On August 10, 2017 Bio-Path Holdings, Inc. (NASDAQ: BPTH), a biotechnology company leveraging its proprietary DNAbilize liposomal delivery and antisense technology to develop a portfolio of targeted nucleic acid cancer drugs, reported its financial results for the second quarter ended June 30, 2017 and provided an update on recent corporate developments (Press release, Bio-Path Holdings, AUG 10, 2017, View Source [SID1234520140]).
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"We have made great progress this year across our entire pipeline, both clinical and preclinical programs, which position us to achieve several important milestones throughout the balance of 2017, including an interim data analysis from our Phase 2 clinical trial of prexigebersen for the treatment of acute myeloid leukemia (AML)," said Peter Nielsen, President and CEO of Bio-Path Holdings. "Additionally, we were pleased to welcome Mark Colonnese to our Board of Directors. His extensive leadership, business development, and strategic planning experience, coupled with his financial expertise will be a significant asset to Bio-Path as we continue to grow the business and advance our DNAbilize platform."
Recent Corporate Highlights
· Received Notice of Allowance for Key U.S. Composition of Matter Patent. In July, the United States Patent and Trademark Office issued a notice of allowance for claims related to the Company’s proprietary liposomal delivery and antisense technology, DNAbilize. The new patent, titled "P-Ethoxy Nucleic Acids for Liposomal Formulation," (based on Application No. 15/294,223) provides broad protection for application of the DNAbilize technology in the treatment of a variety of cancers, as well as autoimmune and infectious diseases.
· Appointed Mark Colonnese to Board of Directors. In July, Bio-Path appointed Mark Colonnese, Chief Financial Officer of Aviragen Therapeutics (NASDAQ: AVIR), to its Board of Directors. Mr. Colonnese brings over 30 years of broad executive management skills and financial experience at Fortune 500 as well as small entrepreneurial companies. In these roles, he was responsible for raising $870 million in equity and debt capital, as well as $100 million from partnerships, and directing two companies through their initial public offerings.
Financial Results for the Second Quarter Ended June 30, 2017
The Company reported a net loss attributable to common stockholders of $3.0 million, or $0.03 per share, for the three months ended June 30, 2017, compared to a net loss attributable to common stockholders of $1.9 million, or $0.02 per share, for the three months ended June 30, 2016. The increase was primarily due to the deemed dividend related to the warrant conversion of $1.0 million during the period. The Company reported a net loss attributable to common stockholders of $3.4 million, or $0.04 per share, for the six months ended June 30, 2017, compared to a net loss attributable to common stockholders of $3.8 million, or $0.04 per share, for the six months ended June 30, 2016. The decrease was primarily due to total other income related to the change in fair value of the Company’s warrant liability and the loss on extinguishment of the liability totaling $1.9 million and was partially offset by the deemed dividend related to the warrant conversion of $1.0 million during the period.
Research and development expenses for the three months ended June 30, 2017 increased to $1.5 million, compared to $1.2 million for the three months ended June 30, 2016. For the six months ended June 30, 2017, research and development expenses increased to $2.5 million, compared to $2.2 million for the six months ended June 30, 2016.
General and administrative expenses for both the three months ended June 30, 2017 and June 30, 2016, were $0.8 million. For the six months ended June 30, 2017, general and administrative expenses increased to $1.8 million, compared to $1.6 million for the six months ended June 30, 2016.
As of June 30, 2017, the Company had cash of $6.2 million, compared to $9.4 million at December 31, 2016. Net cash used in operating activities for the six months ended June 30, 2017 was $4.2 million compared to $4.6 million for the comparable period in 2016. Net cash used in investing activities for the six months ended June 30, 2017 was $0.5 million. Net cash provided by financing activities for the six months ended June 30, 2017 was $1.5 million.