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Share Name | Share Symbol | Market | Type |
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TSXV:KLH | TSX Venture | Common Stock |
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0.00 | 0.00% | 0 | - |
PORT HUENEME, CA--(Marketwired - Apr 10, 2014) - Stellar Biotechnologies, Inc. ("Stellar" or "the Company") (OTCQB: SBOTF) (TSX-VENTURE: KLH), a leader in sustainable manufacture of Keyhole Limpet Hemocyanin (KLH), an important immune-stimulating protein used in wide-ranging therapeutic and diagnostic markets, has reported financial results for the second quarter and six months ended February 28, 2014, and provided operational highlights.
"We continue to make progress with our core KLH manufacturing and strengthen our relationships with key stakeholders and commercial partners," said Frank Oakes, president and chief executive officer of Stellar Biotechnologies. "On the new development front, we expect completion of the secondary preclinical study in our Active Immunotherapy program for Clostridium difficile ("C. diff") in 2014 and to publish results as soon as possible. Our financial position remains strong with approximately $15.8 million cash and equivalents which will support the enhancement of Stellar's immunotherapy program, KLH product research, aquaculture and KLH production expansion."
Second Quarter and Recent Business Highlights:
Key Financials: Second Quarter and First Six Months 2014 Results
To view the Company's second quarter and six months 2014 consolidated financial statements, related notes and Management Discussion & Analysis as well as all of Stellar Biotechnologies' past reports and filings please visit the Canadian Securities Administrators' website (www.sedar.com). To view the Company's filings under Form 20-F, please visit the U.S. SEC website (www.sec.gov/edgar).
Conference Call and Webcast Details: Date: Thursday, April 10, 2014 Time: 1:30 p.m. Eastern Time / 10:30 a.m. Pacific Time Conference Line (U.S.): 1-480-629-9712 International Dial-In: +1 480-629-9712 Conference ID: 4678236 Webcast: http://public.viavid.com/index.php?id=108588 Q&A submission: Questions for management may be submitted via the chat feature of the live online webcast.
Please log in at least 10 minutes before the start time to ensure timely participation and appropriate web interface platform.
A playback of the call will be available from 7:00 p.m. ET on April 10, 2014 to 7:00 p.m. ET on April 24, 2014. To listen, call 1-877-870-5176 within the United States or 1-858-384-5517 when calling internationally. Please use the replay pin number 4678236. For additional information please visit the investor section at www.stellarbiotech.com.
About Stellar Biotechnologies, Inc.
Stellar Biotechnologies, Inc. (OTCQB: SBOTF) (TSX-VENTURE: KLH) is the world leader in sustainable manufacture of Keyhole Limpet Hemocyanin (KLH), an important immune-stimulating protein used in wide-ranging therapeutic and diagnostic markets. KLH is both an active pharmaceutical ingredient (API) in many new immunotherapies (targeting cancer, infectious diseases, and immune disorders) as well as a finished product for measuring immune status. Stellar Biotechnologies is unique in its proprietary methods, facilities, and KLH technology. We are committed to meeting the growing demand for commercial-scale supplies of GMP grade KLH, ensuring environmentally sound KLH production, and developing KLH-based active immunotherapies.
To learn more visit www.StellarBiotech.com and the KLH knowledge base www.KLHSite.org.
Safe Harbor Statement
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the Company's securities set out herein in the United States, or to, or for the benefit or account of, a U.S. Person or person in the United States. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of these releases.
Condensed Interim Consolidated Statements of Financial Position | |||||||||
(Unaudited - Prepared by Management) | |||||||||
(Expressed in US Dollars ) | |||||||||
February 28, | August 31, | ||||||||
2014 | 2013 | ||||||||
Assets: | |||||||||
Cash and cash equivalents | $ | 15,840,974 | $ | 7,859,889 | |||||
Other current assets | 149,479 | 274,633 | |||||||
Noncurrent assets | 544,466 | 378,836 | |||||||
Total Assets | $ | 16,534,919 | $ | 8,513,358 | |||||
Liabilities and Shareholders' Equity (Deficiency): | |||||||||
Accounts payable and accrued liabilities | $ | 520,140 | $ | 454,063 | |||||
Warrant liability, including current portion | 6,884,098 | 11,200,807 | |||||||
Shareholders' equity (deficiency) | 9,130,681 | (3,141,512 | ) | ||||||
Total Liabilities and Shareholders' Equity (Deficiency) | $ | 16,534,919 | $ | 8,513,358 |
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss | ||||||||||||||||||
(Unaudited - Prepared by Management) | ||||||||||||||||||
(Expressed in US Dollars ) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
February 28, | February 28, | February 28, | February 28, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Revenues: | ||||||||||||||||||
Contract and collaboration income | $ | 72,000 | $ | 15,000 | $ | 87,000 | $ | 30,000 | ||||||||||
Commercial sales | 19,103 | 9,375 | 26,688 | 39,225 | ||||||||||||||
Grant revenue | - | 37,106 | 36,579 | 107,983 | ||||||||||||||
Total Revenues | 91,103 | 61,481 | 150,267 | 177,208 | ||||||||||||||
Costs of Production, Aquaculture and Grants | 96,868 | 100,949 | 218,568 | 264,423 | ||||||||||||||
Gross Margin (Loss) | (5,765 | ) | (39,468 | ) | (68,301 | ) | (87,215 | ) | ||||||||||
Operating Expenses: | ||||||||||||||||||
Research and development | 536,621 | 236,832 | 908,452 | 506,460 | ||||||||||||||
Other operating expenses | 901,455 | 572,303 | 2,118,044 | 1,159,365 | ||||||||||||||
Total Operating Expenses | 1,438,076 | 809,135 | 3,026,496 | 1,665,825 | ||||||||||||||
Other Income (Loss): | ||||||||||||||||||
Foreign exchange loss | (266,941 | ) | (29,003 | ) | (337,010 | ) | (29,954 | ) | ||||||||||
Change in fair value of warrant liability | 1,469,086 | (2,767,283 | ) | (2,200,472 | ) | (2,628,621 | ) | |||||||||||
Interest income | 15,943 | 1,762 | 26,640 | 2,633 | ||||||||||||||
Income tax expense | 12,200 | 800 | 12,200 | 800 | ||||||||||||||
Loss and Comprehensive Loss for the Period | $ | (237,953 | ) | $ | (3,643,927 | ) | $ | (5,617,839 | ) | $ | (4,409,782 | ) | ||||||
Loss per common share - basic and diluted | $ | (0.00 | ) | $ | (0.07 | ) | $ | (0.08 | ) | $ | (0.09 | ) | ||||||
Weighted average number of common shares outstanding | 75,036,352 | 50,679,214 | 73,491,305 | 48,827,422 |
Condensed Interim Consolidated Statements of Cash Flows | ||||||||||
(Unaudited - Prepared by Management) | ||||||||||
(Expressed in US Dollars ) | ||||||||||
Six Months Ended | ||||||||||
February 28, | February 28, | |||||||||
2014 | 2013 | |||||||||
Cash Flows Used In Operating Activities: | ||||||||||
Loss for the period | $ | (5,617,839 | ) | $ | (4,409,782 | ) | ||||
Items not affecting cash: | ||||||||||
Amortization and depreciation | 79,057 | 61,902 | ||||||||
Share-based payments | 706,423 | 320,689 | ||||||||
Foreign exchange (gain) loss | 24,989 | 29,102 | ||||||||
Change in fair value of warrant liability | 2,200,472 | 2,628,621 | ||||||||
Changes in non-cash working capital items | 191,231 | (141,392 | ) | |||||||
Net cash used in operating activities | (2,415,667 | ) | (1,510,860 | ) | ||||||
Net cash provided by financing activities | 10,666,428 | 1,435,181 | ||||||||
Net cash used in investing activities | (244,687 | ) | (2,411 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (24,989 | ) | 852 | |||||||
Net change in cash and cash equivalents | 7,981,085 | (77,238 | ) | |||||||
Cash and cash equivalents - beginning of period | 7,859,889 | 998,998 | ||||||||
Cash and cash equivalents - end of period | $ | 15,840,974 | $ | 921,760 | ||||||
1 Year Stellar Biotechnologies, Inc. Chart |
1 Month Stellar Biotechnologies, Inc. Chart |
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