OvaScienceSM, (NASDAQ: OVAS), a life sciences company focused on the discovery, development and commercialization of new treatments for infertility, today reported financial results for the quarter ended June 30, 2013, and highlighted the Company’s recent accomplishments.
“Obtaining a NASDAQ listing for our common stock was a significant milestone for the Company this past quarter, completing our planned transition to the global capital market,” said Michelle Dipp, M.D., Ph.D., Chief Executive Officer of OvaScience. “This accomplishment, coupled with the recent addition of our stock to the Russell 2000 Index, offers OvaScience greater visibility and access to investors as we advance the development of new treatments for female infertility and prepare to launch our first product next year. Our achievements also enabled us to continue to attract top talent to our management team, Board of Directors, and Advisory Boards, and gain recognition as innovators among the scientific, life sciences and business communities. We look forward to building upon this momentum in the coming quarters.”
Quarter Accomplishments and Recent Highlights
- Commenced Trading on NASDAQ: On April 30, 2013, OvaScience’s common stock began trading on the NASDAQ Global Market under the ticker symbol “OVAS.” The Company’s stock was also added to the Russell 2000 ® Index.
- Appointed New Chief Scientific Officer: Arthur Tzianabos, Ph.D., joins OvaScience from Shire Human Genetic Therapies, where he led the discovery and development of new therapeutics from concept through commercialization, as well as product expansion and business development efforts.
- Expanded Board of Directors: Appointed Mary Fisher, President and Chief Executive Officer of Colorescience, to OvaScience’s Board of Directors. Her commercial experience in launching women’s health products will help guide the planned launch of AUGMENT SM, OvaScience’s first potential new treatment for female infertility, in 2014.
- Published Articles and Presented at Scientific Meetings: OvaScience Co-Founders Jonathan L. Tilly, Ph.D., and David A. Sinclair, Ph.D., published an article highlighting how egg quality decreases with age due to reduced mitochondrial function in the June issue of Cell Metabolism. OvaScience also published an article on the role of mitochondria in improving fertility outcomes in Obstetrics and Gynecology International. At the Society for Gynecologic Investigation (SGI) Summit Jerusalem 2013, the Company’s egg precursor cell (EggPC SM) technology platform was featured in several presentations regarding female fertility preservation, and research findings were reported that support the Company’s OvaTure SM and AUGMENT SM product candidates.
- Created an International Product Advisory Board (IPAB): OvaScience hosted its first IPAB meeting during the European Society of Human Reproduction and Embryology (ESHRE) 2013 Annual Meeting, to engage fertility experts in a discussion regarding the development and worldwide commercialization of the Company’s technologies.
- Recognized for Innovation and Entrepreneurial Achievements: Co-founder and CEO Michelle Dipp, M.D., Ph.D., was selected as a finalist for the Ernst & Young Entrepreneur Of The Year ® 2013 Awards in New England. Co-founding scientist Jonathan L. Tilly, Ph.D., was named to The Boston Globe 100’s “The Innovators” feature and honored as a “Champion in Healthcare” by the Boston Business Journal. OvaScience was also named among BostInno’s 50 on Fire, which features the top 50 game-changers and innovators across all industries in the Boston area.
Second Quarter 2013 Financial Results
- Net loss for the three months ended June 30, 2013 was $6.0 million, or ($0.36) per share, as compared to net loss of $3.2 million, or ($2.09) per share, for the three months ended June 30, 2012. The increase was primarily due to higher personnel costs including stock-based compensation expense due to organizational growth and AUGMENT development and commercial preparation expenses.
- Research and development expense for the three months ended June 30, 2013 was $2.6 million, compared to $1.4 million for the same period in 2012. The increase was driven primarily by the AUGMENT Study contract research organization and consulting expenses comprised of outsourced biology, chemistry, clinical and development services and higher stock-based compensation expense.
- General and administrative expense for the three months ended June 30, 2013 was $3.4 million, as compared to $1.9 million for the same period in 2012. The increase was primarily due to higher stock-based compensation expense as well as additional consulting and marketing expenses.
- As of June 30, 2013, OvaScience had cash, cash equivalents and short-term investments of $54.3 million.
- Wedbush Life Sciences Conference, August 13-14, 2013, New York, NY.
- Stifel Nicolaus Healthcare Conference, September 11-12, 2013, Boston, MA.
- American Society for Reproductive Medicine (ASRM) Annual Meeting /International Federation of Fertility Societies (IFFS) Annual Meeting, October 12-17, 2013, Boston, MA
|OvaScience, Inc. (A development stage company) Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data)|
|Three Months||Six Months|
|June 30,||June 30,|
|Research and development||$||2,576||$||1,351||$||5,256||$||2,297|
|General and administrative||3,445||1,883||5,940||3,903|
|Total operating expenses||6,021||3,234||11,196||6,200|
|Loss from operations||(6,021)||(3,234)||(11,196)||(6,200)|
|Net loss applicable to commonstockholders||$||(5,996)||$||(3,234)||$||(11,153)||$||(6,200)|
|Net loss per share applicable tocommon stockholders—basicand diluted||$ (0.36)||$ (2.09)||$ (0.74)||$ (4.22)|
|Weighted average number ofcommon shares used in net lossper share applicable to commonstockholders—basic and diluted||16,869||1,548||15,132||1,469|
|OvaScience, Inc. (A development stage company) Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share data)|
|June 30,||December 31,|
|Cash and cash equivalents||$||28,193||$||14,776|
|Prepaid expenses and other current assets||917||574|
|Total current assets||55,262||31,965|
|Property and equipment, net||890||756|
|Liabilities and stockholders’ equity|
|Total current liabilities||1,812||2,086|
|Other non-current liabilities||15||7|
|Total stockholders’ equity||54,413||30,721|
|Total liabilities and stockholders’ equity||$||56,240||$||32,814|
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