- The Company announced positive final results from the HOPEMD open label Phase 2a study of trehalose 90mg/mL IV solution in OPMD.
- The Company presented the HOPEMD open label Phase 2a final study results at Myology 2016 and the American Academy of Neurology (AAN) 2016 Annual Meeting.
- The Company raised approximately $6.7 million in gross proceeds in a public offering from two health-care focused institutional investors.
- Cash and cash equivalents (including short-term bank deposits) totaled $21.6 million at March 31, 2016, compared with $19.3 million at December 31, 2015.
- Research and development (R&D) expenses for the first quarter of 2016 amounted to $1.9 million, compared with $2.0 million in the first quarter of 2015. The decrease is primarily attributed to lower regulatory consulting expenses and to reduced activity with respect to the Company's read-through (BBrm02) program, partially offset by higher staffing expenses and higher expenses incurred related to the trehalose IV solution open label Phase 2a clinical study in OPMD.
- General and administrative (G&A) expenses for the first quarter of 2016 were $1.9 million, compared with $1.4 million in the first quarter of 2015. The increase in G&A is primarily attributed to salary and travel expenses related to a higher level of staffing in the U.S. and to higher legal and patent maintenance expenses, partially offset by a lower stock compensation expense.
- Pre-commercialization expenses for the first quarter of 2016 were $0.8 million, compared with no pre-commercialization expenses in the first quarter of 2015.
- Net loss for the first quarter of 2016 was $4.6 million, or $0.32 per share, compared with a net loss of $3.3 million, or $0.23 per share, in the first quarter of 2015.
|Bioblast Pharma Ltd Consolidated Statements of Operations (U.S. dollars in thousands, except per share amounts)|
|Three Months Ended|
|Research and development||$||1,858||$||1,952|
|General and administrative||1,862||1,366|
|Financial expense, net||(27||)||(21||)|
|Loss before taxes on income||4,465||3,297|
|Taxes on income||129||2|
|Net basic and diluted loss per share||$||0.32||$||0.23|
|Weighted average number of Ordinary shares used in computing basic and diluted net loss per share||14,467,984||14,230,480|
|Bioblast Pharma Ltd Consolidated Balance Sheet Data ( U.S. dollars in thousands )|
|March 31,||December 31,|
|Cash and cash equivalents||$||9,526||$||7,286|
|Short term bank deposits||12,080||12,046|
|Receivables and prepaid expenses||722||1,060|
|Total current assets||22,328||20,392|
|Property and equipment, net||93||91|
|Total long-term assets||151||124|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Other accounts payable||1,192||1,102|
|Total current liabilities||2,175||2,514|
|Long term liabilities:|
|Accrued severance pay||125||70|
|Total long term liabilities||125||70|
|Additional paid-in capital||48,515||41,680|
|Total shareholders' equity||20,179||17,932|
|Total liabilities and shareholders' equity||$||22,479||$||20,516|
|Bioblast Pharma Ltd Consolidated Statements of Cash Flow Data ( U.S. dollars in thousands )|
|Three Months Ended|
|Cash flow from operating activities:|
|Adjustments to reconcile net loss to net cash used in operating activities:|
|Stock based compensation||751||720|
|Interest on short term deposit||(34||)||(47||)|
|Change in operating assets and liabilities:|
|Receivables and prepaid expenses||338||(402||)|
|Long term deposit||(25||)||(2||)|
|Other accounts payable||61||(63||)|
|Accrued severance pay||55||13|
|Net cash used in operating activities||(3,948||)||(3,555||)|
|Cash flow from investing activities:|
|Purchase of property and equipment||(8||)||(17||)|
|Net cash used in investing activities||(8||)||(17||)|
|Cash flow from financing activities:|
|Issuance of shares, net||6,196||-|
|Net cash provided by financing activities||6,196||-|
|Increase (decrease) in cash and cash equivalents||2,240||(3,572||)|
|Cash and cash equivalents at the beginning of the period||7,286||10,583|
|Cash and cash equivalents at the end of the period||$||9,526||$||7,011|
|Issuance expenses yet to be paid as of March 31, 2016||$||107||-|
INVESTOR CONTACT: Matthew P. DuffyManaging DirectorLifeSci Advisors, LLCTelephone: 212-915-0685