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Posted On: 05/16/2024 4:44:48 PM
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NetworkNewsBreaks – Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) Releases FY 2023 Financial Results, Provides Business Update
Scinai Immunotherapeutics (NASDAQ: SCNI), a biopharmaceutical company focused on the development of inflammation and immunology (“I&I”) biological products and on providing contract development and manufacturing organization (“CDMO”) services through its Scinai Bioservices business unit, is reporting its full-year financial results for 2023 along with a company update. Highlights of the report included news that, in the first four months of 2024, the company has received CDMO work orders valued at approximately $500,000, with current guidance for this year of approximately $1.25 million in expected revenues. The report also noted that the company is “aggressively advancing” its NanoAb preclinical development, with promising results obtained in a psoriatic human skin model and the conclusion of an in-vivo proof of concept animal study conducted in collaboration with Professor Amos Gilhar, a world-renowned dermatologist. The company is preparing for a scientific advisory meeting with the Paul Erlich Institute (“PEI”) of Germany, which is considered the European comparable to a pre-IND meeting with the U.S. Food and Drug Administration in the United States. Financial numbers show R&D expensesfor FY 2023 reached $5.2 million, compared to $5.7 million for 2022, with marketing, general and administrative expensesfor the year totaling $4.5 million , compared to $5.3 million for 2022. Financial incometotaled $3.2 million with net loss of $6.5 million with the company reporting cash and cash equivalents and short-term deposits of $4.9 million.
NOTE TO INVESTORS: The latest news and updates relating to SCNI are available in the company’s newsroom at https://nnw.fm/SCNI
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
Scinai Immunotherapeutics (NASDAQ: SCNI), a biopharmaceutical company focused on the development of inflammation and immunology (“I&I”) biological products and on providing contract development and manufacturing organization (“CDMO”) services through its Scinai Bioservices business unit, is reporting its full-year financial results for 2023 along with a company update. Highlights of the report included news that, in the first four months of 2024, the company has received CDMO work orders valued at approximately $500,000, with current guidance for this year of approximately $1.25 million in expected revenues. The report also noted that the company is “aggressively advancing” its NanoAb preclinical development, with promising results obtained in a psoriatic human skin model and the conclusion of an in-vivo proof of concept animal study conducted in collaboration with Professor Amos Gilhar, a world-renowned dermatologist. The company is preparing for a scientific advisory meeting with the Paul Erlich Institute (“PEI”) of Germany, which is considered the European comparable to a pre-IND meeting with the U.S. Food and Drug Administration in the United States. Financial numbers show R&D expensesfor FY 2023 reached $5.2 million, compared to $5.7 million for 2022, with marketing, general and administrative expensesfor the year totaling $4.5 million , compared to $5.3 million for 2022. Financial incometotaled $3.2 million with net loss of $6.5 million with the company reporting cash and cash equivalents and short-term deposits of $4.9 million.
NOTE TO INVESTORS: The latest news and updates relating to SCNI are available in the company’s newsroom at https://nnw.fm/SCNI
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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