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– Completed Target Enrollment in OvaPrime Clinical Safety Study; Expect to Announce Initial Safety Data in First 20 Patients by Year-End –
– Sufficiently Funded to Support Operations into 1Q 2020, Enabling Key Milestones –
– Conference Call Today at 4:30 p.m. ET –
OvaScienceSM (NASDAQ:OVAS), a fertility company focused on the discovery, development and commercialization of new treatment options, today reported financial results and provided a business update for the second quarter ended June 30, 2017.
Second Quarter and Recent Business Highlights:
OvaTureSM Treatment: OvaTure is a potential next-generation in vitro fertilization (IVF) treatment that could help a woman produce healthy, young, fertilizable eggs without hormone injections by maturing egg precursor (EggPCSM) cells into eggs in vitro.
OvaPrimeSM Treatment: OvaPrime is a potential fertility treatment that could enable a woman who makes too few or no eggs to increase her egg reserve, by transferring her EggPC cells to her own ovary, where they may mature into fertilizable eggs.
AUGMENTSM Treatment: AUGMENT is a fertility treatment designed to improve egg health and with that, IVF success rates, by using mitochondria from a woman’s own EggPC cells during IVF.
Upcoming 2017 Milestones:
The Company expects to achieve the following milestones by year-end 2017:
Second Quarter 2017 Financial Results:
As of June 30, 2017, OvaScience had cash, cash equivalents and short-term investments of $86.6 million, compared to $114.4 million as of December 31, 2016. The cash outlays related to the restructurings in the first half of 2017 represent $4.1 million. OvaScience has incurred $8.9 million dollars of restructuring expenses to-date and expect total one-time cash expenditures resulting from the two restructurings to be between $8 and $9 million over 2017 and 2018. The Company may also incur further restructuring charges related to the restructuring plans. OvaScience anticipates that it will have sufficient funds, without additional financing, to support its operating plan into the first quarter of 2020.
OvaScience will host a conference call at 4:30 p.m. ET today, Thursday, August 3, 2017, to discuss these financial results and provide an update on the Company. The conference call may be accessed by dialing +1-888-424-8151 for U.S. callers and +1-847-585-4422 for international callers five minutes prior to the start of the call and providing the passcode 6428711. Additionally, the live, listen-only webcast of the conference call can be accessed by visiting the Investors section of the Company’s website at www.ovascience.com. A replay of the conference call will be available from 7:00 p.m. ET on Thursday, August 3, 2017, through 11:59 p.m. ET on Thursday, August 17, 2017, and may be accessed by visiting OvaScience’s website or by dialing +1-888-843-7419 for U.S. callers and +1-630-652-3042 for international callers. The replay access code is 6428711#.
OvaScienceSM, Inc. (NASDAQ:OVAS) is a fertility company dedicated to improving treatment options for women around the world. OvaScience is discovering, developing and commercializing new fertility treatments because it believes women deserve more options. Each OvaScience treatment is based on the Company’s proprietary technology platform that leverages the breakthrough discovery of egg precursor (EggPCSM) cells – immature egg cells found inside the protective ovarian lining. OvaScience is developing OvaTureSM, a potential next-generation IVF treatment that could help a woman produce healthy, young, fertilizable eggs without hormone injections and OvaPrimeSM, which could increase a woman’s egg reserve. OvaScience’s AUGMENTSM treatment, a fertility option designed to improve IVF success rates, is available in certain IVF clinics in Canada. OvaScience treatments are not available in the U.S. For more information, visit www.ovascience.com.
This press release includes forward-looking statements about the Company’s plans for the OvaPrimeSM treatment, OvaTureSM treatment and AUGMENTSM treatment, including statements relating to the Company’s (i) belief that it is sufficiently funded, without additional financing, to support operations into the first quarter of 2020, (ii) discussions with Intrexon® relating to the future of the OvaXonSM joint venture, (iii) expectation that it will achieve its upcoming 2017 milestones, including the fertilization of a bovine EggPC cell derived egg, completion of biopsies in 70 patients in the ongoing Canadian study and initial data readout from 20 patients in the Canadian study, (iv) plans to develop a repeatable and robust process for the maturation of human EggPC cells and to secure authorization to fertilize human EggPC cell-derived eggs by the end of the first half of 2018, (v) plans to discontinue efforts relating to AUGMENT outside of North America and explore partnership opportunities for AUGMENT, (vi) expected one-time cash expenditures and potential restructuring charges resulting from restructurings. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including risks related to: the science underlying our treatments (including the OvaPrime, OvaTure and AUGMENT treatments), which is unproven; our ability to obtain regulatory approval or licenses where necessary for our treatments; our ability to develop our treatments on the timelines we expect, if at all; our ability to commercialize our treatments, on the timelines we expect, if at all; risks associated with clinical studies; development risk; risks associated with dependence on and discussions with third parties; operational risks; risks associated with pursuing partnership opportunities with third parties; as well as those risks more fully discussed in the “Risk Factors” section of our most recently filed Quarterly Report on Form 10-Q and/or Annual Report on Form 10-K. The forward-looking statements contained in this press release reflect our current views with respect to future events. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our view as of any date subsequent to the date hereof.
-- Financial Tables to Follow --
|Condensed Consolidated Balance Sheets|
|Cash and cash equivalents||$||22,937||$||43,930|
|Prepaid expenses and other current assets||2,535||2,056|
|Total current assets||89,094||116,444|
|Property and equipment, net||3,956||5,572|
|Investment in joint venture||-||65|
|Other long-term assets||23||23|
|Liabilities and stockholders’ equity|
|Accrued expenses and other current liabilities||8,544||11,026|
|Total current liabilities||11,819||13,209|
|Other non-current liabilities||925||1,116|
|Total stockholders’ equity||81,141||108,218|
|Total liabilities and stockholders’ equity||$||93,885||$||122,543|
|Condensed Consolidated Statements of Operations|
|(In thousands, except per share data)|
Three Months Ended
Six Months Ended
|Costs and expenses:|
|Costs of revenues||274||1,233||543||2,409|
|Research and development||4,997||5,987||10,761||11,942|
|Selling, general and administrative||10,751||11,210||18,371||25,664|
|Total costs and expenses||18,014||18,430||33,155||40,015|
|Loss from operations||(17,930||)||(18,241||)||(33,008||)||(39,680||)|
|Interest income, net||186||161||368||335|
|Other income, net||25||(22||)||(35||)||(49||)|
|Loss from equity method investment||(454||)||(416||)||(875||)||(807||)|
|Loss before income taxes||$||(18,173||)||$||(18,518||)||(33,550||)||$||(40,201||)|
|Income tax expense||13||50||22||125|
|Net loss per share—basic and diluted||$||(0.51||)||$||(0.62||)||$||(0.94||)||$||(1.41||)|
|Weighted average number of shares used in net loss per share—basic and diluted||35,664||30,036||35,653||28,668|
Media and Investor Contact
Jennifer Viera, 617-420-8728
Fertility is the ability of a couple to conceive, but can related to specifically the man or woman. Various reasons can cause a couple to be infertile, and due to the strong desire of these patients to have <!--LGfEGNT2Lhm-->children, a range of ...