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November 12 , 2021 REZOLUTE Rezolute Reports First Quarter Fiscal 2022 Financial Results and Highlights Recent Company Progress REDWOOD CITY , Calif . , Nov. 12 , 2021 ( GLOBE NEWSWIRE ) -- Rezolute , Inc. ( Nasdaq : RZLT ) , a clinical - stage biopharmaceutical company developing transformative therapies for metabolic diseases associated with chronic glucose imbalance , today announced its financial results for the first quarter of fiscal 2022 ended September 30 , 2021 . " This has been a productive quarter of execution for Rezolute , with steady clinical advancement of our lead pipeline candidates , RZ358 and RZ402 , in Phase 2b and Phase 1b development , respectively , " said Nevan Elam , Chief Executive Officer and Founder of Rezolute . " We look forward to announcing topline data for both programs in Q1 of 2022 . Additionally , with a strengthened balance sheet following our recent offering , raising $ 55 million in gross proceeds , we have extended our cash runway and are well - positioned to continue to execute on our key clinical milestones . ” Recent Business Highlights • RZ358 , monoclonal antibody for the treatment of congenital hyperinsulinism ( HI ) ― Enrollment is ongoing in the Phase 2b RIZE study of RZ358 for the treatment of congenital HI . The Company expects to report topline results in Q1 of 2022 . - • European Society for Paediatric Endocrinology ( ESPE ) 2021 - Rezolute presented results from a natural history study designed to highlight the utility of continuous glucose monitors ( CGM ) and to quantify the extent of hypoglycemia in congenital HI patients on standard of care therapies . • RZ402 , oral PKI for the treatment of diabetic macular edema ( DME ) - A Phase 1b multiple ascending dose study , initiated in August 2021 , is progressing as expected , with topline data expected in Q1 of 2022 . • Financing Update – In October of 2021 , Rezolute completed an underwritten public offering of 6,030,847 shares of its common stock at a public offering price of $ 6.50 per share and of pre - funded warrants to purchase 1,661,461 shares of its common stock at a public price of $ 6.49 and completed a registered direct offering of 769,231 shares of its common stock at a public price of $ 6.50 per share . The gross proceeds of $ 55 million will be used to support clinical trial and program development activities . First Quarter Fiscal 2022 Financial Results • Cash and cash equivalents totaled $ 37.3 million as of September 30 , 2021 . • Research and development ( R & D ) expenses were $ 5.8 million for the first quarter of fiscal 2022 , compared to $ 2.3 million for the same period in fiscal 2021. The increases from fiscal year 2021 to fiscal year 2022 were primarily due to increased spending in