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- Continues to execute on key clinical programs and streamline cost structure -
- Conference call and webcast today, November 14, at 4:30 p.m. ET -
FREMONT, Calif., Nov. 14, 2017 (GLOBE NEWSWIRE) -- Asterias Biotherapeutics, Inc. (NYSE American:AST), a biotechnology company pioneering the field of regenerative medicine, today reported financial and operational results for the quarter ended September 30, 2017, as well as recent corporate progress.
“We have continued to advance our spinal cord injury clinical trial while improving our financial profile in advance of the next phase of our AST-OPC1 program,” said Mike Mulroy, President and Chief Executive Officer of Asterias. “Recent 12-month data from our SCiStar study showed subjects administered 10 million cells of AST-OPC1 observed meaningful and durable recovery of arm, hand and finger function that was more than double the rates of recovery seen at 12 months in both matched historical controls and published data. Based on this early encouraging result in the clinic, combined with our extensive pre-clinical work, our safety study in thoracic spinal cord injury, and MRI data suggesting durable engraftment of our OPC1 cells, we look forward to investing in a larger randomized controlled trial in the future. Our next data readout is expected in early 2018, and that data should help provide further clarity surrounding the design of that trial. Separately, in our cancer immunotherapy program, we received regulatory clearance during the third quarter to initiate the first-in-human clinical trial of AST-VAC2 in non-small cell lung cancer in the United Kingdom.”
“On the financial front, the company has strengthened its cash position and improved its cost structure,” said Ryan Chavez, Chief Financial Officer. “These steps, which include both our recent capital raise and a more focused allocation of capital into investments that can deliver value in the short and medium term, have strengthened the company’s financial outlook so that it may continue to advance its programs in the clinic and achieve additional important clinical milestones in 2018.”
Third Quarter 2017 and Recent Key Achievements
As of September 30, 2017, the combined total of cash, cash equivalents, and available-for-sale securities totaled $20.7 million. In October 2017, Asterias closed the sale of shares of its common stock in a registered direct offering which raised approximately $10.4 million in gross proceeds. As of October 31, 2017, Asterias had a combined total of cash, cash equivalents, and available-for-sale securities of approximately $27.3 million.
Total revenues were $1.7 million for the third quarter. Revenues were comprised of grant income as well as royalty revenues on product sales by licensees. Research and development expenses were $6.6 million in the third quarter, with the primary driver being expenses associated with the company’s AST-OPC1 program. General and administrative expenses were $2.0 million in the third quarter.
Net loss was $6.8 million, or $0.14 per share, for the third quarter. For the quarter ended September 30, 2017, net cash used in operating activities was $4.5 million and net cash provided from financing activities was $1.1 million.
Conference Call and Webcast Details
Asterias will host a conference call and webcast today, November 14, 2017, at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss the results and corporate developments. For both "listen-only" participants and those participants who wish to take part in the question-and-answer session, the call can be accessed by dialing 877-830-2645 (U.S./Canada) or 785-424-1791 (international) five minutes prior to the start of the call and providing the Conference ID 8579194. To access the live webcast, go to http://asteriasbiotherapeutics.com/inv_events_presentations.php.
A replay of the conference call will be available for seven business days beginning about two hours after the conclusion of the live call, by dialing 888-203-1112 (U.S./Canada) or 719-457-0820 (international) and providing the Conference ID 8579194. Additionally, the archived webcast will be available at http://asteriasbiotherapeutics.com/inv_events_presentations.php.
About Asterias Biotherapeutics
Asterias Biotherapeutics, Inc. is a biotechnology company pioneering the field of regenerative medicine. The company's proprietary cell therapy programs are based on its pluripotent stem cell and immunotherapy platform technologies. Asterias is presently focused on advancing three clinical-stage programs which have the potential to address areas of very high unmet medical need in the fields of neurology and oncology. AST-OPC1 (oligodendrocyte progenitor cells) is currently in a Phase 1/2a dose escalation clinical trial in spinal cord injury. AST-VAC1 (antigen-presenting autologous dendritic cells) is undergoing continuing development by Asterias based on promising efficacy and safety data from a Phase 2 study in Acute Myeloid Leukemia (AML), with current efforts focused on streamlining and modernizing the manufacturing process. AST-VAC2 (antigen-presenting allogeneic dendritic cells) represents a second generation, allogeneic cancer immunotherapy. The company's research partner, Cancer Research UK, plans to begin a first-in-human (FIH) clinical trial of AST-VAC2 in non-small cell lung cancer. Additional information about Asterias can be found at www.asteriasbiotherapeutics.com.
Forward Looking Statements
Statements pertaining to future financial and/or operating and/or clinical research results, future growth in research, technology, clinical development, and potential opportunities for Asterias, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the businesses of Asterias, particularly those mentioned in the cautionary statements found in Asterias' filings with the Securities and Exchange Commission. Asterias disclaims any intent or obligation to update these forward-looking statements.
|ASTERIAS BIOTHERAPEUTICS, INC.|
STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
|Three months ended September 30,|
|Nine months ended September 30,|
|Royalties from product sales||162||218||303||337|
|Cost of sales||(81||)||(59||)||(151||)||(118||)|
|Research and development||(6,624||)||(5,232||)||(20,206||)||(17,594||)|
|General and administrative||(2,046||)||(4,210||)||(8,360||)||(13,081||)|
|Total operating expenses||(8,670||)||(9,442||)||(28,566||)||(30,675||)|
|Loss from operations||(7,063||)||(7,425||)||(24,703||)||(25,591||)|
|Gain/(loss) from change in fair value on warrant liability||506||(3,995||)||3,404||(2,368||)|
|Interest expense, net||(112||)||(128||)||(351||)||(413||)|
|Other expense, net||(140||)||(2||)||(174||)||(27||)|
|Total other income (expense), net||254||(4,125||)|| |
|LOSS BEFORE INCOME TAX BENEFIT||(6,809||)||(11,550||)||(21,824||)||(28,399||)|
|Deferred income tax benefit||-||902||-||2,255|
|Basic and diluted net loss per share||$||(0.14||)||$||(0.24||)||$||(0.44||)||$||(0.63||)|
|Weighted average shares outstanding: basic and diluted||49,771||45,193||49,110||41,588|
|ASTERIAS BIOTHERAPEUTICS, INC.|
(IN THOUSANDS EXCEPT PAR VALUE AMOUNTS)
|September 30, 2017 (Unaudited)||December |
|Cash and cash equivalents||$||8,620||$||19,800|
|Available-for-sale securities, at fair value||12,095||15,269|
|Prepaid expenses and other current assets||1,214||1,921|
|Total current assets||21,929||36,990|
|Intangible assets, net||16,116||18,130|
|Property, plant and equipment, net||4,760||5,475|
|Total noncurrent assets||21,391||24,020|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Amount due to BioTime, Inc.||$||-||$||288|
|Capital lease liability, current||7||7|
|Deferred grant income||-||2,185|
|Total current liabilities||2,376||6,051|
|Capital lease liability, noncurrent||16||20|
|Deferred rent liability||310||266|
|Preferred Stock, $0.0001 par value, authorized 5,000 shares; none issued and outstanding||-||-|
|Common Stock, $0.0001 par value, authorized 75,000 Series A Common Stock and 75,000 Series B Common Stock; 49,950 and 47,467 shares Series A Common Stock issued and outstanding at September 30, 2017 and December 31, 2016, respectively; no Series B Common Stock issued and outstanding at September 30, 2017 and December 31, 2016||5||5|
|Additional paid-in capital||141,132||126,829|
|Accumulated other comprehensive loss||(3,853||)||(1,078||)|
|Total stockholders’ equity||31,732||42,028|
|TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY||$||43,320||$||61,010|
Contacts: Investor Relations (510) 456-3892 InvestorRelations@asteriasbio.com or EVC Group, Inc. Michael Polyviou/Greg Gin (646) 445-4800 email@example.com Media Thomas D. Gibson GIBSON Communications, LLC (201) 476-0322 – Main (201) 264-3646 – Mobile firstname.lastname@example.orgNEXT ARTICLE
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