KUALA LUMPUR, April 3 (Bernama) -- Neuralstem Inc, a
biopharmaceutical company focused on the development of nervous system
therapies based on its neural stem cell technology, reported its business
update and financial results for the year ended Dec 31, 2017.
The cash and investments of the company was US$11.7 million (RM45.25 million)
as compared to US$20.2 million (RM78.12 million) at December 31, 2016. The
decrease is due to cash used in operations and pay down long-term debt
partially offset by US$5.4 million (RM20.88 million) of proceeds from the
August 2017 public offering of common stock and warrants and US$3.2 million
(RM12.38 million) of proceeds from the exercise of outstanding warrants.
While the company´s operating loss was US$13.3 million (RM51.44 million) compared to a loss of US$20.6 million (RM79.67 million) for 2016. The decrease primarily due to ongoing corporate restructuring and cost reduction efforts partially offset by increases in clinical trial expenses as the company completed the Phase 2 clinical trial of NSI-189.
Net loss was US$15.7 million (RM60.72 million), or US$1.20 (RM4.64) per share (basic), compared to a loss of US$21.1 million (RM81.60 million), or US$2.53 (RM9.78) per share on a split adjusted basis for the same period of 2016.
The decrease of net loss due to a decrease in operating expenses and interest expense due to the maturity of long-term debt in April 2017 partially offset by non-cash expense related to the change in the fair value of liability classified warrants.
Meanwhile Neuralstem´s president and chief executive officer, Rich Daly said the company is preparing for the initiation of a clinical trial for NSI-566 in chronic stroke in China and targeted mid-2018 to begin dosing.
"The recent findings of NSI-566 that were published in Nature Medicine were very encouraging, demonstrating NSI-566 led to a measurable improvement in forelimb function in injured animals ".
"We plan to formulate the clinical development path for NSI-189 in MDD after our meeting with the U.S. Food and Drug Administration which we expect to occur in the second half of 2018, " Daly said.
In August 2017, Neuralstem was awarded approximately US$1 million (RM3.87 million) Phase 2 Small Business Innovation Research grant by the National Institutes of Health to conduct preclinical research into the potential of NSI-189 for the prevention and treatment of diabetic neuropathy.
Neuralstem was awarded two additional patents by the United States Patent and Trademark Office, to protect methods for using neural stem cells to treat neurodegenerative disorders, a key component of the company´s platform.
The company also appointed Dr. David Recker as chief medical officer and Cristina Csimma joined the board of directors.
--BERNAMA
While the company´s operating loss was US$13.3 million (RM51.44 million) compared to a loss of US$20.6 million (RM79.67 million) for 2016. The decrease primarily due to ongoing corporate restructuring and cost reduction efforts partially offset by increases in clinical trial expenses as the company completed the Phase 2 clinical trial of NSI-189.
Net loss was US$15.7 million (RM60.72 million), or US$1.20 (RM4.64) per share (basic), compared to a loss of US$21.1 million (RM81.60 million), or US$2.53 (RM9.78) per share on a split adjusted basis for the same period of 2016.
The decrease of net loss due to a decrease in operating expenses and interest expense due to the maturity of long-term debt in April 2017 partially offset by non-cash expense related to the change in the fair value of liability classified warrants.
Meanwhile Neuralstem´s president and chief executive officer, Rich Daly said the company is preparing for the initiation of a clinical trial for NSI-566 in chronic stroke in China and targeted mid-2018 to begin dosing.
"The recent findings of NSI-566 that were published in Nature Medicine were very encouraging, demonstrating NSI-566 led to a measurable improvement in forelimb function in injured animals ".
"We plan to formulate the clinical development path for NSI-189 in MDD after our meeting with the U.S. Food and Drug Administration which we expect to occur in the second half of 2018, " Daly said.
In August 2017, Neuralstem was awarded approximately US$1 million (RM3.87 million) Phase 2 Small Business Innovation Research grant by the National Institutes of Health to conduct preclinical research into the potential of NSI-189 for the prevention and treatment of diabetic neuropathy.
Neuralstem was awarded two additional patents by the United States Patent and Trademark Office, to protect methods for using neural stem cells to treat neurodegenerative disorders, a key component of the company´s platform.
The company also appointed Dr. David Recker as chief medical officer and Cristina Csimma joined the board of directors.
--BERNAMA
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