BioLight Reports Third Quarter 2015 Financial Results

Dec 01, 2015, 07:00 ET from BioLight Life Sciences Investments

TEL-AVIV, Israel, December 1, 2015 /PRNewswire/ --

BioLight Life Sciences Investments (OTCQX: BLGTY, TASE: BOLT) ("BioLight" or the "Company"), a company focused primarily on the discovery, development and commercialization of breakthrough ophthalmic diagnostics and therapeutics, today reported operational and financial results for the third quarter ended September 30, 2015.

Operational Highlights: 

  • Reported first IOPtiMate™ System sales and additional distribution agreements, both in new territories.
  • Completed enrolment into the second U.S. clinical study in which TeaRx's effectiveness is being assessed in tears of healthy subjects as well as patients with DES.
  • Reported positive clinical study results for the identification of new genetic markers to predict risk of developing BRONJ.
  • Subsequent to the end of the third quarter, entered into a joint financing agreement pursuant to which two Asia-based venture capital firms and BioLight will make a private placement in BioLight's IOPtima Ltd. subsidiary for an aggregate amount of US$6.0 million and US$1.2 million, respectively. The investments are being made on the basis of a US$13.5 million pre-money valuation for IOPtima.
  • Subsequent to the end of the third quarter, entered into a collaboration agreement with Axella Research LLC to advance the clinical and regulatory efforts required to commercialize the CellDetect non-invasive diagnostic test for the monitoring of bladder cancer recurrence in the United States, which includes Axella's contribution of over US$1.0 million in funding for CRO services.

Financial Results: 

All dollar amounts are expressed in New Israeli Shekels ("NIS"), with a convenience U.S. dollar translation of NIS amounts provided using the rate of NIS 3.92 to US$1.00, the representative rate of exchange as of September 30, 2015, and results are reported in accordance with International Financial Reporting Standards.

For the three months ended September 30, 2015, BioLight's revenues were NIS 656,000 (US$ 167,000). The net loss for the third quarter of 2015 was approximately NIS 5.6 million (US$ 1.4 million), or NIS 0.06 loss per share, as compared to a net loss of approximately NIS 8.0 million (US$ 2 million), or NIS 0.11 loss per share, for Q3-2014.

BioLight ended the 2015 third quarter in a strong financial position.  As of September 30, 2015, the Company had approximately NIS 37 million (US$ 9.5 million) in cash and short-term deposits.

"We are very pleased with our operational performance this quarter, which included a number of important clinical and commercial milestones that validate the potential of our novel platform technologies, and subsequent to the quarter end, successful completion of two strategic partnership agreements" commented BioLight's Chief Executive Officer, Suzana Nahum Zilberberg. "With a new fiscal year on the horizon, we look forward to updating our stakeholders as work to build on these achievements, and maintain our strong growth trajectory in 2016."

The Company's financial statements and management's discussion and analysis are available on its website at http://www.bio-light.co.il and on the OTCQX website at http://www.otcmarkets.com .

About BioLight Life Sciences Ltd.  

BioLight's ophthalmic product offering and pipeline of product candidates include IOPtiMate™, a laser-based non-invasive surgical treatment for glaucoma; TeaRx™, a point-of-care multi-parameter diagnostic test for dry eye syndrome; Eye-D™, a controlled release drug-delivery insert platform and OphRx LLC, a non-invasive topical drug delivery technology administered through eye drops as an alternative to the current ocular delivery modalities.  BioLight has also invested in biomedical innovations in cancer diagnostics, including proprietary tests that are designated for bladder, cervical, multiple myeloma and other cancers.

Leading key investors are Mr. Israel Makov, Chairman of Sun Pharmaceuticals, former CEO and President of Teva Pharmaceuticals and former Chairman of Given Imaging, Mr. Dilip Shanghvi, founder of Sun Pharmaceuticals, India's largest pharmaceutical company, and Mr. Dan Oren, founder and CEO of Dexcel Pharma, the second-largest pharmaceutical manufacturer in Israel and Rock-One, a Hong Kong-based investment company.

For more information please visit the Company's website at http://www.bio-light.co.il.

Contacts:
BioLight
Itai Bar-Natan, CFO
Email: itai@bio-light.co.il
Tel: +972-73-2753400

SOURCE BioLight Life Sciences Investments