29.11.2016, 19:47
Bioblast Pharma Reports Third Quarter 2016 Financial Results
OREANDA-NEWS. Bioblast Pharma Ltd. (Nasdaq:ORPN), a clinical-stage, orphan disease-focused biotechnology company, today announced financial results for the third quarter ended September 30, 2016.
Completed clinical trials: During September, the Company reported the results of an extension study from the previously completed HOPE MD study in OPMD patients. In October, the Company reported results of a pharmacokinetic study in healthy volunteers. The press release can be found on the Bioblast News Releases section of the corporate website.
Appointment of a new Board of Directors member: On October 13, 2016, Robert Friedman joined the Bioblast Board of Directors. Mr. Friedman is a Managing Director in the Navigant Healthcare practice. He co-founded Easton Associates following a nine-year period in management consulting at The Wilkerson Group and IBM Consulting. During his consulting career, Mr. Friedman has led and executed hundreds of strategies, market assessment and business development projects covering pharmaceuticals, biotechnology and medical devices. Mr. Friedman earned an M.B.A from the Johnson School of Management. Cornell University, and an M.S. in biochemistry from Columbia University.
Appointment of a new Chief Commercial Officer: On November 1, 2016, Dana Gelbaum joined Bioblast management as Chief Commercial Officer. She has extensive experience at Chiasma, Recoly and Johnson & Johnson Development Corporation in developing and managing market research, market development, pricing & reimbursement and patient identification programs for products prior to approval. Ms. Gelbaum received her M.Sc. and M.B.A. from Tel Aviv University.
Third Quarter 2016 Financial results and Cash Guidance
R&D Expenses: Research and development expenses were $3.3 million for the quarter ended September 30, 2016, compared to $1.7 million for the same period in 2015. The increase is primarily related to manufacturing costs of clinical material and increased clinical development activities.
G&A Expenses: General and administrative expenses were $1.2 million for the quarter ended September 30, 2016, compared to $1.6 million for the same period in 2015. The decrease is primarily related to downsizing the management team, which took effect primarily in the second quarter of 2016.
Net Loss: For the quarter ended September 30, 2016, net loss attributable to holders of ordinary shares was ($4.7) million, or ($0.28) per basic and diluted share, as compared to a net loss of ($3.6) million, or ($0.25) per share, for the same period in 2015.
Cash Position: Cash, cash equivalents and short-term bank deposits as of September 30, 2016, were $12.9 million, compared to $15.7 million as of June 30, 2016, primarily reflecting the Company’s third quarter operating expenditures. The Company expects to have at the end of 2016 between $8 to $9 million in cash, cash equivalents and short-term bank deposits.
Bioblast Pharma is a clinical-stage biotechnology company committed to developing clinically meaningful therapies for patients with rare and ultra-rare genetic diseases with a lead drug candidate, trehalose 90mg/mL solution, in Phase 2 development. Bioblast was founded in 2012 and is traded on the NASDAQ under the symbol "ORPN".
Completed clinical trials: During September, the Company reported the results of an extension study from the previously completed HOPE MD study in OPMD patients. In October, the Company reported results of a pharmacokinetic study in healthy volunteers. The press release can be found on the Bioblast News Releases section of the corporate website.
Appointment of a new Board of Directors member: On October 13, 2016, Robert Friedman joined the Bioblast Board of Directors. Mr. Friedman is a Managing Director in the Navigant Healthcare practice. He co-founded Easton Associates following a nine-year period in management consulting at The Wilkerson Group and IBM Consulting. During his consulting career, Mr. Friedman has led and executed hundreds of strategies, market assessment and business development projects covering pharmaceuticals, biotechnology and medical devices. Mr. Friedman earned an M.B.A from the Johnson School of Management. Cornell University, and an M.S. in biochemistry from Columbia University.
Appointment of a new Chief Commercial Officer: On November 1, 2016, Dana Gelbaum joined Bioblast management as Chief Commercial Officer. She has extensive experience at Chiasma, Recoly and Johnson & Johnson Development Corporation in developing and managing market research, market development, pricing & reimbursement and patient identification programs for products prior to approval. Ms. Gelbaum received her M.Sc. and M.B.A. from Tel Aviv University.
Third Quarter 2016 Financial results and Cash Guidance
R&D Expenses: Research and development expenses were $3.3 million for the quarter ended September 30, 2016, compared to $1.7 million for the same period in 2015. The increase is primarily related to manufacturing costs of clinical material and increased clinical development activities.
G&A Expenses: General and administrative expenses were $1.2 million for the quarter ended September 30, 2016, compared to $1.6 million for the same period in 2015. The decrease is primarily related to downsizing the management team, which took effect primarily in the second quarter of 2016.
Net Loss: For the quarter ended September 30, 2016, net loss attributable to holders of ordinary shares was ($4.7) million, or ($0.28) per basic and diluted share, as compared to a net loss of ($3.6) million, or ($0.25) per share, for the same period in 2015.
Cash Position: Cash, cash equivalents and short-term bank deposits as of September 30, 2016, were $12.9 million, compared to $15.7 million as of June 30, 2016, primarily reflecting the Company’s third quarter operating expenditures. The Company expects to have at the end of 2016 between $8 to $9 million in cash, cash equivalents and short-term bank deposits.
Bioblast Pharma is a clinical-stage biotechnology company committed to developing clinically meaningful therapies for patients with rare and ultra-rare genetic diseases with a lead drug candidate, trehalose 90mg/mL solution, in Phase 2 development. Bioblast was founded in 2012 and is traded on the NASDAQ under the symbol "ORPN".
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