On May 6, 2019 AmpliPhi Biosciences Corporation (NYSE American: APHB), a clinical-stage biotechnology company focused on precisely targeted bacteriophage therapeutics for antibiotic-resistant infections, reported financial results for the first quarter ended March 31, 2019 (Press release, AmpliPhi Biosciences, MAY 6, 2019, View Source [SID1234535744]). AmpliPhi Biosciences will not be conducting a conference call in conjunction with this financial results release.
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"We remain on track and excited for the closing of our merger with C3J Therapeutics, which we expect later this month," said Paul C. Grint, M.D., CEO of AmpliPhi Biosciences. "As we continue to progress towards the initiation of our clinical trial of AB-SA01 for the treatment of S. aureus bacteremia later in 2019, we look forward to the combined efforts and capabilities of Armata Pharmaceuticals, offering both natural and synthetic phage therapies to treat antibiotic-resistant infections."
Recent Business Highlights
In January 2019, AmpliPhi and C3J Therapeutics, Inc., a privately held clinical-stage biotechnology company focused on the development of novel synthetically engineered bacteriophage products, announced a definitive agreement under which a wholly owned subsidiary of AmpliPhi will merge with C3J in an all-stock transaction, subject to shareholder approval. Certain existing C3J shareholders have agreed to purchase $10.0 million of common stock of the combined company immediately following the closing of the merger, subject to customary conditions. The financing will help fund further development of the combined company’s preclinical and clinical programs, and is expected to close immediately following the completion of the merger. Management expects the merger will close in mid-May 2019.
First Quarter 2019 Financial Results
Research and development (R&D) expenses for the first quarter of 2019 were $1.5 million, consistent with the first quarter of 2018.
General and administrative (G&A) expenses were $2.1 million for the first quarter of 2019 compared to $1.6 million for the first quarter of 2018. The increase of $0.5 million was primarily due to higher professional fees in the first quarter of 2019.
Net cash used in operating activities for the first quarter of 2019 was $2.6 million, as compared to $3.5 million for the first quarter of 2018.
Cash and cash equivalents at March 31, 2018 totaled $5.5 million.
As of May 6, 2019, there were approximately 33.5 million shares of common stock outstanding.