You are here

Anchiano Therapeutics Reports Third Quarter 2018 Financial and Operational Results

CAMBRIDGE, Mass., Nov. 19, 2018 (GLOBE NEWSWIRE) -- Anchiano Therapeutics (TASE: ANCN), a clinical-stage biopharmaceutical company focused on the discovery and development of novel therapies to treat cancer, today announced operating and financial results for the quarter ended September 30, 2018 and provided a corporate update.

“We continue to make progress with our pivotal study of inodiftagene vixteplasmid as a treatment for non-muscle invasive bladder cancer and look forward to initiating the trial before the end of this year,” stated Frank Haluska, M.D., Ph.D., President and Chief Executive Officer of Anchiano. “Our balance sheet is strong after closing a private equity placement of $22.9M last quarter, and we believe we are well positioned to advance our pipeline.”

2018 Third Quarter Results and Financial Highlights

  • Cash Position: Cash and cash equivalents were $10.9 million as of September 30, 2018, compared to $3.3 million as of September 30, 2017. Net cash used in operating activities for the three months ended September 30, 2018 was $6.6 million, compared to $1.4 million for the same period in 2017. Anchiano anticipates that its existing cash and cash equivalents will enable it to fund its operating expenses and capital expenditure requirements into the second quarter of 2019.
  • Operating Expenses: Total operating expenses for the three months ended September 30, 2018 were $2.5 million, which consisted of $1.4 million of research and development (R&D) expenses and $1.1 million of general and administrative (G&A) expenses.
  • Net Loss: Net loss for the three months ended September 30, 2018 was $2.6 million, or $0.17 per share, compared to $1.9 million for the three months ended September 30, 2017, or $0.20 per share.

Upcoming Milestones:

  • Initiating enrollment of patients into the first of two registrational clinical trials of inodiftagene vixteplasmid in early-stage bladder cancer before the end of 2018.

About Anchiano Therapeutics
Anchiano Therapeutics is a clinical-stage biopharmaceutical company focused on the discovery and development of novel therapies to treat cancer, with offices in Cambridge, MA, and Jerusalem, Israel. The Company’s most advanced product candidate, inodiftagene vixteplasmid (BC-819), is in development as a treatment for non-muscle invasive bladder cancer. For additional information on inodiftagene vixteplasmid and the Codex Trial please go to www.anchiano.com.

Forward Looking Statements
This press release contains “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of clinical trials, the anticipated effects of receiving Fast Track designation, the anticipated timeframe for conducting additional clinical trials and making regulatory submissions, and other strategic and business plans and objectives. These forward-looking statements are based on information Anchiano Therapeutics has when those statements are made or its management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to: the success of the approach to discover and develop prospective therapeutic products, which is new and may never lead to marketable products; a lack of history of commercial sales; a dependence on the success of inodiftagene, the development of which will require significant additional clinical testing before regulatory approval can be sought and commercial sales launched; a need to raise substantial additional funds to complete R&D activities; an ability to overcome scientific or technological difficulties that may be encountered and that may impede R&D activities; and an ability to obtain and maintain intellectual property protection for product candidates, including pursuant to licensed patents.

Company Contact:
Frank Haluska, M.D., Ph.D.
President and Chief Executive Officer
857-259-4622
info@anchiano.com

Investor Contact:
Ashley R. Robinson
Managing Director
LifeSci Advisors, LLC
617-535-7752
arr@lifesciadvisors.com

Condensed Consolidated Interim Statements of Financial Position (unaudited) as at
$ thousands
 
 September 30, 2018  September 30, 2017  December 31, 2017 
Current assets   
Cash and cash equivalents10,912  3,336  1,454 
Receivables3,009  433  400 
    
Total current assets13,921  3,769  1,854 
Non-current assets   
Long-term prepaid expenses808  7  11 
Long-term pledged deposits124  -  - 
Asset for employee benefits, net3   3  3 
Fixed assets, net347  223  219 
    
Total non-current assets1,282  233  233 
    
Total assets15,203  4,002  2,087 
    
Current liabilities   
Trade payables808  177  160 
Other payables1,608  2,542  2,381 
Short-term employee benefits539  164  155 
Derivative instruments7,005  -  - 
    
Total current liabilities9,960  2,883  2,696 
    
Non-current liabilities   
Derivative instruments5,010   -  - 
Total non-current liabilities   
    
Total liabilities14,970  2,883  2,696 
Equity   
Share capital*-  -   
Additional paid-in capital70,469  60,035  60,043 
Capital reserve from share-based payments3,328  517  1,767 
Currency translation differences reserve782  1,495  457 
Accumulated loss(74,346) (60,928) (62,876)
    
Total  equity (deficiency) 233  1,119  (609)
    
Total liabilities and equity15,203  4,002  2,087 
         


Condensed Consolidated Interim Statements of Operations (unaudited)

$ thousands (other than per share amounts)


 For the nine-month period ended
  For the three-month period ended  Year ended 
 September 30,  September 30,  September 30,  September 30,  December 31, 
 2018  2017  2018  2017  2017 
               
Research and development expenses5,722  5,222  1,372  1,125  6,229 
General and administrative expenses 4,346  2,288  1,133  777  3,163 
               
Operating loss10,068  7,510  2,505  1,902  9,392 
               
Financing income(12) (38) (12) (36) (1)
Financing expense953  176  72  2  92 
               
Financing expense (income), net941  138  60  (34) 91 
               
Loss before taxes on income11,009  7,648  2,565  1,868  9,483 
               
Income tax461  210  68  57  323 
               
Net loss for the period11,470  7,858  2,633  1,925  9,806 
               
Loss per share (in $):              
               
Basic and diluted loss0.98  0.89  0.17  0.2  1.09 
               
Number of shares used to compute basic and diluted loss per share (thousands of shares)11,666  8,816  15,574  9,539  9,025 
               
Monday, November 19, 2018 - 08:30