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Medgenics Reports Third Quarter 2012 Financial Results

In addition to treatments for anemia, hepatitis and hemophilia, Medgenics plans to develop and/or out-license a pipeline of future Biopump products targeting the large and rapidly growing global protein therapy market, which is forecast to reach $132 billion in 2013. Other potential applications for Biopumps include multiple sclerosis, arthritis, pediatric growth hormone deficiency, obesity and diabetes.

Forward-looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995, which include all statements other than statements of historical fact, including (without limitation) those regarding the Company's financial position, its development and business strategy, its product candidates and the plans and objectives of management for future operations. The Company intends that such forward-looking statements be subject to the safe harbors created by such laws. Forward-looking statements are sometimes identified by their use of the terms and phrases such as "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning, "expect," "believe," "will," "will likely," "should," "could," "would," "may" or the negative of such terms and other comparable terminology. All such forward-looking statements are based on current expectations and are subject to risks and uncertainties. Should any of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may differ materially from those included within these forward-looking statements. Accordingly, no undue reliance should be placed on these forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, the events described in the forward-looking statements contained in this release may not occur.

CONSOLIDATED BALANCE SHEETS

     

U.S. dollars in thousands

 
September 30, December 31,
2012   2011 2011
Unaudited
 
ASSETS
 
CURRENT ASSETS:
 
Cash and cash equivalents $ 8,999 $ 7,570 $ 4,995
Accounts receivable and prepaid expenses   619     1,298     1,122  
 
Total current assets   9,618     8,868     6,117  
 
LONG-TERM ASSETS:
 
Restricted lease deposits 59 59 52
Severance pay fund   279     346     259  
 
Total long-term assets   338     405     311  
 
 
PROPERTY AND EQUIPMENT, NET   380     428     434  
 
Total assets $ 10,336   $ 9,701   $ 6,862  
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
CURRENT LIABILITIES:
 
Trade payables $ 769 $ 928 $ 903
Other accounts payable and accrued expenses   1,395     1,413     1,156  
 
Total current liabilities   2,164     2,341     2,059  
 
LONG-TERM LIABILITIES:
 
Accrued severance pay 1,585 1,252 1,328
Liability in respect of warrants   3,373     1,429     478  
 
Total long-term liabilities   4,958     2,681     1,806  
 
Total liabilities   7,122     5,022     3,865  
 
STOCKHOLDERS' EQUITY:
 

Common stock - $0.0001 par value;

100,000,000 shares authorized; 12,236,570,

9,690,117 and 9,722,725 shares issued and

outstanding at September 30, 2012, September 30,

2011 and December 31, 2011, respectively

1 1 1
Additional paid-in capital 65,403 52,172 52,501
Deficit accumulated during the development stage   (62,190 )   (47,494 )   (49,505 )
 
Total stockholders' equity   3,214     4,679     2,997  
 
Total liabilities and stockholders' equity $ 10,336   $ 9,701   $ 6,862  
   
 

CONSOLIDATED STATEMENTS OF OPERATIONS

         

U.S. dollars in thousands (except share and per share data)

Nine months ended

September 30,

Three months ended

September 30,

Period from January 27, 2000 (inception) through
2012   2011 2012   2011 September 30, 2012
Unaudited
 
Research and development expenses $ 5,125 $ 4,503 $ 1,894 $ 1 ,785 $ 35,567
 
Less - Participation by the Office of the Chief Scientist (1,769 ) (860 ) (283 ) (357 ) (7,062 )
U.S. Government grant - - - - (244 )
Participation by third party   -   (75 )   -     (75 )   (1,067 )
 
Research and development expenses, net 3,356 3,568 1,611 1,353 27,194
 
General and administrative expenses 5,603 3,709 1,470 1,877 32,001
 
Other income:
Excess amount of participation in research and development from third party   -   -     -     -     (2,904 )
 
Operating loss (8,959 ) (7,277 ) (3,081 ) (3,230 ) (56,291 )
 
Financial expenses 3,721 203 - 267 (7,001 )
Financial income   (4 ) (1,398 )   (55 )   (74 )   758  
 
Loss before taxes on income (12,676 ) (6,082 ) (3,026 ) (3,423 ) (62,534 )
 
Taxes on income   9   3     1     1     85  
 
Loss $ (12,685 ) $ (6,085 ) $ (3,027 ) $ (3,424 ) $ (62,619 )
 
Basic and diluted loss per share $ (1.20 ) $ (0.76 ) $ (0.25 ) $ (0.35 )
 
Weighted average number of shares of Common stock used in computing basic and diluted loss per share   10,604,924   8,020,348     12,013,153     9,657,659  




Stock quotes in this article: MDGN, MEDG 

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