Third Quarter Financial Results
Total operating expenses were $3.8 million for the quarter ended October 31, 2015, compared to $2.2 million the prior year quarter primarily as a result of increased expenditures for the company's acne drug pre-clinical preparations and continued marketing and commercialization efforts for Violet iodine.
Net loss for the third quarter was $3.9 million, or $0.18 per share, compared to a net loss of $2.3 million, or $0.21 per share, during the prior year quarter.
Excluding stock-based compensation expense and amortization of purchased intangible assets, non-GAAP net loss for the third quarter was $3.6 million, or $0.17 per share, compared with a net loss of $1.9 million, or $0.18 per share, during the prior year quarter.
Cash and cash equivalents as of October 31, 2015 were $2.2 million. Since the close of the third quarter, the company completed a direct investment with Franklin Advisers of approximately $5.9 million in gross proceeds. The company also expects proceeds of $2 million in cash from the closing of a previously announced private placement with Korea Investment Partners Overseas Expansion Platform Fund, an existing shareholder.
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:
BPX-01
BPX-01, 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. During the third quarter, the company presented pre-clinical data at three key dermatology seminars suggesting that a 1% dose of minocycline in BPX-01 can work as well as the 4% topical products that are under development by competitors, lowering the likelihood of side effects. The company expects to file an IND with the FDA for BPX-01 and currently anticipates Phase 2 (505)(b) clinical trials to commence in early calendar year 2016.
BPX-02
BPX-02 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.
BPX-03 and Violet Iodine
BPX-03, 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 BPX-03 are uniquely formulated for the treatment of fibrocystic breast condition as well as overall breast health.
Conference Call & Webcast
BioPharmX will host a conference call at 4:30 p.m. Eastern Time on Monday, December 14, 2015 to discuss its third quarter financial results. A live webcast of the conference call will be available online on the Investor page of BioPharmX corporate website at www.biopharmx.com. You may also access this call through an operator by calling (866) 652-5200 for domestic callers and (412) 317-6060 for international callers, and request to join the BioPharmX Corporation call.
A telephonic replay of the call will be available through midnight ET on December 15, 2015. The replay dial-in numbers are (877) 344-7529 for domestic callers and (412) 317-0088 for international callers; and reference Conference ID: 10076919. The webcast will also be available on the BioPharmX website for 90 days following completion of the call.
Total operating expenses were $3.8 million for the quarter ended October 31, 2015, compared to $2.2 million the prior year quarter primarily as a result of increased expenditures for the company's acne drug pre-clinical preparations and continued marketing and commercialization efforts for Violet iodine.
Net loss for the third quarter was $3.9 million, or $0.18 per share, compared to a net loss of $2.3 million, or $0.21 per share, during the prior year quarter.
Excluding stock-based compensation expense and amortization of purchased intangible assets, non-GAAP net loss for the third quarter was $3.6 million, or $0.17 per share, compared with a net loss of $1.9 million, or $0.18 per share, during the prior year quarter.
Cash and cash equivalents as of October 31, 2015 were $2.2 million. Since the close of the third quarter, the company completed a direct investment with Franklin Advisers of approximately $5.9 million in gross proceeds. The company also expects proceeds of $2 million in cash from the closing of a previously announced private placement with Korea Investment Partners Overseas Expansion Platform Fund, an existing shareholder.
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:
BPX-01
BPX-01, 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. During the third quarter, the company presented pre-clinical data at three key dermatology seminars suggesting that a 1% dose of minocycline in BPX-01 can work as well as the 4% topical products that are under development by competitors, lowering the likelihood of side effects. The company expects to file an IND with the FDA for BPX-01 and currently anticipates Phase 2 (505)(b) clinical trials to commence in early calendar year 2016.
BPX-02
BPX-02 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.
BPX-03 and Violet Iodine
BPX-03, 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 BPX-03 are uniquely formulated for the treatment of fibrocystic breast condition as well as overall breast health.
Conference Call & Webcast
BioPharmX will host a conference call at 4:30 p.m. Eastern Time on Monday, December 14, 2015 to discuss its third quarter financial results. A live webcast of the conference call will be available online on the Investor page of BioPharmX corporate website at www.biopharmx.com. You may also access this call through an operator by calling (866) 652-5200 for domestic callers and (412) 317-6060 for international callers, and request to join the BioPharmX Corporation call.
A telephonic replay of the call will be available through midnight ET on December 15, 2015. The replay dial-in numbers are (877) 344-7529 for domestic callers and (412) 317-0088 for international callers; and reference Conference ID: 10076919. The webcast will also be available on the BioPharmX website for 90 days following completion of the call.
