BioPharmX Corporation Reports First Quarter Financ
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Posted On: 06/14/2016 4:14:39 PM
BioPharmX Corporation Reports First Quarter Financial Results
Recent Highlights:
*Completed full-patient enrollment in a Phase 2a study of BPX-01 topical antibiotic for acne. The study will assess the safety of BPX-01 in 30 patients and has endpoints that include the reduction of P. acnes and cutaneous tolerance of the BPX-01 formulation.
*Poised to commence a Phase 2b study of BPX-01 topical antibiotic for acne. The study is expected to begin in July and will assess efficacy of BPX-01 on lesions caused by P. acnes.
*Actively engaged in discussions of potential partnership with women's health and consumer package goods companies to accelerate sales of Violet® iodine and maximize value to BPMX shareholders.
"We are staying on our accelerated schedule for Phase 2a and Phase 2b studies of BPX-01, confirming that the BioPharmX strategy of building products around proven, popular drugs eliminates many barriers that delay regulatory review," said Anja Krammer, president of BioPharmX Corporation. "Meanwhile, the interest being expressed in Violet by potential partners indicates that it may fill an unmet need in the market."
First Quarter Financial Results
For the first quarter ended April 30, 2016, total operating expenses were $4.5 million, compared with total operating expenses of $3.2 million in the prior fiscal year's first quarter. The increase in operating expenses resulted primarily from higher spending for the company's acne drug clinical trials.
Net loss for the first quarter was $4.5 million, or $0.17 per share, compared with a net loss of $3.9 million, or $0.33 per share, during the prior fiscal year's first quarter.
Excluding stock-based compensation expense and amortization of purchased intangible assets, non-GAAP net loss for the first quarter was $4.2 million, or $0.16 per share. During the first quarter of the prior fiscal year, the comparable non-GAAP net loss was $3.1 million, or $0.27 per share.
Cash and cash equivalents as of April 30, 2016, were $4.0 million.
Recent Highlights:
*Completed full-patient enrollment in a Phase 2a study of BPX-01 topical antibiotic for acne. The study will assess the safety of BPX-01 in 30 patients and has endpoints that include the reduction of P. acnes and cutaneous tolerance of the BPX-01 formulation.
*Poised to commence a Phase 2b study of BPX-01 topical antibiotic for acne. The study is expected to begin in July and will assess efficacy of BPX-01 on lesions caused by P. acnes.
*Actively engaged in discussions of potential partnership with women's health and consumer package goods companies to accelerate sales of Violet® iodine and maximize value to BPMX shareholders.
"We are staying on our accelerated schedule for Phase 2a and Phase 2b studies of BPX-01, confirming that the BioPharmX strategy of building products around proven, popular drugs eliminates many barriers that delay regulatory review," said Anja Krammer, president of BioPharmX Corporation. "Meanwhile, the interest being expressed in Violet by potential partners indicates that it may fill an unmet need in the market."
First Quarter Financial Results
For the first quarter ended April 30, 2016, total operating expenses were $4.5 million, compared with total operating expenses of $3.2 million in the prior fiscal year's first quarter. The increase in operating expenses resulted primarily from higher spending for the company's acne drug clinical trials.
Net loss for the first quarter was $4.5 million, or $0.17 per share, compared with a net loss of $3.9 million, or $0.33 per share, during the prior fiscal year's first quarter.
Excluding stock-based compensation expense and amortization of purchased intangible assets, non-GAAP net loss for the first quarter was $4.2 million, or $0.16 per share. During the first quarter of the prior fiscal year, the comparable non-GAAP net loss was $3.1 million, or $0.27 per share.
Cash and cash equivalents as of April 30, 2016, were $4.0 million.
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