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"We are pleased with our accomplishments in the second quarter of 2018. We continue to execute on the ongoing Phase 3 trial investigating NurOwn® in ALS and were pleased to sign
Recent Corporate Highlights:
- Contracted with the Connell and O'Reilly Families Cell Manipulation Core Facility at
Dana-Farber Cancer Institute as a second U.S. manufacturing site to supply NurOwn® for the company's ongoing Phase 3 clinical trial in patients with ALS. - Strengthened senior management team with two senior appointments:
- Appointed
Susan Ward , Ph.D. as head of clinical operations. - Appointed
Joseph Petroziello as vice president of scientific & corporate communications.
- Appointed
- Received a Decision to Grant notice from the Japanese Patent Office to issue a patent entitled "Methods of generating mesenchymal stem cells which secrete neurotrophic factors." This patent provides protection for NurOwn® in
Japan until 2033.
Financial Results for the Three Months Ended
- Cash, cash equivalents, and short-term bank deposits were
$17.4 million atJune 30, 2018 , compared with$7.8 million atDecember 31, 2017 . - Cash, cash equivalents (including short-term bank deposits) and cash commitments (including the final installment under the 2017 IIA grant at amount of approximately
$800K ) amounted to approximately$18.2 million , which does not include the remaining commitments of$7 million from the CIRM grant and approximately$1 million under the IIA 2018 grant. - Research and development expenses, net for the three months ended
June 30, 2018 were$1.5 million , compared to$0.4 million , net for the three months endedJune 30, 2017 . Excluding funds received in the form of the grants from IIA and CIRM, research and development expenses were$3.3 million in the second quarter of 2018 compared with$0.9 million in the second quarter of 2017. - General and administrative expenses for the three months ended
June 30, 2018 were$1.6 million , compared to$0.6 million in the three months endedJune 30, 2017 . - Net loss for the three months ended
June 30, 2018 was$3.1 million , or($0.16) per share, as compared to a net loss of$1.0 million , or($0.06) per share for the three months endedJune 30, 2017 .
Financial Results for the Six Months Ended
- Research and development expenses, net for the six months ended
June 30, 2018 and 2017 were$2.5 million , compared to$1.4 million , net for the six months endedJune 30, 2017 . - General and administrative expenses for the six months ended
June 30, 2018 were$2.9 million , compared to$1.5 million , in the six months endedJune 30, 2018 . - Net loss for the six months ended
June 30, 2018 $5.4 million , or($0.28) per share, as compared to a net loss of$2.8 million , or($0.15) per share for the six months endedJune 30, 2017 .
Conference Call – Monday, July 23rd @ 8:30am Eastern Time |
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USA Toll Free: |
888-204-4368 |
International Investors: |
323-994-2082 |
Israel Investors: |
1809-212-883 |
Conference ID: |
9977487 |
Webcast: |
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Replays, Available through August 6th: |
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844-512-2921 |
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About
The Company has developed the NurOwn® technology into a commercially viable product. NurOwn® has been already administered to over 70 patients with ALS in clinical trials conducted in
Safe-Harbor Statement
Statements in this announcement other than historical data and information constitute "forward-looking statements" and involve risks and uncertainties that could cause
CONTACTS
Chief Business Officer
Phone: 646-666-3188
uri@brainstorm-cell.com
Investors:
LifeSci Advisors, LLC
Phone: 646-597-6979
mrice@lifesciadvisors.com
Media:
Drew Levinson
LifeSci Public Relations
Phone: 917-797-0388
drew@lifescipublicrelations.com
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands (Except share data) |
|||||
June 30, |
December 31, |
||||
2018 |
2017 |
||||
U.S. $ in thousands |
|||||
ASSETS |
Unaudited |
Audited |
|||
Current Assets: |
|||||
Cash and cash equivalents |
$ 2,262 |
$ 2,483 |
|||
Short-term deposit (Note 4) |
15,177 |
5,273 |
|||
Account receivable |
964 |
672 |
|||
Prepaid expenses and other current assets |
1,160 |
1,195 |
|||
Total current assets |
19,563 |
9,623 |
|||
Long-Term Assets: |
|||||
Prepaid expenses and other long-term assets (Note 5) |
861 |
1,408 |
|||
Property and Equipment, Net |
596 |
392 |
|||
Total long-term assets |
1,457 |
1,800 |
|||
Total assets |
$ 21,020 |
$ 11,423 |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Current Liabilities: |
|||||
Accounts payable |
$ 4,182 |
$ 1,424 |
|||
Accrued expenses |
1,471 |
817 |
|||
Deferred grant income (Note 6) |
1,885 |
2,625 |
|||
Other accounts payable |
609 |
677 |
|||
Total current liabilities |
8,147 |
5,543 |
|||
Total liabilities |
$ 8,147 |
$ 5,543 |
|||
Stockholders' Equity: |
|||||
Stock capital: (Note 7) |
11 |
11 |
|||
Common stock of $0.00005 par value - Authorized: 100,000,000 shares at each of June 30, 2018 and December 31, 2017; Issued and outstanding: 20,669,528 and 18,976,169 shares at June 30, 2018 and December 31, 2017, respectively. |
|||||
Additional paid-in-capital |
93,935 |
85,944 |
|||
Receipts on account of shares |
4,391 |
- |
|||
Accumulated deficit |
(85,464) |
(80,075) |
|||
Total stockholders' equity |
12,873 |
5,880 |
|||
Total liabilities and stockholders' equity |
$ 21,020 |
$ 11,423 |
|||
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) U.S. dollars in thousands (Except share data) |
||||||||
Six months ended |
Three months ended |
|||||||
June 30, |
June 30, |
|||||||
2018 |
2017 |
2018 |
2017 |
|||||
Unaudited |
Unaudited |
|||||||
Operating expenses: |
||||||||
Research and development, net |
$ 2,458 |
$ 1,376 |
$ 1,481 |
$ 435 |
||||
General and administrative |
2,936 |
1,469 |
1,606 |
640 |
||||
Operating loss |
(5,394) |
(2,845) |
(3,087) |
(1,075) |
||||
Financial expenses (income), net |
(5) |
(20) |
4 |
(35) |
||||
Net loss |
$ (5,389) |
$ (2,825) |
$ (3,091) |
$ (1,040) |
||||
Basic and diluted net loss per share from continuing operations |
$ (0.28) |
$ (0.15) |
$ (0.16) |
$ (0.06) |
||||
Weighted average number of shares outstanding used in computing basic and diluted net loss per share |
19,277,518 |
18,713,575 |
19,505,157 |
18,738,496 |
||||
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