BioPharmX Corporation Reports Second Quarter Results
MENLO PARK, Calif., Sept. 14, 2015 /PRNewswire/ -- BioPharmX Corporation (NYSE MKT: BPMX), a Silicon Valley-based specialty pharmaceutical company, today announced its financial results for the fiscal quarter ended July 31, 2015. An earnings conference call is scheduled for today at 4:30 p.m. Eastern Time.
Second Quarter and Recent Highlights
•Uplisted to the NYSE MKT on June 25, 2015, concurrent with a public common stock offering of $10 million of gross proceeds.
•VI2OLET® iodine distribution now reaches over 4,500 stores, including CVS/Pharmacy, the Vitamin Shoppe and Harris Teeter, a wholly owned subsidiary of The Kroger Co.
•Appointed Greg Kitchener, a senior finance professional from the healthcare and high technology industries, as chief financial officer
"This quarter marked a key milestone for the Company with an uplisting to the NYSE MKT, in conjunction with raising approximately $10 million of gross proceeds in a public common stock offering," said Jim Pekarsky, chief executive officer and co-founder of BioPharmX Corporation. "Proceeds from the public offering will be used to continue our marketing outreach to promote awareness at various online and storefront retailers for Violet iodine, a daily supplement that helps promote breast health and alleviate symptoms associated with fibrocystic breast condition (FBC), and advance our pre-clinical preparation for IND submission to the FDA for our uniquely formulated topical acne drug."
Management Overview and Recent Business Developments
Beyond its first commercially available product, Violet iodine, BioPharmX Corporation is also pursuing the development of novel products targeting large dermatologic markets. These include:
BPX01
BPX01, the Company's topical acne drug, will deliver minocycline in a directly applied, gel-like treatment that effectively treats acne, but with fewer expected side effects than its oral counterpart. The Company expects to file an IND with the FDA for BPX01 and currently anticipates Phase 2 (505)(b) clinical trials to commence in early 2016. In the coming months the Company plans to release key data on its acne product that it anticipates presenting at various dermatology events and conferences.
BPX02
BPX02 is still in research mode as the Company continues to make progress in the development of a prescription drug formulating biologics materials for a dermatology application.
BPX03 and Violet Iodine
BPX03, the Company's prescription strength molecular iodine product that complements its Violet iodine product, is in development and the company plans to complete a multi-site IRB study over the next 12 months in preparation for Phase 3 trials. Phases 1 and 2 of these trials have already been completed. Both the Violet iodine supplement and BPX03 are uniquely formulated for the treatment of fibrocystic breast condition as well as overall breast health.
Financial Highlights for the Quarter Ended July 31, 2015
•Cash and cash equivalents totaled $7.4 million, compared to $1.3 million on January 31, 2015. Cash and cash equivalents increased due to the public offering of $10 million. Net proceeds after expenses and underwriter fees totaled $7.8 million. In addition, BioPharmX Corporation expects to receive $2 million from the closing of a previously announced private placement with Korea Investment Partners Overseas Expansion Platform Fund, an existing shareholder.
•Net loss available for common stockholders for the second quarter was $(3.7) million, or $(0.24) per share, compared to a net loss of $(1.
million, or $(0.18) per share, during the quarter ended July 31, 2014.
•Excluding stock-based compensation expense and amortization of purchased intangible assets, non-GAAP net loss available for common stockholders for the second quarter of 2015 was $(3.4) million, or $(0.22) per share, compared with a net loss of $(1.6) million, or $(0.16) per share, for the second quarter of 2014.
•Total operating expenses were $3.6 million, compared to $1.8 million during the quarter ended July 31, 2014 as a result of increased expenditures for the Company's acne drug pre-clinical preparations and continued marketing and commercialization efforts for Violet iodine.
Accessing BioPharmX Corporation's Conference Call
Individuals interested in participating in the conference call should dial (866) 652-5200 (U.S.) or (412) 317-6060 (international). Participants should ask to join the BioPharmX Corporation call. A live webcast of the conference call is also available by visiting http://biopharmx.investorroom.com/events. A replay of the webcast will be available shortly following the call and will remain available for at least 90 days.
MENLO PARK, Calif., Sept. 14, 2015 /PRNewswire/ -- BioPharmX Corporation (NYSE MKT: BPMX), a Silicon Valley-based specialty pharmaceutical company, today announced its financial results for the fiscal quarter ended July 31, 2015. An earnings conference call is scheduled for today at 4:30 p.m. Eastern Time.
Second Quarter and Recent Highlights
•Uplisted to the NYSE MKT on June 25, 2015, concurrent with a public common stock offering of $10 million of gross proceeds.
•VI2OLET® iodine distribution now reaches over 4,500 stores, including CVS/Pharmacy, the Vitamin Shoppe and Harris Teeter, a wholly owned subsidiary of The Kroger Co.
•Appointed Greg Kitchener, a senior finance professional from the healthcare and high technology industries, as chief financial officer
"This quarter marked a key milestone for the Company with an uplisting to the NYSE MKT, in conjunction with raising approximately $10 million of gross proceeds in a public common stock offering," said Jim Pekarsky, chief executive officer and co-founder of BioPharmX Corporation. "Proceeds from the public offering will be used to continue our marketing outreach to promote awareness at various online and storefront retailers for Violet iodine, a daily supplement that helps promote breast health and alleviate symptoms associated with fibrocystic breast condition (FBC), and advance our pre-clinical preparation for IND submission to the FDA for our uniquely formulated topical acne drug."
Management Overview and Recent Business Developments
Beyond its first commercially available product, Violet iodine, BioPharmX Corporation is also pursuing the development of novel products targeting large dermatologic markets. These include:
BPX01
BPX01, the Company's topical acne drug, will deliver minocycline in a directly applied, gel-like treatment that effectively treats acne, but with fewer expected side effects than its oral counterpart. The Company expects to file an IND with the FDA for BPX01 and currently anticipates Phase 2 (505)(b) clinical trials to commence in early 2016. In the coming months the Company plans to release key data on its acne product that it anticipates presenting at various dermatology events and conferences.
BPX02
BPX02 is still in research mode as the Company continues to make progress in the development of a prescription drug formulating biologics materials for a dermatology application.
BPX03 and Violet Iodine
BPX03, the Company's prescription strength molecular iodine product that complements its Violet iodine product, is in development and the company plans to complete a multi-site IRB study over the next 12 months in preparation for Phase 3 trials. Phases 1 and 2 of these trials have already been completed. Both the Violet iodine supplement and BPX03 are uniquely formulated for the treatment of fibrocystic breast condition as well as overall breast health.
Financial Highlights for the Quarter Ended July 31, 2015
•Cash and cash equivalents totaled $7.4 million, compared to $1.3 million on January 31, 2015. Cash and cash equivalents increased due to the public offering of $10 million. Net proceeds after expenses and underwriter fees totaled $7.8 million. In addition, BioPharmX Corporation expects to receive $2 million from the closing of a previously announced private placement with Korea Investment Partners Overseas Expansion Platform Fund, an existing shareholder.
•Net loss available for common stockholders for the second quarter was $(3.7) million, or $(0.24) per share, compared to a net loss of $(1.
million, or $(0.18) per share, during the quarter ended July 31, 2014. •Excluding stock-based compensation expense and amortization of purchased intangible assets, non-GAAP net loss available for common stockholders for the second quarter of 2015 was $(3.4) million, or $(0.22) per share, compared with a net loss of $(1.6) million, or $(0.16) per share, for the second quarter of 2014.
•Total operating expenses were $3.6 million, compared to $1.8 million during the quarter ended July 31, 2014 as a result of increased expenditures for the Company's acne drug pre-clinical preparations and continued marketing and commercialization efforts for Violet iodine.
Accessing BioPharmX Corporation's Conference Call
Individuals interested in participating in the conference call should dial (866) 652-5200 (U.S.) or (412) 317-6060 (international). Participants should ask to join the BioPharmX Corporation call. A live webcast of the conference call is also available by visiting http://biopharmx.investorroom.com/events. A replay of the webcast will be available shortly following the call and will remain available for at least 90 days.
