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HOPKINTON, Mass., Nov. 07, 2019 (GLOBE NEWSWIRE) -- Spring Bank Pharmaceuticals, Inc. (Nasdaq: SBPH), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of viral infections, inflammatory diseases and certain cancers, today announced its financial results for the third quarter ended September 30, 2019 and provided an update on recent corporate and clinical development advances.
“Our team at Spring Bank delivered a solid performance in the execution of our key programs in the third quarter of this year,” said Martin Driscoll, Chief Executive Officer at Spring Bank. ”We are now operating two clinical programs in chronic HBV and immuno-oncology including a total of five clinical studies for inarigivir and SB 11285. Based on recent positive data from our non-clinical program for SB 527, our novel proprietary chimeric antisense oligonucleotide compound linked with inarigivir, we are investing more resources in our efforts to advance this program into the clinic in late 2020. As a company, we are executing on our plan to deliver multiple data readouts from our chronic HBV and immuno-oncology programs throughout 2020.”
“We extended our cash runway into 2022 with the completion of our previously announced convertible debt facility,” said Jonathan Freve, Chief Financial Officer at Spring Bank. “Our efficient management of operations together with a strengthened balance sheet will allow us to execute our clinical development plans with multiple potential catalysts to be announced over the next 12 months.”
Recent Highlights and Business Developments
2019 Third Quarter Financial Results
Spring Bank will host a conference call and webcast at 4:30pm ET on Monday, November 11, 2019, to discuss the current HBV landscape and the company’s development programs. The conference call may be accessed by dialing (877) 407-0789 for U.S. callers and (201) 689-8562 for international callers and providing the conference ID 13696574. Additionally, a live, listen-only webcast of the conference call can be accessed by visiting the Investors & Media section of the company’s website at www.springbankpharm.com or by clicking here. A replay of the call may be accessed by visiting Spring Bank’s website.
About Spring Bank Pharmaceuticals
Spring Bank Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company engaged in the discovery and development of a novel class of therapeutics using its proprietary small molecule nucleotide platform. The company designs its compounds to selectively target and modulate the activity of specific proteins implicated in various disease states. The company’s lead product candidate, inarigivir, is being developed for the treatment of chronic HBV. Inarigivir is designed to activate within infected cells retinoic acid-inducible gene 1 (RIG-I), which has been shown to inhibit HBV viral replication and induce the intracellular interferon signaling pathways for antiviral defense. The company is also developing its lead STING agonist product candidate, SB 11285, an immunotherapeutic agent for the treatment of selected cancers.
Statements in this press release about Spring Bank’s future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the company having sufficient funds to enable it to fund its operating expenses and capital expenditure requirements into 2022; the creation of additional long-term value for the company’s shareholders; the timing for initiating and reporting results from multiple inarigivir clinical trials and our SB 11285 clinical trial.
Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including whether Spring Bank’s product candidates will advance through the clinical trial process on a timely basis, or at all; whether Spring Bank’s cash resources will be sufficient to fund its continuing operations for the periods and/or trials anticipated; whether the results of the company’s trials will warrant submission for approval from the United States Food and Drug Administration or equivalent foreign regulatory agencies; whether Spring Bank’s product candidates will receive approval from regulatory agencies on a timely basis or at all; whether, if product candidates obtain approval, they will be successfully distributed and marketed; and other factors discussed in the “Risk Factors” section of Spring Bank’s Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the Securities and Exchange Commission (SEC) on March 11, 2019, Spring Bank’s Quarterly Reports on Form 10-Q that have been filed with the SEC, and in other filings Spring Bank makes with the SEC from time to time.
In addition, the forward-looking statements included in this press release represent Spring Bank’s views as of the date hereof. Spring Bank anticipates that subsequent events and developments could cause Spring Bank’s views to change. However, while Spring Bank may elect to update these forward-looking statements at some point in the future, Spring Bank specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Spring Bank’s views as of any date subsequent to the date hereof.
Spring Bank Pharmaceuticals, Inc.
Chief Financial Officer
LifeSci Advisors, LLC
Ashley R. Robinson
McNeil, Gray & Rice
Senior Account Supervisor
Source: Spring Bank Pharmaceuticals, Inc
SPRING BANK PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
|September 30,||December 31,|
|Cash and cash equivalents||$||34,371||$||14,724|
|Short and long-term marketable securities||28,778||49,718|
|Operating lease right-of-use assets||2,784||—|
|Term loan, net of unamortized discount||$||19,011||$||—|
|Operating lease liabilities, noncurrent||2,962||—|
|Total stockholders’ equity||42,416||55,860|
|Total liabilities and stockholders' equity||$||70,193||$||68,811|
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
|For the Three Months Ended |
|For the Nine Months Ended |
|Research and development||$||5,228||$||5,656||$||18,070||$||15,188|
|General and administrative||2,247||2,059||7,547||6,681|
|Total operating expenses||7,475||7,715||25,617||21,869|
|Loss from operations||(7,475||)||(7,715||)||(25,617||)||(21,869||)|
|Other income (expense):|
|Change in fair value of warrant liabilities||355||(1,336||)||8,061||3,837|
|Unrealized loss on marketable securities||(20||)||(14||)||(233||)||(13||)|
|Net loss per common share:|
|Weighted-average number of shares outstanding:|
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