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SAN DIEGO, Aug. 11, 2015 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq:CDTX), a biotechnology company developing novel anti-infectives and immunotherapies to treat fungal and other infections, today reported financial results for the three and six months ended June 30, 2015 and provided an update on its corporate activities and product pipeline.
Second Quarter 2015 and Subsequent Highlights
"This year has proven to be transformational for Cidara," said Jeffrey Stein, Ph.D., president and chief executive officer of Cidara. "Of particular note were the completion of our initial public offering and the initiation of the company's first clinical trial for our novel anti-fungal CD101 IV, which has received QIDP and Fast Track designations from the FDA. We look forward to building on this strong momentum in the second half of 2015."
About Cidara Therapeutics
Cidara is a clinical stage biotechnology company focused on the discovery, development and commercialization of novel anti-infectives for the treatment of diseases that are inadequately addressed by current standard-of-care therapies. Cidara's initial product portfolio comprises two formulations of the company's novel echinocandin, CD101, for the treatment of serious fungal infections. CD101 IV is a long-acting therapy for the treatment and prevention of systemic fungal infections, and CD101 topical is for the treatment of vulvovaginal candidiasis (VVC) and recurrent VVC (RVVC), a prevalent mucosal infection. In addition, Cidara has developed a proprietary immunotherapy platform, Cloudbreak™, designed to create compounds that direct a patient's immune cells to attack and eliminate pathogens that cause infectious disease. Cidara is headquartered in San Diego, California. For more information please visit www.cidara.com.
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the effectiveness and long-acting nature of CD101 IV and the intended design of current and future Cloudbreak compounds. Risks that contribute to the uncertain nature of the forward-looking statements include: the success and timing of Cidara's preclinical studies and clinical trials; regulatory developments in the United States and foreign countries; changes in Cidara's plans to develop and commercialize its product candidates; Cidara's ability to obtain additional financing; Cidara's ability to obtain and maintain intellectual property protection for its product candidates; and the loss of key scientific or management personnel. These and other risks and uncertainties are described more fully in Cidara's documents most recently filed with the United States Securities and Exchange Commission (SEC), including its Registration Statement on Form S-1 declared effective by the SEC on April 14, 2015, under the heading "Risk Factors." All forward-looking statements contained in this press release speak only as of the date on which they were made. Cidara undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Cidara Therapeutics, Inc.
Condensed Balance Sheets
|(In thousands, except share and per share amounts)||(unaudited)|
|Cash and cash equivalents||$ 122,301||$ 22,796|
|Prepaid expenses and other current assets||749||217|
|Total current assets||123,050||23,013|
|Property and equipment, net||831||863|
|Total assets||$ 123,953||$ 24,350|
|LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' EQUITY (DEFICIT)|
|Accounts payable||$ 854||$ 1,177|
|Accrued compensation and benefits||755||414|
|Total current liabilities||3,068||3,213|
|Other long-term liabilities||28||34|
|Commitments and contingencies|
|Series A convertible preferred stock, $0.0001 par value; no shares authorized, issued and outstanding at June 30, 2015; 127,214,000 shares authorized and 97,526,081 shares issued and outstanding at December 31, 2014||--||32,548|
|Stockholders' equity (deficit):|
|Preferred stock, $0.0001 par value; 10,000,000 shares authorized at June 30, 2015; no shares authorized at December 31, 2014; no shares issued or outstanding at June 30, 2015 and December 31, 2014||--||--|
|Common stock, $0.0001 par value; 200,000,000 and 185,000,000 shares authorized at June 30, 2015 and December 31, 2014, respectively; 13,903,536 and 13,598,693 shares issued and outstanding, respectively, at June 30, 2015; 1,494,506 and 1,132,738 shares issued and outstanding, respectively, at December 31, 2014||4||3|
|Additional paid-in capital||147,308||1,856|
|Total stockholders' equity (deficit)||120,857||(11,445)|
|Total liabilities, convertible preferred stock, and stockholders' equity (deficit)||$ 123,953||$ 24,350|
Cidara Therapeutics, Inc.
Condensed Statements of Operations
Three months ended
Six months ended
|(In thousands, except share and per share data)||2015||2014||2015||2014|
|Research and development||$ 4,210||$ 966||$ 9,145||$ 1,244|
|Cost of in-process research and development acquired||--||1,607||--||1,607|
|General and administrative||2,236||522||4,033||803|
|Total operating expenses||6,446||3,095||13,178||3,654|
|Loss from operations||(6,446)||(3,095)||(13,178)||(3,654)|
|Other income (expense):|
|Interest income (expense), net||32||(44)||27||(89)|
|Change in fair value of convertible notes payable||--||(80)||--||(183)|
|Total other income (expense)||32||(124)||27||(272)|
|Net loss||$ (6,414)||$ (3,219)||$ (13,151)||$ (3,926)|
|Net loss per common share, basic and diluted||$ (0.59)||$ (5.04)||$ (2.16)||$ (7.63)|
|Weighted average shares outstanding used to compute net loss per share, basic and diluted||10,957,150||638,272||6,075,134||514,736|
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