 million for the same period in 2020. The increase in R & D expenses was primarily driven by increased preclinical and clinical costs related to our ONA - XR and CLDN6 programs . • General and administrative ( G & A ) expenses were $ 0.8 million for the third quarter 2021 , as compared to $ 0.2 million for the same period in 2020. The increase in G & A expenses was primarily driven by an increase in compensation expense as a result of an increase in our headcount and higher professional fees related to preparing to operate as a public company .