On May 14, 2020 Sutro Biopharma, Inc. (Nasdaq: STRO), a clinical stage drug discovery, development and manufacturing company focused on deploying its proprietary integrated cell-free protein synthesis platform, XpressCF, to create a broad variety of optimally designed, next-generation protein therapeutics initially for cancer and autoimmune disorders, reported the closing of its public offering of 12,650,000 shares of its common stock at a public offering price of $7.75 per share, which includes the exercise in full of the underwriters’ option to purchase 1,650,000 shares of common stock (Press release, Sutro Biopharma, MAY 14, 2020, View Source [SID1234558089]). The gross proceeds from this offering were approximately $98.0 million, before deducting underwriting discounts and commissions and other offering expenses payable by Sutro.

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Cowen, Piper Sandler and Wells Fargo Securities acted as joint book-running managers in the offering.

Sutro intends to use the net proceeds from the proposed offering, together with its existing cash, cash equivalents and marketable securities, to fund the continued clinical development of STRO-001 and STRO-002 and the remainder to fund the further development of its technology platform, including manufacturing, to broaden its pipeline of product candidates, and for working capital and general corporate purposes.

Key investors in the offering included Baillie Gifford, BVF Partners L.P., EcoR1 Capital, Eventide Asset Management, RA Capital Management, and Samsara BioCapital, among others.

The shares were offered by Sutro pursuant to a registration statement on Form S-3 previously filed and declared effective by the Securities and Exchange Commission (SEC). A final prospectus supplement and the accompanying prospectus relating to this offering have been filed with the SEC. Copies of the final prospectus supplement may be obtained from: Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attn: Prospectus Department, by telephone at (833) 297-2926, or by email at [email protected]; Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone at (800) 747-3924, or by email at [email protected]; or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York 10001, by telephone at (800) 326-5897, or by email at [email protected]. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the website of the SEC at View Source

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Sutro, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

On May 14, 2020 BioLife Solutions, Inc. (NASDAQ: BLFS) ("BioLife" or the "Company"), a leading developer and supplier of a portfolio of class-defining bioproduction tools for cell and gene therapies, reported financial results for the three months ended March 31, 2020 (Press release, BioLife Solutions, MAY 14, 2020, View Source [SID1234558088]).

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Total revenue for the first quarter of 2020 was $12.2 million, a 111% increase over the first quarter of 2019 and a 47% increase over the fourth quarter of 2019. Revenue growth was driven by significantly higher revenue from biopreservation media, which increased 50% year-over-year and 67% sequentially, and accounted for approximately 71% of total revenue. Sales of BioLife’s ThawSTAR, evo and Custom Biogenic Systems (CBS) freezer products accounted for the balance of revenue and were in line with management’s expectations.

The Company also announced an agreement for a strategic capital investment by Casdin Capital for the purchase of $20 million of primary common shares at $10.50 per share. Casdin also intends to purchase an additional $5 million of secondary common shares from an existing investor on the same terms.

Mike Rice, BioLife’s CEO, remarked, "On the heels of significantly increased demand for our products from existing customers, 40 new customers, and 13 new US FDA Master File requests, we believe it is the right time to accelerate our ongoing growth strategy. We are fortunate to have a growth equity partner in Casdin Capital that enabled us to strengthen our balance sheet to aggressively grow our portfolio of high value tools and services targeting the cell and gene therapy market. Through a combination of internal innovation, and acquisitions, co-investments and licensing of external assets, BioLife is on target to expand its business substantially over the next few years."

"Casdin Capital continues to demonstrate confidence in management and our business plan. Casdin has been a key shareholder and partner in identifying and co-investing in acquisition targets that support our strategy to further consolidate the bioproduction tools space," he added.

Key Accomplishments in the First Quarter of 2020

Biopreservation media revenue increased 50% from Q1 2019 and increased 67% from Q4 2019, as numerous customers placed replenishment and safety stock orders to ensure their clinical development programs could continue unabated during the COVID-19 pandemic.
Gained 40 new customers including 16 using biopreservation media, 6 using ThawSTAR products, 10 using evo cold chain management solutions and 8 that placed initial orders for CBS freezers and related accessories.
Processed 13 new U.S. FDA Drug Master File cross-reference requests, indicating the planned use of CryoStor or HypoThermosol in human clinical trials of new cell or gene therapies.
Granted three new patents for BioLife’s cold chain technologies. The Company’s intellectual property estate now includes 50 issued and 34 pending patents.
Financial Highlights for the First Quarter 2020

REVENUE

Total revenue of $12.2 million
Biopreservation media revenue of $8.7 million
Automated thawing product revenue of $394,000
evo cold chain management rental revenue of $438,000
CBS freezer and related accessories revenue of $2.7 million
GROSS MARGIN

Gross margin (GAAP) for the first quarter of 2020 was 57.8% compared with 71.5% for the first quarter of 2019. Adjusted gross margin (non-GAAP) for the first quarter of 2020 was 64.1% compared with 71.5% for the first quarter of 2019.
OPERATING EXPENSE

Operating expense (GAAP) for the first quarter of 2020 was $11.8 million compared with $5.2 million in the first quarter of 2019. Adjusted operating expense (non-GAAP) for the first quarter of 2020 was $6.4 million compared with $3.3 million in the first quarter of 2019.
OPERATING PROFIT

Operating profit (GAAP) for the first quarter of 2020 was $370,000 compared with $566,000 for the first quarter of 2019. Adjusted operating profit (non-GAAP) was $1.4 million for the first quarter of 2020 compared with $774,000 for the first quarter of 2019.
NET INCOME/(LOSS)

Net income (GAAP) for the first quarter of 2020 was $22.3 million compared with a net loss of $19.2 million for the first quarter of 2019. Net income (GAAP) for the first quarter of 2020 included other income of $21.9 million related to the change in fair value of outstanding warrants, and the net loss for the first quarter of 2019 included other expense of $19.7 million related to the change in fair value of outstanding warrants. Adjusted net income (non-GAAP) was $1.4 million for the first quarter of 2020 compared with $942,000 for the first quarter of 2019.
EARNINGS/(LOSS) PER SHARE

Earnings per basic share (GAAP) for the first quarter of 2020 were $0.87 compared with a loss per basic share of $1.03 for the first quarter of 2019. Adjusted fully diluted EPS (non-GAAP) for the first quarter of 2020 was $0.06 compared with $0.04 for the first quarter of 2019 on a fully diluted basis.
ADJUSTED EBITDA

Adjusted EBITDA, a non-GAAP financial measure for the first quarter of 2020 was $2.9 million compared with $1.4 million for the first quarter of 2019.
Roderick de Greef, BioLife Chief Financial Officer and Chief Operating Officer, remarked, "Based on higher-than-expected revenue, our Q1 results demonstrate the operating leverage we can realize, as evidenced by achieving adjusted EBITDA of $2.9 million or 24% of total revenue."

Withdrawal of 2020 Financial Guidance

Due to uncertainty regarding the impact of COVID-19 on BioLife and its customers, on May 1, 2020 the Company withdrew its financial guidance for 2020.

Investment by Casdin Capital

The Company executed a securities purchase agreement with existing shareholder Casdin Capital, a New York based life science focused investment firm with approximately $1 billion in assets under management. The agreement specifies the purchase of $20 million of BioLife Solutions common shares at $10.50 per share. The transaction was negotiated over the last several weeks, and the 30-day volume weighted average price was $11.32 as of market close yesterday. Casdin also intends to purchase an additional $5 million of BioLife Solutions common shares from a long-term shareholder at the same terms.

Conference Call & Webcast

The Company will discuss first quarter 2020 financial results today after market close on a conference call and live webcast at 4:30 p.m. ET (1:30 p.m. PT). Management will provide an overview of the Company’s financial results and a general business update.

To access the webcast, log onto the Investor Relations page of the BioLife Solutions website at View Sourceearnings." target="_blank" title="View Sourceearnings." rel="nofollow">View Source Alternatively, you may access the live conference call by dialing (844) 825-0512 (U.S. & Canada) or (315) 625-6880 (International) with the following Conference ID: 2085346. A webcast replay will be available approximately two hours after the call and will be archived on View Source for 90 days.

On May 14, 2020 ThermoGenesis Holdings, Inc. (Nasdaq: THMO), a market leader in automated cell processing tools and services in the cell and gene therapy field, reported financial and operating results for the first quarter ended March 31, 2020 and provided a corporate strategic update (Press release, Thermogenesis, MAY 14, 2020, View Source [SID1234558087]).

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First Quarter and Subsequent Achievements:

Net revenues for the first quarter of 2020 increased to $3.2 million, up 8% compared to the same period in 2019.
Gross profit for the first quarter was $1.5 million, an increase of 19% compared to the same period in 2019.
On March 31, the Company submitted notification to the U.S. Food and Drug Administration (FDA) of its intention to register and market the ThermoGenesis’ SARS-CoV-2 (COVID-19) IgM/IgG Antibody Fast Detection Kit in accordance with Section IV. D. of the "Policy for Diagnostic Tests for Coronavirus Disease – 2019 during the Public Health Emergency," issued by FDA on March 16, 2020. ("Policy D").
On April 15, the Company received an acknowledgement letter from the FDA, confirming that ThermoGenesis’ SARS-CoV-2 (COVID-19) IgM/IgG Antibody Fast Detection Kit has been appropriately validated for distribution under the Policy D guideline.
The Company’s joint venture, ImmuneCyte Life Sciences, Inc. (ImmuneCyte), acquired worldwide intellectual property for development of fully human antibody therapeutics for COVID-19, including four high-affinity monoclonal antibody drug candidates against SARS-CoV-2 and tools for screening and quantifying efficacy of such neutralizing antibodies.
The Company bolstered the balance sheet with a $3.5 million registered direct offering of common stock, and Boyalife Asset Holdings II, Inc’s conversion of $3.0 million of the outstanding balance under its Revolving Credit Agreement.
"During 2019 and the first quarter of 2020, we continued to improve our financial performance, while simultaneously and proactively leveraging our expertise and global resources in the medical technology field to join the fight against the COVID-19 global pandemic," said Chris Xu, PhD, Chief Executive Officer of ThermoGenesis. "Now that we have an acknowledgment letter from the FDA under the Policy D regulatory filing pathway, this month we began shipping out our COVID-19 IgM/IgG Antibody Fast Detection Test Kit to fill pre-orders and other incoming orders. We have also completed a submission of additional information to the FDA, for the required reviews of the Fast Detection Kit under the Emergency Use Authorization (EUA) pathway and are awaiting the agency’s response."

Dr. Xu continued, "Together with ImmuneCyte, we are employing a multi-tiered antibody therapy approach to our COVID-19 strategy. Specifically, we aim to take advantage of our COVID-19 IgM/IgG Antibody Fast Detection Test Kit, ImmuneCyte’s recently acquired worldwide intellectual property rights, and our proprietary automated cell processing platform to enable the simultaneous isolation of convalescent plasma and immune cells for the development of potential COVID-19 polyclonal and monoclonal antibody drug candidates for both prophylactic (preventive) and therapeutic uses. We are committed to continuing this systematic approach to address several critical unmet needs in the battle against the pandemic, namely, the need for fast and accurate antibody tests, preventive therapies and therapeutics for the disease."

Jeff Cauble, Chief Financial Officer of ThermoGenesis, added, "We significantly strengthened our cash balance in the first quarter with the closing of a $3.5 million registered direct offering that increased our cash position to $5.7 million, a 78% increase compared to the beginning of the year. We also improved our financial metrics with an 8% increase in net revenues and a five-point increase in gross profit percentage, to 47% of revenues, as compared to 42% of revenues last year. We expect to start recognizing revenues from sales of the SARS-CoV-2 (COVID-19) IgM/IgG Antibody Fast Detection Kit in the second quarter, which will add another revenue source moving forward."

The Company also provided an update to its corporate presentation. The presentation is available on the Company’s website at: View Source

Financial Results for the Quarter Ended March 31, 2020

Net revenues. Net revenues for the three months ended March 31, 2020 were $3.2 million compared to $3.0 million for the three months ended March 31, 2019, an increase of $0.2 million or 8%. The increase was driven by AXP disposable sales which increased by $0.9 million in the first quarter with approximately 400 more cases sold in 2020 as compared to the same period in 2019. The increase was offset by a decrease of $0.5 million in BioArchive device sales compared the first quarter of 2019. Manual disposables and CAR-TXpress sales decreased slightly quarter over quarter.

Gross profit. Gross profit was $1.5 million or 47% of net revenues for the three months ended March 31, 2020 compared to $1.3 million or 42% of net revenues for the three months ended March 31, 2019, an increase of $0.2 million or 19%. The increase was driven by the revenue recognition for the Corning exclusivity fee of $71,000 for the first quarter of 2020 as compared to $0 for the first quarter of 2019 adding approximately two points to the gross profit percentage of net revenue. The remainder of the increase was primarily due to increased gross profit from AXP disposables of $0.4 million. The increase was offset by a decrease of $0.2 million in BioArchive device gross profit for the quarter ended March 31, 2020 compared to the same period in 2019.

Sales and marketing expenses. For the three months ended March 31, 2020 sales and marketing were $444,000 compared to $341,000 for the three months ended March 31, 2019, an increase of $103,000 or 30%. The increase was driven by higher salaries and benefit expenses in the first quarter of 2020 as compared to the same period in 2019.

Research and development expenses. Research and development expenses were $609,000 for the three months ended March 31, 2020 compared to $563,000 for the three months ended March 31, 2019, an increase of $46,000 or 8%. The increase was driven by expenses related to the Company’s short term incentive program and other increases in employee benefits in the first quarter of 2020 as compared to the same period in 2019.

General and administrative expenses. General and administrative expenses for the three months ended March 31, 2020 were $1.6 million, compared to $1.3 million for the three months ended March 31, 2019, an increase of $0.3 million. The increase was driven by legal and other expenses related to the Mavericks lawsuit, expenses related to the Company’s short term incentive program and increased expenses related to completing and filing the Company’s 2019 Form 10-K.

Interest expense. Interest expense for the three months ended March 31, 2020 was $3.5 million, as compared $1.1 million for the three months ended March 31, 2019, an increase of $2.4 million. The increase was driven by the accelerated non-cash expense of the unamortized debt discount of $2.5 million for the beneficial conversion feature associated with the portions of the Revolving Credit Agreement with Boyalife Asset Holding II, Inc. that were converted in the quarter ended March 31, 2020.

Net loss. For the quarter ended March 31, 2020, the Company reported a comprehensive loss attributable to common stockholders of $4.6 million, or ($1.11) per share, based on 4,135,644 weighted average basic and diluted common shares outstanding. This compares to a comprehensive net loss of $1.9 million, or ($0.76) per share, based on 2,461,415 weighted average basic and diluted common shares outstanding for the quarter ended March 31, 2019.

Adjusted EBITDA. In addition to the results reported under US GAAP, the Company also uses a non-GAAP measure to evaluate operating performance and to facilitate the comparison of our historical results and trends. The Company uses the metric to determine operational cash flow. Adjusted EBITDA loss for the quarter ended March 31, 2020 was $0.9 million, as compared to an Adjusted EBITDA loss of $0.6 million for the quarter ended March 31, 2019, a decrease of $0.3 million. The primary drivers of the lower adjusted EBITDA in the quarter ended March 31, 2020 were the $0.3 million increase in general and administrative expenses primarily due to legal expenses related to the Mavericks lawsuit, expenses related to the Company’s short term incentive program, increased expenses related to completing and filing the Company’s 2019 Form 10-K, and a $0.1 million increase in sales and marketing expenses due to higher salaries and benefit expenses in the first quarter of 2020 as compared to the same period in 2019. These increases were offset by $0.2 million more gross profit earned in the quarter ended March 31, 2020 as compared to the quarter ended March 31, 2019. A reconciliation of adjusted EBITDA loss to net loss is set forth below.

At March 31, 2020, the Company had cash and cash equivalents totaling $5.7 million, compared with $3.2 million at December 31, 2019. Working capital improved to $6.9 million at March 31, 2020 as compared to $3.2 million at December 31, 2019.

Conference Call and Webcast Information
ThermoGenesis will host a conference call today at 1:30 p.m. PT/4:30 p.m. ET. To participate in the conference call, please dial 1-844-889-4331 (domestic), 1-412-380-7406 (international) or 1-866-605-3852 (Canada). To access a live webcast of the call, please visit: View Source

A replay of the call will be available until June 4 and can be accessed by dialing 1-877-344-7529 (domestic), 1-412-317-0088 (international) or 1-855-669-9658 (Canada) and referencing access code 10142864. The webcast will be available for three months.

On May 14, 2020 Regulus Therapeutics Inc. (Nasdaq: RGLS), a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs (the "Company" or "Regulus"), reported financial results for the first quarter ended March 31, 2020 and provided a corporate update (Press release, Regulus, MAY 14, 2020, View Source [SID1234558086]).

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"We have completed the second cohort and have initiated the dosing for the third and final cohort in the Phase 1 multiple ascending dose ("MAD") clinical study for RGLS4326" said Jay Hagan, CEO of Regulus. "Additionally, preparations for the Phase 1b study in patients with autosomal dominant polycystic kidney disease ("ADPKD") are well underway with plans to initiate in the second half of 2020."

Program Highlights

Initiated Dosing of the Third and Final Cohort in RGLS4326 Phase 1 for ADPKD: In April 2020, the Company initiated dosing of the third and final cohort of the MAD clinical study of RGLS4326, a novel oligonucleotide designed to inhibit miR-17 for the treatment of ADPKD. The Company expects to complete this study in mid-2020 with topline results available thereafter. The Company is planning to initiate a Phase 1b short-term dosing study in patients with ADPKD in the second half of 2020 to evaluate RGLS4326 for safety, pharmacokinetics, and biomarkers of pharmacodynamic activity.

Financial Results

Cash Position: As of March 31, 2020, Regulus had $28.1 million in cash and cash equivalents.

Research and Development (R&D) Expenses: R&D expenses were $3.1 million for the three months ended March 31, 2020, compared to $6.0 million for the same period in 2019. The aggregate decrease was driven by a $1.5 million reduction in personnel and internal expenses and a $1.0 million reduction in external development expenses, both of which were primarily attributable to a reduction in costs associated with the partial clinical hold of the RGLS4326 MAD study. In December 2019, the U.S. Food and Drug Administration ("FDA") lifted the partial clinical hold on the MAD study and it was recommenced in February 2020.

General and Administrative (G&A) Expenses: G&A expenses were $2.4 million for the three months ended March 31, 2020 compared to $3.5 million for the same period in 2019. These amounts reflect personnel-related and ongoing general business operating costs. The decrease is primarily attributable to continued cost reduction efforts subsequent to our corporate restructuring in the third quarter of 2018.

Revenue: Revenue was less than $0.1 million for the three months ended March 31, 2020. Revenue was $6.8 million for the three months ended March 31, 2019, attributable to revenue recognition of the upfront payments received under the 2018 Sanofi Amendment related to the transfer of the RG-012 program to Sanofi.

Net Loss: Net loss was $5.9 million, or $0.25 per share (basic and diluted), for the three months ended March 31, 2020, compared to $3.3 million, or $0.31 per share (basic and diluted), for the same period in 2019.

About ADPKD

ADPKD, caused by the mutations in the PKD1 or PKD2 genes, is among the most common human monogenic disorders and a leading cause of end-stage renal disease. The disease is characterized by the development of multiple fluid filled cysts primarily in the kidneys, and to a lesser extent in the liver and other organs. Excessive kidney cyst cell proliferation, a central pathological feature, ultimately leads to end-stage renal disease in approximately 50% of ADPKD patients by age 60.

About RGLS4326

RGLS4326 is a novel oligonucleotide designed to inhibit miR-17 and designed to preferentially target the kidney. Preclinical studies with RGLS4326 have demonstrated direct regulation of PKD1 and PKD2 in human ADPKD cyst cells, a reduction in kidney cyst formation, improved kidney weight/body weight ratio, decreased cyst cell proliferation, and preserved kidney function in mouse models of ADPKD. The RGLS4326 IND is currently on a Partial Clinical Hold for treatment of extended duration by the U.S. Food and Drug Administration until the second set of requirements outlined by FDA have been satisfactorily addressed. Information from the Phase 1 clinical studies, together with information from additional nonclinical studies, will be used to address the second set of requirements to support studies of extended duration.

On May 14, 2020 Precision Optics Corporation, Inc. (OTCQB: PEYE), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, reported that operating results on an unaudited basis for its third quarter fiscal year ended March 31, 2020 (Press release, Precision Optics, MAY 14, 2020, View Source [SID1234558085]).

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Third quarter fiscal 2020 highlights:

Revenue for the quarter ended March 31, 2019 was $2.4 million compared to $1.4 million in the same quarter of the previous fiscal year, an increase of 71% driven primarily by Ross Optical operating as a division of Precision Optics. Revenues for the quarter were impacted by approximately $300,000 – $400,000 during the third quarter due to COVID-19.
Gross margins for the quarter ended March 31, 2020 of 34% compared to 33% in the same quarter of the prior year.
Net loss of $466,130 during the quarter included $75,567 of stock-based compensation.
On April 14, 2020 the Company raised $250,000 from existing accredited investors with the sale of 200,000 shares at a purchase price of $1.25 per share. On May 6, 2020 the Company received an $809,000 loan from the Small Business Administration (SBA) Paycheck Protection Program.
Precision Optics’ CEO, Joseph Forkey, commented, "I am proud of the efforts by our team during the third quarter as we placed a high priority on the safety of our employees, while striving to meet the demands of our customers. Both our operations in Massachusetts and Texas were deemed essential operations and remained open with prudent workplace precautions. I am grateful to our employees who have worked diligently to keep our operations going during this difficult time. I am also grateful to our shareholders, led by the Pessin family, along with Hershey Strategic Capital and others for their quick support during the early days of the pandemic. The proceeds from our limited financing along with funds from the Paycheck Protection Program put us in a good position to maintain our operations and support our customers despite the real and potential impacts of the pandemic on our business and industry."

"During the quarter, we saw increased pull through in our Ross Optical division as customers built inventory in advance of disruptions that may occur due to COVID-19. This improvement however was offset by delays in shipments due to supply chain issues and a decrease in operational efficiency due to the enactment of workplace safety guidelines. Subsequent to the end of the quarter, we were notified by one of our major customers of the need to moderate deliveries for the next three quarters due to the impact of COVID-19 on their operations. Overall, our customers are very well funded and our activity relating to customer products in development remained on track and should have minimal long-term impact of COVID-19."

Conference Call Details
The Company has scheduled a conference call to discuss the third quarter 2020 financial results for Thursday, May 14, 2020 at 5:00 p.m. EDT.