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Arca Biopharma Inc. (Nasdaq: ABIO) saw its losses for the second quarter of 2022 shrink by 33%, to $3.2 million from a $4.8 million net loss in the second quarter of 2021. That’s according to the quarterly report released by the drug manufacturer Wednesday.

Arca also more than halved its research and development expenses year-over-year, to $1.4 million from $3.5 million.

This comes as the company is exploring a merger or sale of assets; it established a committee to weigh these options amid a 2021 that saw it double its year-over-year losses.

Arca has two drugs in its pipeline: COVID-19 drug candidate rNAPc2 and Gencaro (bucindolol hydrochloride), a beta-blocker and mild vasodilator that could be a potential treatment for atrial fibrillation in heart-failure patients.

Arca does not have a timeline for a merger or sale.

The company ended the quarter with $46.4 million in cash and equivalents on hand, enough to sustain its operations through the 2023 fiscal year.

This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2022 BizWest Media LLC.

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