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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aevi Genomic Medicine Inc | NASDAQ:GNMX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.1659 | 0.1601 | 0.165 | 0 | 01:00:00 |
PHILADELPHIA, May 15, 2018 /PRNewswire/ -- Aevi Genomic Medicine, Inc. (NASDAQ: GNMX) (the "Company") announced today financial and operational results for the three months ended March 31, 2018 and provided an overview of the Company's recent corporate progress.
First Quarter Financial Results and Corporate Highlights
"We have made great progress during the first quarter and we are diligently working towards important data readouts in 2018 on our most advanced programs – AEVI-001 and AEVI-002," said Mike Cola, CEO of the Company. "While AEVI-001 remains the top priority for the Company with data from the "ASCEND" trial expected by mid-year, we are equally enthusiastic about the broadening of our relationship with KHK and in the potential of AEVI-002. We look forward to providing updates throughout the year as we progress towards these key catalysts."
First Quarter 2018 Financial Results
The Company had cash and cash equivalents of $26.52 million at March 31, 2018, compared to $33.73 million as of December 31, 2017. The decrease in cash was primarily related to the advancement of its AEVI-001 program. The Company expects the current cash balance to fund operations into early 2019.
Research and development expenses for the three months ended March 31, 2018 were $6.56 million, decreasing from $7.95 million for the same period in 2017 mainly related to decreasing clinical trial/development activities.
General and administrative expenses for the three months ended March 31, 2018 were $2.17 million, decreasing from $2.99 million for the same period in 2017 primarily due to decreased costs following the closure of the Company's operations in Israel.
For the three months ended March 31, 2018, the Company reported a net loss of $8.71 million or $0.15 per share, compared with a net loss of $10.92 million or $0.29 per share for the same period in 2017.
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
March 31, |
December 31, |
|||||||
Unaudited |
Audited |
|||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ |
26,520 |
$ |
33,729 |
||||
Prepaid expenses and other current assets |
801 |
893 |
||||||
Total current assets |
27,321 |
34,622 |
||||||
LONG-TERM ASSETS: |
||||||||
Lease deposits |
11 |
11 |
||||||
Property and equipment, net |
69 |
85 |
||||||
Other long-term assets |
33 |
43 |
||||||
Total long-term assets |
113 |
139 |
||||||
Total assets |
$ |
27,434 |
$ |
34,761 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Trade payables |
$ |
1,685 |
$ |
943 |
||||
Other accounts payable and accrued expenses |
3,054 |
3,197 |
||||||
Total current liabilities |
4,739 |
4,140 |
||||||
Total liabilities |
4,739 |
4,140 |
||||||
STOCKHOLDERS' EQUITY: |
||||||||
Common stock - $0.0001 par value; 200,000,000 shares |
$ |
6 |
$ |
6 |
||||
Additional paid-in capital |
246,376 |
245,593 |
||||||
Accumulated deficit |
(223,687) |
(214,978) |
||||||
Total stockholders' equity |
22,695 |
30,621 |
||||||
Total liabilities and stockholders' equity |
$ |
27,434 |
$ |
34,761 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
Three months ended |
||||||||||
2018 |
2017 |
|||||||||
Unaudited |
||||||||||
Research and development expenses |
$ |
6,561 |
$ |
7,947 |
||||||
General and administrative expenses |
2,174 |
2,988 |
||||||||
Operating loss |
(8,735) |
(10,935) |
||||||||
Financial income |
26 |
18 |
||||||||
Net loss |
$ |
(8,709) |
$ |
(10,917) |
||||||
Basic and diluted loss per share |
$ |
(0.15) |
$ |
(0.29) |
||||||
Weighted average number of common stock used in computing basic and diluted loss per share |
59,334,821 |
37,108,261 |
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).
Forward-looking Statements
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.
CONTACT:
Aevi Genomic Medicine, Inc.
Brian Piper
Brian.Piper@aevigenomics.com
Westwicke Partners
Chris Brinzey
339-970-2843
Chris.Brinzey@westwicke.com
MEDIA INQUIRIES:
FTI Consulting
Irma Gomez-Dib
+1212-850-5761
+1-415-706-9155
irma.gomez-dib@fticonsulting.com
View original content:http://www.prnewswire.com/news-releases/aevi-genomic-medicine-reports-first-quarter-2018-financial-results-and-provides-business-update-300648144.html
SOURCE Aevi Genomic Medicine, Inc.
Copyright 2018 PR Newswire
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