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Share Name | Share Symbol | Market | Type |
---|---|---|---|
KalVista Pharmaceuticals Inc | NASDAQ:KALV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.29 | 2.76% | 10.78 | 10.50 | 10.99 | 10.81 | 10.26 | 10.50 | 241,417 | 21:00:10 |
– Regulatory Filing Submitted for Second Candidate in Oral Hereditary Angioedema (HAE) Plasma Kallikrein Inhibitor Portfolio –
– Cash Through Data Inflection Points in Both HAE and Diabetic Macular Edema Programs –
KalVista Pharmaceuticals, Inc. (NASDAQ: KALV), a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of small molecule protease inhibitors, today reported operational and financial results for the fiscal second quarter ended October 31, 2017.
“Since announcing the collaboration agreement with Merck, we have been focused on finalizing a Phase 2 clinical trial design for KVD001 that will enable our best chance for success, and we remain on track to initiate that trial this year,” said Andrew Crockett, Chief Executive Officer of KalVista. “We also submitted the regulatory filing to enter the clinic with our second oral plasma kallikrein inhibitor candidate for potential treatment of hereditary angioedema, KVD900, and there will be at least one additional HAE portfolio candidate entering the clinic in 2018.”
Recent Business Highlights:
Fiscal Second Quarter Financial Results:
About KalVista Pharmaceuticals, Inc.KalVista Pharmaceuticals, Inc. is a pharmaceuticals company focused on the discovery, development, and commercialization of small molecule protease inhibitors for diseases with significant unmet need. The initial focus is on inhibitors of plasma kallikrein, which is an important component of the body’s inflammatory response and which, in excess, can lead to increased vascular permeability, edema and inflammation. KalVista has developed a proprietary portfolio of novel, small molecule plasma kallikrein inhibitors initially targeting hereditary angioedema (HAE) and diabetic macular edema (DME). The Company has created a structurally diverse portfolio of oral plasma kallikrein inhibitors from which it plans to select multiple drug candidates to advance into clinical trials for HAE. KalVista’s most advanced program, an intravitreally administered plasma kallikrein inhibitor known as KVD001, has successfully completed its first-in-human study in patients with DME and is being prepared for Phase 2 studies in 2017.
For more information, please visit www.kalvista.com.
Forward-Looking StatementsThis press release contains "forward-looking" statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Examples of forward-looking statements include, among others, available funding, our cash runway and future clinical trial timing and results. Further information on potential risk factors that could affect our business and its financial results are detailed in the annual report on Form 10-K filed on July 27, 2017, our most recent Quarterly Report on Form 10-Q, and other reports as filed from time to time with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
KalVista Pharmaceuticals Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) (Unaudited) October 31, April 30, 2017 2017 Assets Current assets: Cash and cash equivalents $ 28,128 $ 30,950 Research and development tax credit receivable 3,718 2,250 Grants and other receivables 893 297 Prepaid expenses and other current assets 1,400 751 Total current assets 34,139 34,248 Property and equipment, net 602 97 Total assets $ 34,741 $ 34,345 Liabilities and Stockholders' Equity Accounts payable $ 1,040 $ 1,153 Accrued expenses 2,253 1,865 Capital lease liability - current portion 220 - Total current liabilities 3,513 3,018 Long-term liabilities: Capital lease liability, net of current portion 149 - Total long-term liabilities 149 - Stockholders’ equity Common stock, $0.001 par value 11 10 Additional paid-in capital 99,408 89,815 Accumulated deficit (65,769 ) (55,855 ) Accumulated other comprehensive loss (2,571 ) (2,643 ) Total stockholders’ equity 31,079 31,327 Total liabilities and stockholders' equity $ 34,741 $ 34,345 KalVista Pharmaceuticals Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) (Unaudited) Three Months Ended Six Months Ended October 31, October 31, 2017 2016 2017 2016 Revenue $ 1,127 $ 197 $ 1,223 $ 1,141 Operating expenses: Research and development 4,361 2,929 7,837 6,330 General and administrative 2,703 1,293 4,776 3,946 Total operating expenses 7,064 4,222 12,613 10,276 Operating loss (5,937 ) (4,025 ) (11,390 ) (9,135 ) Other income (expense): Interest income 1 10 3 24 Foreign currency exchange gain (loss) 83 352 51 1,706 Other income 867 368 1,422 650 Total other income 951 730 1,476 2,380 Net loss $ (4,986 ) $ (3,295 ) $ (9,914 ) $ (6,755 ) Net loss per share to common stockholders, basic and diluted $ (0.50 ) $ (5.98 ) $ (1.01 ) $ (12.66 ) Weighted average common shares outstanding, basic and diluted 10,003,963 709,500 9,858,502 690,719 KalVista Pharmaceuticals Inc. Condensed Consolidated Statements of Cash Flows (in thousands, unaudited) Six Months Ended October 31 2017 2016 Cash Flows from Operating Activities Net loss $ (9,914 ) $ (6,756 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation expense 79 19 Stock-based compensation 494 67 Foreign currency exchange rate (gain) loss 31 (1,706 ) Changes in operating assets and liabilities: Research and development tax credit receivable (1,397 ) (650 ) Prepaid expenses and other current assets (636 ) 272 Grants and other receivables (590 ) 148 Accounts payable (139 ) (74 ) Accrued expenses 365 (1,122 ) Due to related parties - (39 ) Net cash used in operating activities (11,707 ) (9,841 ) Cash Flows from Investing Activities Acquisition of property and equipment (161 ) (61 ) Net cash used in investing activities (161 ) (61 ) Cash Flows from Financing Activities Capital lease principal payments (49 ) - Issuance of common stock 9,100 - Net cash provided by financing activities 9,051 - Effect of exchange rate changes on cash (5 ) (1,177 ) Net decrease in cash and cash equivalents (2,822 ) (11,079 ) Cash and cash equivalents, beginning of year 30,950 21,764 Cash and cash equivalents, end of year $ 28,128 $ 10,685
View source version on businesswire.com: http://www.businesswire.com/news/home/20171214005189/en/
KalVista Pharmaceuticals, Inc.Leah Monteiro, 857-999-0808Director, Corporate Communications & Investor Relationsleah.monteiro@kalvista.com
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