BioPharmX Corporation Reports Third Quarter Financial Results
MENLO PARK, Calif., Dec. 13, 2016 /PRNewswire/ -- BioPharmX Corporation (NYSE MKT: BPMX), a specialty pharmaceutical company focusing on dermatology, today announced its financial results for the third quarter ended Oct. 31, 2016.
Recent Highlights:
After the close of the quarter, raised $13 million in gross proceeds, which the company expects will provide funds sufficient to complete Phase 2b studies of BPX-01, the company's unique topical minocycline formulation for the treatment of Propionibacterium acnes.
Completed in vitro research whose findings suggest that BPX-01 may have a significant pharmacokinetic advantage over oral minocycline for the treatment of acne.
Presented findings that suggest BPX-01 may, for the first time, allow dermatologists to unlock minocycline's full, potent anti-inflammatory properties in the treatment of acne. The study found that minocycline's anti-inflammatory benefits are more effectively delivered to specific target areas with the BPX-01 topical formulation than with the oral formulation, which is the only form currently available to treat acne. The finding is important because recent independent research suggests that inflammation may be a cause of acne and not only – as previously thought – a side effect of the condition.
Announced the completion of the first in vitro studies to identify the mechanism of action by which molecular iodine induces the death of both certain breast cancer and fibrocystic breast condition cells.
"It is an exciting time for BioPharmX. We recently raised a significant amount of capital and presented expanded research that demonstrates the promise of BPX-01," said Anja Krammer, president of BioPharmX Corporation. "During the quarter we reached several important milestones on our journey toward becoming a leading dermatology specialty pharmaceutical company."
Third Quarter Financial Results
For the third quarter ended Oct. 31, 2016, total operating expenses were $4.2 million, compared with total operating expenses of $3.8 million in the prior fiscal year's third quarter. The increase resulted primarily from higher spending for the company's acne drug clinical trials, offset by lower spending on advertising and promotions related to the company's Violet product.
Net loss for the third quarter was $3.9 million, or $0.12 per share, compared with a net loss of $3.9 million, or $0.18 per share, during the prior fiscal year's third quarter.
Excluding stock-based compensation expense, the charge related to the modification of certain warrants, the impact of changes in the fair value of the warrant liability and amortization of purchased intangible assets, non-GAAP net loss available to common stockholders for the third quarter was $3.9 million, or $0.12 per share. During the third quarter of the prior fiscal year, the comparable non-GAAP net loss available to common stockholders was $3.6 million, or $0.17 per share.
Cash and cash equivalents as of Oct. 31, 2016 were $0.5 million. After the end of the third quarter, the company raised approximately $13 million in gross proceeds in a public offering of its capital stock.
Conference Call & Webcast
BioPharmX will host a conference call today at 4:30 p.m. ET to discuss its third quarter financial results. A live webcast of the conference call will be available online on the Investors section of the BioPharmX website at http://www.biopharmx.investorroom.com. You may also access this call by dialing (866) 652-5200 for domestic callers or (412) 317-6060 for international callers, and requesting to join the BioPharmX Corporation call.
A telephonic replay of the call will be available today beginning at 3:30 p.m. PT/6:30 p.m. ET for 30 days after the call. To access the replay, dial (877) 344-7529 or (412) 317-0088 and reference Conference ID: 10097418. The webcast will also be available on the BioPharmX website for 90 days following the completion of the call.
MENLO PARK, Calif., Dec. 13, 2016 /PRNewswire/ -- BioPharmX Corporation (NYSE MKT: BPMX), a specialty pharmaceutical company focusing on dermatology, today announced its financial results for the third quarter ended Oct. 31, 2016.
Recent Highlights:
After the close of the quarter, raised $13 million in gross proceeds, which the company expects will provide funds sufficient to complete Phase 2b studies of BPX-01, the company's unique topical minocycline formulation for the treatment of Propionibacterium acnes.
Completed in vitro research whose findings suggest that BPX-01 may have a significant pharmacokinetic advantage over oral minocycline for the treatment of acne.
Presented findings that suggest BPX-01 may, for the first time, allow dermatologists to unlock minocycline's full, potent anti-inflammatory properties in the treatment of acne. The study found that minocycline's anti-inflammatory benefits are more effectively delivered to specific target areas with the BPX-01 topical formulation than with the oral formulation, which is the only form currently available to treat acne. The finding is important because recent independent research suggests that inflammation may be a cause of acne and not only – as previously thought – a side effect of the condition.
Announced the completion of the first in vitro studies to identify the mechanism of action by which molecular iodine induces the death of both certain breast cancer and fibrocystic breast condition cells.
"It is an exciting time for BioPharmX. We recently raised a significant amount of capital and presented expanded research that demonstrates the promise of BPX-01," said Anja Krammer, president of BioPharmX Corporation. "During the quarter we reached several important milestones on our journey toward becoming a leading dermatology specialty pharmaceutical company."
Third Quarter Financial Results
For the third quarter ended Oct. 31, 2016, total operating expenses were $4.2 million, compared with total operating expenses of $3.8 million in the prior fiscal year's third quarter. The increase resulted primarily from higher spending for the company's acne drug clinical trials, offset by lower spending on advertising and promotions related to the company's Violet product.
Net loss for the third quarter was $3.9 million, or $0.12 per share, compared with a net loss of $3.9 million, or $0.18 per share, during the prior fiscal year's third quarter.
Excluding stock-based compensation expense, the charge related to the modification of certain warrants, the impact of changes in the fair value of the warrant liability and amortization of purchased intangible assets, non-GAAP net loss available to common stockholders for the third quarter was $3.9 million, or $0.12 per share. During the third quarter of the prior fiscal year, the comparable non-GAAP net loss available to common stockholders was $3.6 million, or $0.17 per share.
Cash and cash equivalents as of Oct. 31, 2016 were $0.5 million. After the end of the third quarter, the company raised approximately $13 million in gross proceeds in a public offering of its capital stock.
Conference Call & Webcast
BioPharmX will host a conference call today at 4:30 p.m. ET to discuss its third quarter financial results. A live webcast of the conference call will be available online on the Investors section of the BioPharmX website at http://www.biopharmx.investorroom.com. You may also access this call by dialing (866) 652-5200 for domestic callers or (412) 317-6060 for international callers, and requesting to join the BioPharmX Corporation call.
A telephonic replay of the call will be available today beginning at 3:30 p.m. PT/6:30 p.m. ET for 30 days after the call. To access the replay, dial (877) 344-7529 or (412) 317-0088 and reference Conference ID: 10097418. The webcast will also be available on the BioPharmX website for 90 days following the completion of the call.
