Corbus Pharmaceuticals, Inc. Reports 2014 Third Quarter Results And Business Update

NORWOOD, MA--(Marketwired - November 13, 2014) - Corbus Pharmaceuticals Holdings, Inc. (OTCQB: CRBP) (the "Company"), an emerging growth drug development company focused on the development and commercialization of its lead product candidate, Resunab™, for the treatment of rare, life-threatening inflammatory and fibrotic diseases, announced today its financial results for the third quarter ended September 30, 2014. The Company also provided an update on its corporate progress and anticipated near-term clinical development milestones for Resunab™, its novel synthetic oral specialized pro-resolving mediator drug with unique anti-inflammatory and anti-fibrotic activity.

Corporate Highlights

  • Commenced trading on the Over-the-Counter Markets under ticker symbol CRBP in October 2014;
  • Expanded executive management team with appointment of pharmaceutical industry veteran, leading rheumatologist and scleroderma expert, Barbara White, M.D., as Chief Medical Officer; and
  • Expanded Board of Directors with the appointments of Avery W. Catlin, a seasoned biopharmaceutical financial executive, as an independent director and Audit Committee Chair; and Dr. Renu Gupta, former CMO of Insmed, as an independent director.

Yuval Cohen, Ph.D., Chief Executive Officer of Corbus Pharmaceuticals, commented, "I am absolutely delighted with the major accomplishments we have achieved since the successful completion of our financing in May 2014 that launched Corbus. In just six months we assembled an experienced, committed and fully engaged team of industry veterans, board members and advisors and have prepared our lead product candidate Resunab for two Phase 2 clinical studies, which we expect to commence in 2015."

Dr. Cohen concluded, "We are well positioned and prepared to deliver on clinical, regulatory and corporate milestones in 2015 that we believe have the potential to increase shareholder value in the near term."

Expected Near-Term Milestones

  • File Investigational New Drug ("IND") application for Resunab with an initial indication for diffuse systemic sclerosis ("scleroderma") with the U.S. Food and Drug Administration ("FDA") during the first quarter of 2015;
  • Initiate Phase 2 clinical study for Resunab in scleroderma during the first half of 2015;
  • Submit clinical protocol to the FDA under the Resunab IND for cystic fibrosis during the first quarter of 2015;
  • Initiate Resunab Phase 2 clinical trial in cystic fibrosis patients by mid-2015;
  • File Orphan Drug Designation Applications with the FDA during the first quarter of 2015 for Resunab; and
  • Seek an up-listing to NASDAQ Stock Market.

Third Quarter 2014 Financial Summary
For the quarter ended September 30, 2014, the Company reported a net loss of approximately $660,000, or a net loss of $0.03 per diluted share, compared to a net loss of approximately $60,000, or a net loss of $0.01 per diluted share, for the quarter ended September 30, 2013. For the nine months ended September 30, 2014, the Company reported a net loss of approximately $1,280,000, or a net loss of $0.07 per diluted share, compared to a net loss of approximately $312,000, or a net loss of $0.04 per diluted share, for the nine months ended September 30, 2013. The Company ended the quarter with approximately $7,530,000 of cash and cash equivalents.

The Company expects its current cash on hand to be sufficient to meet its operating and capital requirements until at least the end of 2015.

About Resunab™
Resunab™ is a novel synthetic oral drug with unique anti-inflammatory and anti-fibrotic activity. Pre-clinical and Phase 1 studies have shown Resunab to have a favorable safety profile coupled with promising potency in pre-clinical models of inflammation and fibrosis. Resunab binds to the CB2 receptor of immune cells and triggers the production of specialized pro-resolving mediators which results in "inflammatory resolution," in effect turning chronic inflammation "off."

About Corbus Pharmaceuticals
Corbus Pharmaceuticals is a clinical stage biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare life-threatening inflammatory-fibrotic diseases with clear unmet medical needs. Our lead product candidate Resunab is a novel oral anti-inflammatory drug scheduled to commence Phase 2 clinical trials for the treatment of cystic fibrosis and diffuse scleroderma in 2015. For more information, please visit

Forward-Looking Statements
This press release contains certain forward-looking statements, including those relating to the Company's product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. Additional written and oral forward-looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission or otherwise. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements.

These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would," "will" and similar expressions and the negatives of those terms. These statements involve known and unknown risks, uncertainties, and other factors, including the statements set forth under "Expected Near-Term Milestones," which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

                    Corbus Pharmaceuticals Holdings, Inc.                   
                     Condensed Consolidated Balance Sheet                   
                                               September 30,   December 31, 
                                                    2014           2013     
                                               -------------  ------------- 
ASSETS                                          (Unaudited)                 
Current assets:                                                             
  Cash and cash equivalents                    $   7,536,354  $     303,020 
  Prepaid expenses                                    20,053          2,500 
                                               -------------  ------------- 
    Total current assets                           7,556,407        305,520 
                                               -------------  ------------- 
Restricted cash                                       13,725  $           - 
Property and equipment, net                           59,415              - 
                                               -------------  ------------- 
      Total assets                             $   7,629,547  $     305,520 
                                               =============  ============= 
Current liabilities:                                                        
  Accounts payable                             $     482,656  $     181,471 
  Accrued interest payable                                 -         77,140 
  Accrued expenses                                    55,785         63,488 
  Derivative warrant liability                             -         19,932 
  Notes payable-current                               75,244        306,835 
                                               -------------  ------------- 
    Total current liabilities                        613,685        648,866 
Notes payable                                              -        331,243 
                                               -------------  ------------- 
      Total liabilities                              613,685        980,109 
                                               -------------  ------------- 
Commitments and Contingencies                                               
Series A Preferred Stock, $0.0001 Par Value:                                
    Series A Convertible Preferred Stock,                                   
     2,483,690 shares designated, 1,835,212                                 
     shares issued and outstanding at December                              
     31, 2013 (Liquidation preference of                                    
     $1,106,609 at December 31, 2013)                      -      1,106,609 
    Series A Non-Convertible Preferred Stock,                               
     $0.0001 Par Value 200,000 shares                                       
     designated, issued and outstanding at                                  
     December 31, 2013 (Liquidation preference                              
     of $200,000 at December 31, 2013)                     -          2,000 
Stockholders' equity (deficit)                                              
  Common stock, $0.0001 par value; 150,000,000                              
   shares authorized, 25,801,948 and 6,964,788                              
   shares issued and outstanding at September                               
   30, 2014 and December 31, 2013                      2,580            696 
  Additional paid-in capital                      10,180,080        102,696 
  Accumulated deficit                             (3,166,798)    (1,886,590)
                                               -------------  ------------- 
    Total stockholders' equity (deficit)           7,015,862     (1,783,198)
                                               -------------  ------------- 
      Total liabilities, preferred stock and                                
       stockholders equity (deficit)           $   7,629,547  $     305,520 
                                               =============  ============= 
                    Corbus Pharmaceuticals Holdings, Inc.                   
                Condensed Consolidated Statement of Operations              
                            Three Months Ended         Nine Months Ended    
                               September 30,             September 30,      
                         ------------------------  ------------------------ 
                             2014         2013         2014         2013    
                         -----------  -----------  -----------  ----------- 
Operating expenses:                                                         
  Research and                                                              
   development           $   452,600  $    28,971  $   683,960  $   225,922 
  General and                                                               
   administrative            365,603       16,374      704,185       55,097 
                         -----------  -----------  -----------  ----------- 
    Total operating                                                         
     expenses                818,203       45,345    1,388,145      281,019 
                         -----------  -----------  -----------  ----------- 
Operating loss              (818,203)     (45,345)  (1,388,145)    (281,019)
Other income (expense):                                                     
  Interest expense                 -       (9,367)     (22,395)     (31,292)
  Forgiveness of                                                            
   interest on note                                                         
   payable                     6,816            -        6,816            - 
  Interest income                802          128        1,425          695 
  Gain on the settlement                                                    
   of debt                   145,006            -      145,006            - 
  Change in fair value                                                      
   of warrant liability            -            -      (28,448)           - 
  Foreign currency                                                          
   exchange (loss) gain        5,958       (4,968)       5,533         (856)
                         -----------  -----------  -----------  ----------- 
    Other expense, net       158,582      (14,207)     107,937      (31,453)
                         -----------  -----------  -----------  ----------- 
Net loss                 $  (659,621) $   (59,552) $(1,280,208) $  (312,472)
                         ===========  ===========  ===========  =========== 
Net loss per share,                                                         
 basic and diluted       $     (0.03) $     (0.01) $     (0.07) $     (0.04)
                         ===========  ===========  ===========  =========== 
Weighted average number                                                     
 of common shares                                                           
 outstanding, basic and                                                     
 diluted                  25,542,755    6,964,788   18,242,956    6,964,788 
                         ===========  ===========  ===========  =========== 

Investor and Media Contact
Jenene Thomas
Investor Relations and Corporate Communications Advisor
Jenene Thomas Communications, LLC
Phone: +1 (908) 938-1475
Email: Email Contact

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