RESEARCH REPORT UPDATE BIOPHARMX (BPMX) EXITED
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Posted On: 12/18/2016 8:32:13 PM
RESEARCH REPORT UPDATE
BIOPHARMX (BPMX) EXITED FISCAL THIRD QUARTER WITH STRONG BALANCE SHEET
12/14/2016
By Grant Zeng, CFA
NYSE:BPMX
Total revenue for the fiscal third quarter ended October 31, 2016 was $33,000, as compared to $20,000 for the same period of last year, an increase of 65%.
R&D expenses for the fiscal third quarter were $2.5 million, as compared to $1.6 million for the same quarter last year. The increase resulted primarily from higher spending for the company's acne drug clinical trials. In the second quarter of fiscal year 2017, the company (NYSE:BPMX) completed the Phase IIa clinical study for BPX01, and in August 2016, began enrolling patients for the Phase IIb clinical study.
SG&A expenses for the fiscal third quarter were $1.7 million, as compared to $2.2 million for the same period last year. The decrease was primarily due to decreased advertising and promotional activities related to VI2OLET.
Total operating expenses for the third quarter ended Oct. 31, 2016 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.
Cash and cash equivalents as of Oct. 31, 2016 were $0.5 million.
On Nov. 28, 2016, BPMX closed an underwritten public offering of an aggregate 31,489,429 Class A Units, each consisting of one share of the Company's common stock and one seven-year warrant to purchase 0.75 of a share of common stock (which equates to 75% warrant coverage) at an exercise price of $0.35 per share, at a public offering price of $0.35 per unit and1,515 Class B Units, each consisting of one share of the Company's Series A convertible preferred stock with a stated value of $1,000 per share and convertible into shares of common stock at the public offering price of the Class A Units, together with the equivalent number of warrants (75% warrant coverage) to purchase shares of common stock at an exercise price of $0.35 per share as would have been issued in connection with a purchase of $1,000 of Class A Units based at the public offering price. Each share of Series A preferred stock is convertible into approximately 2,857 shares of common stock.
The underwriters exercised the over-allotment option to purchase additional warrants to purchase 3,542,560 shares of common stock.
The gross proceeds to BioPharmX from this offering were approximately $12.5 million.
The new financing immediately boosted the company’s balance sheet. Current cash in hand will provide funds sufficient to complete the company’s Phase IIb studies of BPX-01.
BIOPHARMX (BPMX) EXITED FISCAL THIRD QUARTER WITH STRONG BALANCE SHEET
12/14/2016
By Grant Zeng, CFA
NYSE:BPMX
Total revenue for the fiscal third quarter ended October 31, 2016 was $33,000, as compared to $20,000 for the same period of last year, an increase of 65%.
R&D expenses for the fiscal third quarter were $2.5 million, as compared to $1.6 million for the same quarter last year. The increase resulted primarily from higher spending for the company's acne drug clinical trials. In the second quarter of fiscal year 2017, the company (NYSE:BPMX) completed the Phase IIa clinical study for BPX01, and in August 2016, began enrolling patients for the Phase IIb clinical study.
SG&A expenses for the fiscal third quarter were $1.7 million, as compared to $2.2 million for the same period last year. The decrease was primarily due to decreased advertising and promotional activities related to VI2OLET.
Total operating expenses for the third quarter ended Oct. 31, 2016 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.
Cash and cash equivalents as of Oct. 31, 2016 were $0.5 million.
On Nov. 28, 2016, BPMX closed an underwritten public offering of an aggregate 31,489,429 Class A Units, each consisting of one share of the Company's common stock and one seven-year warrant to purchase 0.75 of a share of common stock (which equates to 75% warrant coverage) at an exercise price of $0.35 per share, at a public offering price of $0.35 per unit and1,515 Class B Units, each consisting of one share of the Company's Series A convertible preferred stock with a stated value of $1,000 per share and convertible into shares of common stock at the public offering price of the Class A Units, together with the equivalent number of warrants (75% warrant coverage) to purchase shares of common stock at an exercise price of $0.35 per share as would have been issued in connection with a purchase of $1,000 of Class A Units based at the public offering price. Each share of Series A preferred stock is convertible into approximately 2,857 shares of common stock.
The underwriters exercised the over-allotment option to purchase additional warrants to purchase 3,542,560 shares of common stock.
The gross proceeds to BioPharmX from this offering were approximately $12.5 million.
The new financing immediately boosted the company’s balance sheet. Current cash in hand will provide funds sufficient to complete the company’s Phase IIb studies of BPX-01.
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