Coronado Biosciences Reports Third Quarter 2011 Financial Results
BURLINGTON, Mass., Nov. 15, 2011 /PRNewswire/ -- Coronado Biosciences, Inc., a company focused on novel immunotherapy biologic agents for the treatment of autoimmune diseases and cancer, today announced financial results for the third quarter ended September 30, 2011.
The Company's cash and cash equivalents as of September 30, 2011 were approximately $26.7 million. Coronado incurred a net loss of approximately $29.6 million for the nine month period ended September 30, 2011, compared to a net loss of $8.4 million for the same period in 2010. This increase in net loss was due primarily to a $20.7 million charge in 2011 for in-process research and development expense relating to the acquisition of CNDO-201. Net loss for the three month period ended September 30, 2011 was $3.4 million compared to a net loss of $2.1 million for the same period in 2010.
"Over the last few months we have achieved several important milestones and objectives," stated Dr. Bobby W. Sandage, Jr., President and CEO of Coronado Biosciences. "Coronado completed its transition from a private company to a public reporting company. We anticipate the trading of our common stock to commence on the OTC Bulletin Board soon, with the goal of listing on a national exchange shortly thereafter. On the clinical front, the IND for CNDO-201 was filed with the FDA and we expect to initiate a Phase I dose-ranging trial in Crohn's disease patients in the next few weeks. For CNDO-109, final data from the Phase I trial in AML will be presented at the American Society of Hematology annual meeting in December."
Upcoming Events
November 15-16 |
Lazard Capital Markets 8th Annual Healthcare Conference, New York City |
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Corporate presentation |
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December 10-13 |
American Society of Hematology Annual Meeting, San Diego |
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Presentation of Phase I data for CNDO-109 in Acute myeloid leukemia |
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December 13-15 |
Oppenheimer 22nd Annual Healthcare Conference, New York City |
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Corporate presentation |
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About Coronado Biosciences
Coronado Biosciences is engaged in the development of novel immunotherapy biologic agents. The Company's two principal pharmaceutical product candidates in clinical development are: CNDO-201, a biologic for the treatment of autoimmune diseases, such as Crohn's disease, ulcerative colitis and multiple sclerosis; and CNDO-109, a biologic that activates natural killer (NK) cells, for the treatment of acute myeloid leukemia (AML) and solid tumors. For more information, please visit www.coronadobiosciences.com.
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to the Company's product development programs and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated risks relating to the results of research and development activities, uncertainties relating to preclinical and clinical testing, financing and strategic agreements and relationships, the early stage of products under development, our need for substantial additional funds, government regulation, patent and intellectual property matters; our dependence on third party suppliers and competition, as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
CORONADO BIOSCIENCES, INC. AND SUBSIDIARY |
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(A development stage enterprise) |
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Condensed Consolidated Balance Sheets |
|||||
($ in thousands expect per share amounts) |
|||||
(Unaudited) |
|||||
As of September 30, |
As of December 30, |
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2011 |
2010 |
||||
ASSETS |
|||||
Current Assets: |
|||||
Cash and cash equivalents |
$26,708 |
$14,862 |
|||
Prepaid and other current assets |
98 |
55 |
|||
Total current assets |
26,806 |
14,917 |
|||
Computer equipment, net of accumulated depreciation |
- |
22 |
|||
Total Assets |
$26,806 |
$14,939 |
|||
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT |
|||||
Accounts payable |
$902 |
$476 |
|||
Accounts payable - related party |
48 |
46 |
|||
PCP Interest payable - related party |
19 |
— |
|||
Accrued expenses |
1,554 |
1,037 |
|||
Warrant liability |
1,170 |
— |
|||
Total current liabilities |
3,693 |
1,559 |
|||
PCP Notes payable—related party |
750 |
- |
|||
Total Liabilities |
4,443 |
1,559 |
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Commitments and Contingencies |
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Convertible Preferred Stock Series A, $.001 par value, 5,000,000 shares authorized, 4,357,885 shares issued and outstanding as of September 30, 2011; 10,000,000 shares authorized 4,357,885 shares issued and outstanding as of December 31, 2010, net of issuance costs (liquidation value of $54,844 at September 30, 2011 and December 31, 2010) |
29,277 |
29,277 |
|||
Convertible Preferred Stock Series B, $.001 par value, 4,800,000 shares authorized, 2,525,677 shares issued and outstanding as of September 30, 2011 (liquidation value of $21,178 at September 30, 2011); as of December 31, 2010 no shares authorized, issued or outstanding. |
16,114 |
— |
|||
Convertible Preferred Stock Series C, $.001 par value, 5,200,000 shares authorized, 4,612,624 shares issued and outstanding as of September 30, 2011 (liquidation value of $38,677 at September 30, 2011); as of December 31, 2010 no shares authorized, issued or outstanding. |
21,614 |
— |
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Stockholders’ Deficit: |
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Common Stock, $.001 par value, 50,000,000 shares authorized, 7,028,059 shares issued and outstanding as of September 30, 2011; 4,791,102 shares issued and outstanding as of December 31, 2010; |
7 |
5 |
|||
Additional paid-in capital |
5,206 |
4,312 |
|||
Deficit accumulated during the development stage |
(49,855) |
(20,214) |
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Total Stockholders’ Deficit |
(44,642) |
(15,897) |
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Total Liabilities, Convertible Preferred Stock and Stockholders’ Deficit |
$26,806 |
$14,939 |
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CORONADO BIOSCIENCES, INC. AND SUBSIDIARY |
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(A development stage enterprise) |
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Condensed Consolidated Statements of Operations |
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($ in thousands expect per share amounts) |
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(Unaudited) |
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For the three months ended |
For the nine months ended |
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September 30, |
September 30, |
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2011 |
2010 |
2011 |
2010 |
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Operating expenses: |
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Research and development |
$1,753 |
$1,822 |
$5,141 |
$6,341 |
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General and administrative |
1,778 |
260 |
3,965 |
510 |
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In-process research and development |
— |
— |
20,706 |
— |
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Loss from operations |
(3,531) |
(2,082) |
(29,812) |
(6,851) |
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Interest income |
70 |
24 |
111 |
32 |
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Interest expense, net |
(19) |
(62) |
(55) |
(1,535) |
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Warrant income |
115 |
— |
115 |
— |
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Net loss |
($3,365) |
($2,120) |
($29,641) |
($8,354) |
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Common Stock dividend to Series A Convertible Preferred Stockholders |
— |
— |
(5,861) |
— |
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Net loss attributed to Common Stock |
($3,365) |
($2,120) |
($35,502) |
($8,354) |
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Basic and diluted net loss per common share |
($0.48) |
($0.44) |
($6.02) |
($1.92) |
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Weighted average common shares outstanding—basic and diluted |
7,028,060 |
4,791,102 |
5,897,462 |
4,349,345 |
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Contact Information:
Investor Relations
Noah D. Beerman, Executive Vice President & Chief Operating Officer
Coronado Biosciences, Inc.
781-238-6619; [email protected]
Marcy Nanus, Vice President
The Trout Group, LLC.
646-378-2927; [email protected]
Media Relations
Dennis S. Dobson Jr., CEO
Dobson Media Group
203-258-0159; [email protected]
SOURCE Coronado Biosciences, Inc.
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