Kitov Pharma Reports First Half 2019 Financial Res
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Posted On: 08/08/2019 8:28:20 PM
Kitov Pharma Reports First Half 2019 Financial Results and Provides Business Update
TEL AVIV, Israel, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Kitov Pharma Ltd. (“Kitov”) (NASDAQ/TASE: KTOV), a clinical-stage company advancing first-in-class therapies to overcome tumor immune evasion and drug resistance, today announced financial results for the six-month period ended June 30, 2019.
Key Financial Highlights for the first half of 2019:
·
Revenues of $1 million as a result of the first milestone payment from Coeptis Pharmaceuticals.
· Decrease in research and development expenses to $1.7 million compared to $2.8 million in 1H18.
· SG&A expenses of $3.3 million, similar to 1H18.
· Net cash used in operating activities decreased to $2.3 million compared to $3.5 million in 1H18.
· Net cash balance and short-term deposits at the end of 1H19 of $7.8 million, not including $3.5 million investment in Kitov by Orbimed, Pontifax and Arkin expected following completion of the FameWave acquisition.
Isaac Israel, chief executive officer of Kitov Pharma, commented, “During the first half of 2019, we made a great progress in the acquisition of FameWave announced earlier this year, with fulfillment of the major closing conditions including the clinical collaboration agreement signed with BMS. This acquisition of a clinical stage oncology asset is a major step in our shift towards an oncology focused company. With the recent successful completion of the IND-enabling studies to advance NT-219 into the clinic and the almost completed acquisition of CM-24, we will soon initiate clinical trials with both candidates which we believe have a great potential to provide effective and long-lasting treatments for patients.”
Mr. Israel added, “We have additionally achieved significant milestones with Consensi™ during this period. With our plans to launch in the U.S., through our partnership with Coeptis Pharmaceuticals, we are already bringing additional revenues to support our oncology programs. The success of this program is also a reflection of our team’s ability to successfully execute end-to-end development of pharma products.”
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Expected Milestones for 2H19:
· Submit IND for the initiation of Phase 1/2 study with NT-219 in combination with cetuximab in patients with recurrent and metastatic SCCHN.
· Complete closing of transaction for the acquisition of FameWave and its CM-24 candidate
· Complete preparation for launch of Consensi™ in the U.S. with commercial partner Coeptis Pharmaceuticals.
· Submit marketing approval applications to the local regulatory authorities for potential registration of Consensi™ in China which will trigger an additional milestone payment to Kitov.
https://investorshangout.com/recentnews/KTOV#ixzz5w3iggLll
Aloha
TEL AVIV, Israel, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Kitov Pharma Ltd. (“Kitov”) (NASDAQ/TASE: KTOV), a clinical-stage company advancing first-in-class therapies to overcome tumor immune evasion and drug resistance, today announced financial results for the six-month period ended June 30, 2019.
Key Financial Highlights for the first half of 2019:
·
Revenues of $1 million as a result of the first milestone payment from Coeptis Pharmaceuticals.
· Decrease in research and development expenses to $1.7 million compared to $2.8 million in 1H18.
· SG&A expenses of $3.3 million, similar to 1H18.
· Net cash used in operating activities decreased to $2.3 million compared to $3.5 million in 1H18.
· Net cash balance and short-term deposits at the end of 1H19 of $7.8 million, not including $3.5 million investment in Kitov by Orbimed, Pontifax and Arkin expected following completion of the FameWave acquisition.
Isaac Israel, chief executive officer of Kitov Pharma, commented, “During the first half of 2019, we made a great progress in the acquisition of FameWave announced earlier this year, with fulfillment of the major closing conditions including the clinical collaboration agreement signed with BMS. This acquisition of a clinical stage oncology asset is a major step in our shift towards an oncology focused company. With the recent successful completion of the IND-enabling studies to advance NT-219 into the clinic and the almost completed acquisition of CM-24, we will soon initiate clinical trials with both candidates which we believe have a great potential to provide effective and long-lasting treatments for patients.”
Mr. Israel added, “We have additionally achieved significant milestones with Consensi™ during this period. With our plans to launch in the U.S., through our partnership with Coeptis Pharmaceuticals, we are already bringing additional revenues to support our oncology programs. The success of this program is also a reflection of our team’s ability to successfully execute end-to-end development of pharma products.”
...........
Expected Milestones for 2H19:
· Submit IND for the initiation of Phase 1/2 study with NT-219 in combination with cetuximab in patients with recurrent and metastatic SCCHN.
· Complete closing of transaction for the acquisition of FameWave and its CM-24 candidate
· Complete preparation for launch of Consensi™ in the U.S. with commercial partner Coeptis Pharmaceuticals.
· Submit marketing approval applications to the local regulatory authorities for potential registration of Consensi™ in China which will trigger an additional milestone payment to Kitov.
https://investorshangout.com/recentnews/KTOV#ixzz5w3iggLll
Aloha
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