Filter News

Galmed Pharmaceuticals Announces The Commencement Of Patient Screening In The ARREST Study In The United States And Latin America, And Reports Second Quarter 2015 Financial Results

Published: Aug 13, 2015

TEL AVIV, Israel, Aug. 13, 2015 /PRNewswire/ -- Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) ("Galmed"), a clinical-stage biopharmaceutical company focused on the development of a once-daily, oral therapy for the treatment of liver diseases, today announced that it has commenced patient screening for the ARREST Study in the United States and Latin America, as well as reported financial results for the three and six months ended June 30, 2015.

Financial Summary Second Quarter 2015 vs. Second Quarter 2014:

  • Net loss of $2.4 million, or $0.21 per share, for the three months ended June 30, 2015, compared to a net loss of $1.8 million, or $0.14 per share, for the three months ended June 30, 2014.  This period's net loss included $0.3 million of non-cash, stock-based compensation expense versus $0.1 million of non-cash stock-based compensation expense incurred during the corresponding period in 2014.
  • Research and development expenses of $1.6 million for the three months ended June 30, 2015, compared to $1.2 million for the three months ended June 30, 2014.  The increase in 2015 primarily resulted from an increase in research and development subcontractor expenses in connection with Aramchol's clinical development program.
  • General and administrative expenses of $1.0 million for the three months ended June 30, 2015, compared to $0.5 million for the three months ended June 30, 2014.  The increase in 2015 primarily resulted from an increase in salaries and benefits as the result of new hires, including higher non-cash, stock-based compensation and an increase in professional services.
  • Cash and cash equivalents and marketable securities totaled $27.8 million as of June 30, 2015, compared to $31.9 million at December 31, 2014.  The decrease in 2015 primarily resulted from our ongoing clinical studies and operational activities.  Galmed continues to expect that its cash balance will be sufficient to maintain its current operations into 2017.

"The ARREST Study has made significant strides in the second quarter," stated Allen Baharaff, Galmed's President and Chief Executive Officer.

To read full press release, please click here.

Help employers find you! Check out all the jobs and post your resume.

Back to news