PR Newswire
GERMANTOWN, Md., May 9, 2016
GERMANTOWN, Md., May 9, 2016 /PRNewswire/ -- Neuralstem, Inc. (Nasdaq: CUR), a biopharmaceutical company focused on the development of central nervous system therapies based on its neural stem cell technology, reported its financial results for the three months ended March 31, 2016 and provided a business update.
Business Highlights
"The Company's ability to raise significant capital from institutional investors provides us a cash runway to continue to fund our clinical development programs, specifically the NSI-189 Phase 2 MDD clinical trial," said Richard Daly, CEO. "We recently commenced our Phase 2 MDD trial which confirms the Company is on track to have results in the second half of 2017. We are committed to continue to execute our clinical and corporate strategy to create additional stakeholder value."
Small Molecule Pharmaceutical Compounds Clinical Development
Lead asset, NSI-189 Phase 2 clinical trial for the treatment of major depressive disorder (MDD)
Cell Therapy Platform Clinical Developments
NSI-566 Phase 1 safety trial for the treatment of cSCI
NSI-566 Phase 1 and 2 safety trials for the treatment of amyotrophic lateral sclerosis (ALS)
NSI-566 Phase 1 safety trial for the treatment of motor deficits in stroke
Results of Operations for the Quarter Ended March 31, 2016:
Cash, cash equivalents and short-term investments on hand was approximately $7.6 million at March 31, 2015, compared to approximately $12.2 million at December 31, 2015. The decrease was primarily due to our ongoing operating expenses primarily related to preparations for the initiation of our NSI-189 Phase 2 clinical trial for the treatment of MDD.
On May 06, 2016, we closed a public offering of 20,000,000 shares of common stock and 20,000,000 common stock purchase warrants at a public offering price of $0.40 per each share and common stock purchase warrant. We received aggregate gross proceeds of $8.0 million and net proceeds of approximately $7,420,000 from the offering. Based upon our cash at March 31, 2016, and the proceeds from our May public offering, we expect to be able to fund our operations through December 31, 2016.
In the quarter ended March 31, 2016, we reported a net loss of approximately $6.6 million or $0.07 per share, compared to a loss of approximately $5.1 million or $0.06 per share in the first quarter of 2015. Our operating loss in the quarter ended March 31, 2016 was approximately $6.2 million compared to a loss of $4.6 million in the same quarter of 2015. The increase in operating loss was primarily attributable to the severance accrual and acceleration of stock based compensation expense related to the departure of our previous CEO. A decrease of approximately $0.1 million in research and development expense was offset by an increase of approximately $1.7 million in general and administrative expenses.
Research and development expenses decreased approximately $117,000 or 4% for the period ended March 31, 2016 compared to the comparable period of 2015 primarily as a result of a decrease in pre-clinical and clinical costs partially offset by an increase in headcount and stock based compensation.
General and administrative expenses increased approximately $1,737,000 or 121% for the period ended March 31, 2016 compared to the comparable period of 2015 primarily due to a severance accrual and increased stock based compensation resulting from the accelerated vesting of options, both related to the termination of our former Chief Executive Officer.
In addition, in the first quarter of 2016 we recognized approximately $0.4 million of other expenses primarily comprised of interest expenses related to our long-term debt.
Neuralstem, Inc. | ||||||||
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Unaudited Condensed Consolidated Balance Sheets | ||||||||
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| | March 31, | | | December 31, | | ||
| | | | | | | ||
ASSETS | | | | | | | ||
CURRENT ASSETS | | | | | | | | |
Cash and cash equivalents | | $ | 7,620,746 | | | $ | 4,716,533 | |
Short-term investments | | | - | | | | 7,517,453 | |
Trade and other receivables | | | 39,167 | | | | 37,316 | |
Prepaid expenses | | | 1,077,762 | | | | 1,159,782 | |
Total current assets | | | 8,737,675 | | | | 13,431,084 | |
| | | | | | | | |
Property and equipment, net | | | 336,974 | | | | 343,200 | |
Patents, net | | | 1,066,577 | | | | 1,103,467 | |
Other assets | | | 57,692 | | | | 71,797 | |
Total assets | | $ | 10,198,918 | | | $ | 14,949,548 | |
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LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | |
Accounts payable and accrued expenses | | $ | 2,627,137 | | | $ | 1,455,826 | |
Accrued bonuses | | | 287,046 | | | | 161,362 | |
Current portion of long term debt, net of fees and discount | | | 4,466,081 | | | | 4,634,742 | |
Other current liabilities | | | 241,008 | | | | 173,542 | |
Total current liabilities | | | 7,621,272 | | | | 6,425,472 | |
| | | | | | | | |
Long term debt, net of fees, discount and current portion | | | 2,546,296 | | | | 3,391,808 | |
Other long term liabilities | | | 200,739 | | | | 164,990 | |
Total liabilities | | | 10,368,307 | | | | 9,982,270 | |
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STOCKHOLDERS' EQUITY (DEFICIT) | | | | | | | | |
Preferred stock, 7,000,000 shares authorized, zero shares issued and outstanding | | | - | | | | - | |
Common stock, $0.01 par value; 300 million shares authorized, 92,044,042 and 92,005,705 shares outstanding in 2016 and 2015, respectively | | | 920,440 | | | | 920,057 | |
Additional paid-in capital | | | 177,473,335 | | | | 176,002,832 | |
Accumulated other comprehensive income | | | 1,298 | | | | 3,071 | |
Accumulated deficit | | | (178,564,462) | | | | (171,958,682) | |
Total stockholders' equity (deficit) Werbung Mehr Nachrichten zur Neuralstem Aktie kostenlos abonnieren
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