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MENLO PARK, Calif., Nov. 13, 2017 (GLOBE NEWSWIRE) -- CohBar, Inc. (OTCQX:CWBR) (TSXV:COB.U) (“CohBar” or the “Company”), an innovative biotechnology company focused on developing mitochondria based therapeutics (MBTs) to treat age-related diseases, today reported financial results for the third quarter ended September 30, 2017.
“The third quarter was significant for CohBar as we raised new capital, selected CB4211 for clinical studies, and designed a new Phase 1a/b clinical strategy to accelerate activity readouts,” said Simon Allen, CohBar CEO. “By extending our phase 1 trial to include obese subjects with NAFLD, we can potentially accelerate activity readouts by more than a year compared to a standard phase 2 follow-on study. At the same time, several new peptides are demonstrating significant early stage potential for treating neurodegenerative diseases, Type 2 diabetes, and several cancer types, further evidencing the potential of the mitochondrial genome as a source of therapeutic peptides for a wide range of age-related diseases. We continue to focus on initiating our ‘first mitochondrial based therapeutic in human’ trial with CB4211 next year, while further optimizing and validating the potential of a number of our new peptides as possible clinical candidates.”
Preclinical Developments and Business Highlights
During the third quarter, CohBar’s founders, Dr. Pinchas Cohen and Dr. Nir Barzilai, continued to be recognized as international leaders in the study of aging, age-related diseases and mitochondrial science.
Third Quarter 2017 Financial Highlights
Third Quarter Investor Call Information
Date: November 13, 2017
Time: 2:00 p.m. (Pacific Time)
Dial-in U.S. and Canada: 1-888-599-8667
Dial-in International: 1-719-325-2494
Conference ID# 6432383
Slide Presentation - www.webex.com, click on the ‘Join’ button and enter Meeting Number 921656999 and Password Q3Call.
For individuals participating in the Investor Call and Slide Presentation, we request you please call into the audio and log into WebEx approximately 10 minutes before the start of the presentation so that we can begin promptly.
An audio recording of the call will be available beginning at 6:00 p.m. (Pacific Time) on November 13, 2017, through 9:00 p.m. (Pacific Time) on November 27, 2017. To access the recording please dial 1-844-512-2921 in the U.S. and Canada or 1-412-317-6671 internationally and reference Conference ID# 6432383.
The audio replay along with the slide presentation will also be available at www.cohbar.com beginning November 14, 2017 through November 27, 2017.
About CohBar’s Lead Program
CohBar’s lead preclinical development program is based on MOTS-c, a mitochondrial-derived peptide discovered in 2012 by the Company’s founders and their academic collaborators, whose research has shown that MOTS-c plays a significant role in the regulation of metabolism. The Company has developed novel, improved analogs of the MOTS-c peptide, CB4209 and CB4211, which have demonstrated significant therapeutic potential in preclinical models of obesity and nonalcoholic steatohepatitis (NASH).
CohBar (OTCQX:CWBR) (TSXV:COB.U) is an innovative biotechnology company focused on the research and development of mitochondria based therapeutics (MBTs), an emerging class of drugs for the treatment of age-related diseases. MBTs originate from the discovery by CohBar’s founders of a novel group of peptides within the mitochondrial genome which regulate metabolism and cell death, and whose biological activity declines with age. CohBar’s efforts focus on the development of these mitochondrial-derived peptides (MDPs) into clinically relevant MBTs that offer the potential to address a broad range of age-related diseases with underlying metabolic dysfunction, including obesity, nonalcoholic steatohepatitis (NASH), Type 2 diabetes, cancer, and cardiovascular and neurodegenerative diseases. To date, the Company and its founders have discovered more than 100 MDPs.
For additional company information, please visit www.cohbar.com.
This news release contains forward-looking statements (statements which are not historical facts) within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include CohBar’s plans and expectations for its lead candidate program, including anticipated timing and results of IND-enabling activities and clinical trials; statements regarding the therapeutic potential of these and other mitochondria based therapeutics, and the potential for additional discoveries, and our plans and expectations regarding intellectual property protection. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by CohBar. These risks and uncertainties include, among other things, the uncertainties inherent in research and development, including the ability to meet anticipated commencement and completion dates for IND-enabling and initial clinical studies, as well as the possibility of unfavorable study results, including unfavorable new data and additional analyses of existing data; risks associated with initial data, including the risk that results of additional pre-clinical or clinical studies may be different from (including less favorable than) the earlier data results and may not support further clinical development. Additional risks and uncertainties include CohBar’s ability to retain key personnel, expand its research operations, and obtain financing necessary to continue its operations and fund its candidate programs. Additional assumptions, risks and uncertainties are described in detail in our registration statements, reports and other filings with the Securities and Exchange Commission and applicable Canadian securities regulators, which are available on our website, and at www.sec.gov or www.sedar.com.
You are cautioned that such statements are not guarantees of future performance and that our actual results may differ materially from those set forth in the forward-looking statements. The forward-looking statements and other information contained in this news release are made as of the date hereof and CohBar does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Investor and Media Contact:
Jeff Biunno, CFO
(650) 446-7888 ext. 109
|Condensed Balance Sheets|
|September 30, 2017||December 31, 2016|
|Prepaid expenses and other current assets||113,296||110,822|
|Total current assets||10,455,538||9,319,568|
|Property and equipment, net||184,269||230,512|
|Intangible assets, net||23,693||-|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accrued payroll and other compensation||147,065||447,641|
|Note payable, net of debt discount of $0 and $59 as of September 30, 2017 and December 31, 2016, respectively||-||205,201|
|Commitments and contingencies|
|Preferred stock, $0.001 par value, Authorized 5,000,000 shares; No shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively||-||-|
|Common stock, $0.001 par value, Authorized 75,000,000 shares; Issued and outstanding 39,295,754 shares as of September 30, 2017 and 34,807,881 as of December 31, 2016||39,296||34,808|
|Additional paid-in capital||31,176,283||23,072,702|
|Total stockholders’ equity||9,806,287||8,697,974|
|Total liabilities and stockholders’ equity||$||10,703,965||$||9,586,890|
|Condensed Statements of Operations|
|For The Three Months Ended September 30,||For The Nine Months Ended September 30,|
|Research and development||2,316,454||1,056,429||4,883,868||2,646,125|
|General and administrative||549,505||598,507||2,124,601||1,753,008|
|Total operating expenses||2,865,959||1,654,936||7,008,469||4,399,133|
|Other income (expense):|
|Amortization of debt discount||-||(49||)||(59||)||(147||)|
|Total other income||4,852||1,207||8,713||1,282|
|Basic and diluted net loss per share||$||(0.07||)||$||(0.05||)||$||(0.19||)||$||(0.13||)|
|Weighted average common shares outstanding - basic and diluted||38,809,942||33,416,874||36,829,669||32,878,254|
Bioscience - any of the sciences that deal with living organisms. The study of the nature, behavior, and uses of living organisms as applied to biology. Any of the branches of natural science dealing with living things, such as their structure, b...
Obesity is the condition in which excess fat has accumulated in the body (mostly in subcutaneous tissues). clinical obesity is considered to be present when a person has a BMI of over 30 (Oxford Dictionary of Medicine). It is becoming increasing common i...