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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ovascience Inc. (delisted) | NASDAQ:OVAS | 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% | 0.693 | 0.65 | 0.77 | 0 | 01:00:00 |
–Fertilization of Bovine EggPC Cell-Derived Egg in OvaTure Program on Track for Year-End–
–OvaPrime Clinical Trial Progressing Toward Year-End Initial Readout–
–Robust Financial Position Supports Corporate Strategy into 1Q19–
–Conference Call Today at 4:30 p.m. ET–
OvaScienceSM (NASDAQ: OVAS), a global fertility company focused on the discovery, development and commercialization of new treatment options, today reported financial results and provided a business update for the first quarter ended March 31, 2017.
“During the first quarter, we advanced our portfolio of novel treatments for female fertility. We progressed our research and development efforts with OvaTure, and we are on track with patient enrollment in our ongoing clinical study of OvaPrime. We continue to expect multiple potential milestones by year-end, including the successful fertilization of a bovine Egg PC cell-derived egg and an initial data readout from our ongoing clinical study of OvaPrime,” said Michelle Dipp, M.D., Ph.D., Executive Chair and Co-Founder of OvaScience.
“By realigning our organization to increase our focus on OvaTure and OvaPrime, we have reduced our operational cash spend,” added Christophe Couturier, Chief Financial Officer of OvaScience. “We are now positioned to successfully execute on our strategic priorities, while also achieving our financial plans for 2017.”
First Quarter and Recent Business Highlights:
OvaTureSM Treatment: OvaTure is a potential next-generation in vitro fertilization (IVF) treatment that could help a woman produce healthy, young, fertilizable eggs without hormone injections by maturing egg precursor (EggPC SM) cells into eggs in vitro.
OvaPrimeSM Treatment: OvaPrime is a potential fertility treatment that could enable a woman who makes too few or no eggs to increase her egg reserve, by transferring her EggPC cells to her own ovary, where they may mature into fertilizable eggs.
AUGMENT SM Treatment: AUGMENT is a fertility treatment designed to improve egg health and with that, IVF success rates, by using mitochondria from a woman’s own EggPC cells during IVF.
Upcoming 2017 Milestones
The Company expects to achieve the following milestones in 2017:
First Quarter 2017 Financial Results
As of March 31, 2017, OvaScience had cash, cash equivalents and short-term investments of $99.1 million. The cash outlays related to our restructuring in the first quarter of 2017 represents $2.3 million. We expect the total one-time cash expenditures related to the restructuring to be between $5.9 million and $6.4 million over 2017 and 2018. The Company may also incur further restructuring charges related to the restructuring plan. OvaScience continues to expect that its operating cash burn for 2017 will be between $45 million and $50 million, which excludes these one-time cash expenditures. OvaScience anticipates that it will have sufficient funds, without additional financing, to support its operating plan into the first quarter of 2019.
Conference CallOvaScience will host a conference call at 4:30 p.m. ET today, Tuesday, May 9, 2017, to discuss these financial results and provide an update on the Company. The conference call may be accessed by dialing +1-888-424-8151 for U.S. callers and +1-847-585-4422 for international callers five minutes prior to the start of the call and providing the passcode 8423996. Additionally, the live, listen-only webcast of the conference call can be accessed by visiting the Investors section of the Company’s website at www.ovascience.com. A replay of the conference call will be available from 7:00 p.m. ET on Tuesday, May 9, 2017 through 11:59 p.m. ET on Tuesday, May 16, 2017, and may be accessed by visiting OvaScience’s website or by dialing +1-888-843-7419 for U.S. callers and +1-630-652-3042 for international callers. The replay access code is 8423996#.
About OvaScienceOvaScienceSM, Inc. (NASDAQ: OVAS) is a global fertility company dedicated to improving treatment options for women around the world. OvaScience is discovering, developing and commercializing new fertility treatments because it believes women deserve more options. Each OvaScience treatment is based on the Company’s proprietary technology platform that leverages the breakthrough discovery of egg precursor (EggPCSM) cells – immature egg cells found inside the protective ovarian lining. OvaScience is developing OvaTureSM, a potential next-generation IVF treatment that could help a woman produce healthy, young, fertilizable eggs without hormone injections and OvaPrimeSM, which could increase a woman’s egg reserve. OvaScience’s AUGMENTSM treatment, a fertility option designed to improve IVF success rates, is available in certain IVF clinics in select international regions. OvaScience treatments are not available in the U.S. For more information, visit www.ovascience.com.
Forward-Looking StatementsThis press release includes forward-looking statements about the Company’s plans for the OvaPrime treatment, OvaTure treatment and AUGMENT treatment, including statements relating to the Company’s plans to fertilize a bovine EggPC cell-derived egg by year-end; to complete enrollment of all 70 patients in the ongoing Canadian study of OvaPrime by the end of the first half of 2017; to complete biopsies in all patients in the ongoing Canadian study of OvaPrime by year-end; to present initial data from 20 OvaPrime patients, including six months of post-EggPC reintroduction safety data, by year-end; availability of sufficient funding to support the preclinical development of OvaTure and clinical development of OvaPrime into the first quarter of 2019; the Company’s further efforts on human egg maturation; the Company’s plans to work with its clinical partners in pursuit of its goals to develop a repeatable and robust process for the maturation of human EggPC cells and to secure authorization to fertilize human EggPC cell-derived eggs and embryos by the end of the first half of 2018; the Company potentially expanding its AUGMENT footprint in Canada and Japan on a limited basis; and the Company’s plans to continue ongoing discussions with the U.S. Food and Drug Administration regarding AUGMENT. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including risks related to: the science underlying our treatments (including the OvaPrime, OvaTure and AUGMENT treatments), which is unproven; our ability to obtain regulatory approval or licenses where necessary for our treatments; our ability to develop our treatments on the timelines we expect, if at all; our ability to commercialize our treatments, on the timelines we expect, if at all; as well as those risks more fully discussed in the “Risk Factors” section of our most recently filed Quarterly Report on Form 10-Q and/or Annual Report on Form 10-K. The forward-looking statements contained in this press release reflect our current views with respect to future events. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our view as of any date subsequent to the date hereof.
- Financial Tables to Follow –
OvaScience, Inc.
Condensed Consolidated Balance Sheets (Unaudited) (In thousands) As of March 31,2017
December 31,2016 Assets Current assets: Cash and cash equivalents $ 25,433 $ 43,930 Short-term investments 73,669 70,458 Prepaid expenses and other current assets 2,048 2,056 Total current assets 101,150 116,444 Property and equipment, net 4,707 5,572 Investment in joint venture - 65 Restricted cash 439 439 Other long-term assets 23 23 Total assets $ 106,319 $ 122,543 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 2,384 $ 2,183 Accrued expenses 8,207 11,026 Total current liabilities 10,591 13,209 Other non-current liabilities 1,006 1,116 Total liabilities 11,597 14,325 Total stockholders’ equity 94,722 108,218 Total liabilities and stockholders’ equity $ 106,319 $ 122,543 OvaScience, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share data) Three Months EndedMarch 31, 2017 2016 Revenues $ 63 $ 146 Costs and expenses: Costs of revenues 269 1,176 Research and development 5,764 5,955 Selling, general and administrative 7,129 14,454 Restructuring 1,488 - Total operating expenses 14,650 21,585 Loss from operations (14,587 ) (21,439 ) Interest income, net 182 174 Other expense, net (60 ) (27 ) Loss from equity method investment (421 ) (391 ) Loss before income taxes (14,886 ) (21,683 ) Income tax expense (9 ) 75 Net loss $ (14,895 ) $ (21,758 ) Net loss per share—basic and diluted $ (0.42 ) $ (0.80 ) Weighted average number of shares used in net loss per share—basic and diluted 35,642 27,301###
View source version on businesswire.com: http://www.businesswire.com/news/home/20170509006651/en/
Media and Investor Contact:OvaScience, Inc.Jennifer Viera, 617-420-8748jviera@ovascience.com
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