Information contained on this page is provided by an independent third-party content provider. Frankly and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact email@example.com
SOURCE Aevi Genomic Medicine, Inc.
PHILADELPHIA, March 13, 2018 /PRNewswire/ -- Aevi Genomic Medicine, Inc. (NASDAQ: GNMX) (the Company) announced today financial and operational results for the three and twelve months ended December 31, 2017.
Fourth Quarter and Year-End Corporate Highlights
"2017 enabled us to further refine our approach to genomic medicine and focus our efforts on genomically-targeted indications that could increase the speed and probability of bringing therapies to market for those with pediatric onset, life-altering diseases," said Mike Cola, CEO of Aevi Genomic Medicine. "We continue to advance our pipeline and are pleased to have broadened our relationships with both CHOP and KHK, providing us with the resources to identify new targets and develop potential therapies. We remain committed to our goals of delivering clinical results in our lead programs in ADHD and Crohn's Disease in 2018."
Fourth Quarter 2017 Financial Results
The Company had cash and cash equivalents of $33.73 million at December 31, 2017. The Company expects the current cash balance to fund operations into early 2019.
Net research and development expenses for the three months ended December 31, 2017 were $5.26 million, increasing slightly from $5.14 million for the same period in 2016.
General and administrative expenses for the three months ended December 31, 2017 were $1.90 million, decreasing from $3.35 million for the same period in 2016 mainly due to the closure of operations in Israel.
For the quarter ended December 31, 2017 the Company reported a net loss of $7.16 million or $0.13 per share, compared with a net loss of $8.48 million or $0.23 per share for the comparative quarter in 2016.
Full Year 2017 Financial Results
Net research and development expenses for year ended December 31, 2017 decreased to $25.18 million from $28.36 million in 2016. This decrease was primarily driven by the closure of the Company's operations in Israel of $3.40 million.
General and administrative expenses for the year ended December 31, 2017 were $9.52 million, decreasing from $13.52 million in 2016 primarily due to severance benefits recorded in 2016 related to termination of an officer of $0.97 million, decreased stock compensation expense related to options which have fully vested of $2.00 million, and closure of the Company's operations in Israel of $0.84 million.
Conference Call and Webcast Information
Aevi Genomic Medicine will hold a conference call Tuesday, March 13, 2018 at 8:30 am ET to provide a corporate update. To access the conference call by phone, please dial (877) 870-4263 (domestic) or (412) 317-0790 (international) and request to join the Aevi Genomic Medicine's Conference Call.
The live webcast can be accessed under "Events" in the Investors section of the Company's website at www.aevigenomics.com.
The archived webcast will be available for 30 days in the Investor section of Aevi Genomic Medicine website at www.aevigenomics.com.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
Cash and cash equivalents
Prepaid expenses and other current assets
Total current assets
Restricted lease deposits
Property and equipment, net
Other long-term assets
Total long-term assets
LIABILITIES AND STOCKHOLDERS' EQUITY
Other accounts payable and accrued expenses
Total current liabilities
COMMITMENTS AND CONTINGENCIES
Common stock - $0.0001 par value; 200,000,000 shares authorized; 59,332,265 shares issued and outstanding at December 31, 2017; 100,000,000 shares authorized; 37,112,343 shares issued and 37,103,843 shares outstanding at December 31, 2016
Additional paid-in capital
Total stockholders' equity
Total liabilities and stockholders' equity
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Research and development expenses
Participation by the Office of the Chief Scientist
Research and development expenses, net
Non-recurring research and development expenses resulting from acquisition
General and administrative expenses
Loss before taxes on income
Taxes on income
Basic loss per share
Diluted loss per share
Weighted average number of shares of common stock used in computing basic loss per share
Weighted average number of shares of common stock used in computing diluted loss per share
About Aevi Genomic Medicine, Inc.
Aevi Genomic Medicine, Inc. is dedicated to unlocking the potential of genomic medicine to translate genetic discoveries into novel therapies. Driven by a commitment to patients with pediatric onset life-altering diseases, the Company's research and development efforts leverage an internal genomics platform and an ongoing collaboration with the Center for Applied Genomics (CAG) at The Children's Hospital of Philadelphia (CHOP).
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.
Aevi Genomic Medicine, Inc.
©2017 PR Newswire. All Rights Reserved.