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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amarantus Bioscience Holdings Inc (CE) | USOTC:AMBS | OTCMarkets | 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% | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 8,267 | 01:00:00 |
SECOND QUARTER 2015 AND RECENT HIGHLIGHTS
Corporate
Amarantus Therapeutics
"The completion of the acquisition of Cutanogen from Lonza this quarter is a significant milestone for Amarantus Therapeutics. ESS is a potentially revolutionary solution for the treatment of severe burns that has demonstrated initial human proof-of-concept in an investigator-initiated setting," commented Joseph Rubinfeld, Ph.D., member of the Amarantus Board Directors. "Our collaboration with the U.S. Army is an important part of the expansion plan for the clinical development program of ESS. We expect to focus on the regulatory strategy for ESS in the weeks ahead."
Amarantus Diagnostics, Inc. (a wholly owned subsidiary of Amarantus BioScience Holdings, Inc.)
"The addition of ESS to our product portfolio adds a first-in-class regenerative medicine platform to our pipeline. The advancement of Eltoprazine into Phase 2b clinical development represents a significant achievement as we establish clinical and regulatory excellence at Amarantus Therapeutics," added David A. Lowe, Ph.D., member of the Amarantus Board of Directors. "As we round out 2015 we expect to see additional momentum in our strategy for Amarantus Diagnostics under the guidance of our newly appointed Strategic Advisory Committee tasked with realizing the full value from our neuro-diagnostics business."
EXPECTED NEAR-TERM MILESTONES
"The company has evolved significantly over the course of the past year with the expansion and advancement of our therapeutics pipeline and the continued traction towards commercialization with Amarantus Diagnostics. This progress has been integral in enabling us to build a strong foundation for the company to advance to our next stage of growth," added Gerald E. Commissiong, President & CEO of Amarantus Bioscience Holdings. "We have taken several important steps to prepare the company for an uplisting on a national exchange. We continue working in earnest to achieve that goal as quickly as possible as it remains the priority and focus of our team, and we intend to continue to engage the NASDAQ Capital Market to complete this important objective."
SECOND QUARTER 2015 FINANCIAL SUMMARY
Research and development costs for the three months ended June 30, 2015 increased $617,000 to $2,257,000 from $1,640,000 for the three months ended June 30, 2014, primarily due to increase in clinical related costs and research arrangements.
General and administrative expenses increased $1,238,000 to $3,339,000 for the three months ended June 30, 2015 from $2,101,000 for the three months ended June 30, 2014, primarily due to increased spending on Lonza Option payments, acquisition costs and other professional services, including consulting costs.
For the three months ended June 30, 2015, other income (expense) decreased $158,000 to an expense of $126,000 from $284,000 in three month period ended June 30, 2014. Interest expense increased from the prior year quarter $55,000 and change in fair value of warrant and derivative liability decreased $193,000.
Net loss for the three months ended June 30, 2015 was $5,722,000 as compared to a net loss of $4,025,000 for the three month period ended June 30, 2014 with the increase in loss driven by research and development expense, consulting, Lonza Option payments, professional services and acquisition costs.
For the six months ended June 30, 2015 research and development costs increased $2,577,000 to $4,734,000 from $2,157,000 for the six months ended June 30, 2014, primarily due to increase in clinical related costs and research arrangements.
General and administrative expenses increased $4,180,000 to $7,400,000 for the six months ended June 30, 2015 from $3,220,000 for the six months ended June 30, 2014 primarily due to increased spending on consulting, Lonza Option payments, acquisition costs and other professional services.
For the six months ended June 30, 2015, other income (expense) decreased $4,022,000 to an expense of $168,000 from $4,190,000 in the six month period ended June 30, 2014. Interest expense and loss on issuance of warrants decreased $541,000 and $3,867,000, respectively. Change in fair value of warrant and derivative liability increased $473,000 to $0 for the six months ended June 30, 2015.
Net loss for the six months ended June 30, 2015 was $12,302,000 as compared to a net loss of $9,567,000 for the six month period ended June 30, 2014 with the increase in loss driven by research and development expense, consulting, Lonza Option payments, professional services and acquisition costs.
As of June 30, 2015, the Company had total current assets of $784,000 consisting of $315,000 in cash and cash equivalents and $386,000 in prepaid expenses and other current assets, and $83,000 in deferred funding fees.
Amarantus Bioscience Holdings, Inc | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
(Unaudited) | ||
(in thousands, except share and per share data) | ||
June 30, | December 31, | |
2015 | 2014 | |
ASSETS | (Unaudited) | (Audited) |
Current assets: | ||
Cash and cash equivalents | $ 315 | $ 214 |
Deferred financing fees | 83 | — |
Prepaid expenses and other current assets | 386 | 198 |
Total current assets | 784 | 412 |
Restricted cash | 204 | 204 |
Property and equipment, net | 150 | 145 |
Intangible assets, net | 10,245 | 1,497 |
Total assets | $ 11,383 | $ 2,258 |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||
Current liabilities: | ||
Accounts payable and accrued expenses | $ 4,729 | $ 3,502 |
Accounts payable - Regenicin | — | 2,550 |
Related party liabilities and accrued interest | 255 | 252 |
Accrued interest | 139 | 25 |
Note Payable | 2,850 | — |
Total current liabilities | 7,973 | 6,329 |
Total liabilities | 7,973 | 6,329 |
Stockholders' equity (deficit) | ||
Convertible preferred stock, $0.001 par value, 10,000,000 shares authorized: | ||
Series A, $0.001 par value, 250,000 shares designated, -0- shares issued and outstanding as of June 30, 2015 and December 31, 2014 | — | — |
Series B, $0.001 par value, 3,000,000 shares designated, -0- shares issued and outstanding as of June 30, 2015 and December 31, 2014 | — | — |
Series C, $0.001 par value, 750,000 shares designated, 750,000 shares issued and outstanding as of June 30, 2015 and December 31, 2014 | 1 | 1 |
Series D, $1,000 stated value; 1,300 shares designated; 350 and 1,299 issued and outstanding as of June 30, 2015 and December 31, 2014, respectively; aggregate liquidation preference of $350 | 315 | 1,169 |
Series E, $1,000 stated value; 13,335 shares designated, 7,722 and 4,500 issued and outstanding as of June 30, 2015 and December 31, 2014 respectively; aggregate liquidation preference of $7,722 | 6,950 | 4,050 |
Series G, $5,000 stated value; 10,000 shares designated; 1,087 and 0 issued and outstanding as of June 30, 2015 and December 31, 2014, respectively; aggregate liquidation preference of $5,435 | 4,950 | — |
Common stock, $0.001 par value, 13,333,333 authorized; 7,084,970 and 5,614,605 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 7 | 6 |
Additional paid-in capital | 62,637 | 45,886 |
Accumulated deficit | (71,450) | (55,183) |
Total stockholders' equity (deficit) | 3,410 | (4,071) |
Total liabilities and stockholders' equity (deficit) | $ 11,383 | $ 2,258 |
Amarantus Bioscience Holdings, Inc | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(Unaudited) | ||||
(in thousands, except share and per share data) | ||||
Three Months | Three Months | Six Months | Six Months | |
Ended | Ended | Ended | Ended | |
June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | |
Net sales | $ — | $ — | $ — | $ — |
Operating expense: | ||||
Research and development | 2,257 | 1,640 | 4,734 | 2,157 |
General and administrative | 3,339 | 2,101 | 7,400 | 3,220 |
5,596 | 3,741 | 12,134 | 5,377 | |
Loss from operations | (5,596) | (3,741) | (12,134) | (5,377) |
Other income (expense): | ||||
Interest expense | (126) | (71) | (168) | (709) |
Loss on issuance of common stock | — | — | — | (67) |
Loss on issuance of warrants | — | — | — | (3,867) |
Other expense | — | (20) | — | (20) |
Change in fair value of warrant & derivative liabilities | — | (193) | — | 473 |
Total other income (expense) | (126) | (284) | (168) | (4,190) |
Net loss | $ (5,722) | $ (4,025) | $ (12,302) | $ (9,567) |
Preferred stock dividend | $ 3,187 | $ 26 | $ 4,016 | $ 52 |
Net loss attributable to common stockholders | $ (8,909) | $ (4,051) | $ (16,318) | $ (9,619) |
Basic and diluted net loss per common share | $ (1.08) | $ (0.83) | $ (2.13) | $ (2.11) |
Basic and diluted weighted average common shares outstanding | 8,230,225 | 4,893,491 | 7,652,163 | 4,551,050 |
About Amarantus BioScience Holdings, Inc.
Amarantus BioScience Holdings (OTCQX:AMBS) is a biotechnology company developing treatments and diagnostics for diseases in the areas of neurology and orphan diseases. AMBS' Therapeutics division has development rights to eltoprazine, a small molecule currently in a Phase 2b clinical program for Parkinson's disease levodopa-induced dyskinesia with the potential to expand into adult ADHD and Alzheimer's aggression. The Company has an exclusive worldwide license to intellectual property rights associated to Engineered Skin Substitute (ESS), an orphan drug designated autologous full thickness skin replacement product in development for the treatment of severe burns currently preparing to enter Phase 2 clinical studies. AMBS owns the intellectual property rights to a therapeutic protein known as mesencephalic-astrocyte-derived neurotrophic factor (MANF) and is developing MANF as a treatment for orphan ophthalmic disorders, initially in retinitis pigmentosa (RP). AMBS also owns the discovery of neurotrophic factors (PhenoGuard™) that led to MANF's discovery.
AMBS' Diagnostics division owns the rights to MSPrecise®, a proprietary next-generation DNA sequencing (NGS) assay for the identification of patients with relapsing-remitting multiple sclerosis (RRMS), and has an exclusive worldwide license to the Lymphocyte Proliferation test (LymPro Test®) for Alzheimer's disease, which was developed by Prof. Thomas Arendt, Ph.D., from the University of Leipzig, and owns further intellectual property for the diagnosis of Parkinson's disease (NuroPro®).
For further information please visit www.Amarantus.com, or connect with the Company on Facebook, LinkedIn, Twitter and Google+.
Forward-Looking Statements
Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are forward-looking statements. These forward-looking statements generally are identified by the words "believes," "project," "expects," "anticipates," "estimates," "intends," "strategy," "plan," "may," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
CONTACT: Investor and Media Contact: Jenene Thomas Jenene Thomas Communications, LLC Investor Relations and Corporate Communications Advisor T: (US) 908.938.1475 E: jenene@jenenethomascommunications.com
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