TapImmune Provides Third Quarter 2017 Corporate and Clinical Update
Conference Call and Live Audio Webcast Scheduled for Today, November 15, 2017, at 4:30 p.m. ET |
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JACKSONVILLE, Fla., Nov. 15, 2017 /PRNewswire/ -- Recent Corporate and Clinical Developments:
Upcoming Anticipated Milestones:
TapImmune Inc. (NASDAQ: TPIV), a leading clinical-stage immuno-oncology company with ongoing clinical trials in ovarian and breast cancer, today provided its business update for the third quarter 2017. A public conference call and live audio webcast is scheduled for today at 4:30 p.m. ET. "TapImmune continued to advance its clinical and preclinical programs in the third quarter, which I believe positions us very well to achieve a number of important milestones in 2017 and beyond," said Peter Hoang, President and CEO of TapImmune. "I believe TapImmune is well positioned to advance immuno-oncology with its broadly effective cancer vaccine candidates and proprietary technologies in the indications and treatment settings we are targeting. Having joined the company in late September, I was drawn to TapImmune because I see an opportunity to lead our industry, in translating the promise of cancer immunotherapy into potentially life-changing therapeutic outcomes. "As we continue to advance our deep clinical pipeline, I am determined to drive TapImmune to its full potential. Our primary objective is to continue executing on our active Phase 2 trials as efficiently as possible. We and our clinical partners also expect to launch additional clinical studies for each of our novel cancer vaccine candidates in order to further highlight their potential and generate even more value for the company. I believe that driving clinical execution should lead to several significant catalysts for the company and its shareholders over the coming quarters and years. I expect to drive efficiencies from an operational, regulatory and commercial standpoint, so that we achieve every milestone we set for the company. In parallel, my goal is to drive enhanced appreciation and support for TapImmune by the investor community. Finally, I intend to pursue opportunities to bolster our pipeline through strategic corporate and business development initiatives, in an effort to further expand the market opportunity for TapImmune." Current Clinical Studies: TPIV200: Lead T-cell vaccine targeting folate receptor alpha
Planned Clinical Studies: TPIV200:
TPIV100/110 T-cell vaccine targeting HER2/neu:
Conference Call and Webcast Information:
An audio webcast will be accessible via the New and Events section of the TapImmune website http://tapimmune.com/events/. An archive of the webcast and presentation will remain available for 90 days beginning at approximately 6:30 p.m. ET, on November 15, 2017. About TapImmune Inc. For additional information, please visit: https://tapimmune.com/ To receive future press releases via email, please visit: https://tapimmune.com/investors/email-alerts/ Follow us on Twitter @Tapimmune_Inc, or follow us on Facebook. For answers to frequently asked questions, please visit our FAQs page: https://tapimmune.com/investors/frequently-asked-questions/ Forward-Looking Statement Disclaimer
TAPIMMUNE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2017 2016 2017 2016
---- ---- ---- ----
Operating expenses:
Research and development $1,623,302 $1,109,332 $3,815,119 $3,343,248
General and administrative 2,549,272 1,612,305 5,167,582 3,557,701
--------- --------- --------- ---------
Total operating expenses 4,172,574 2,721,637 8,982,701 6,900,949
--------- --------- --------- ---------
Loss from operations (4,172,574) (2,721,637) (8,982,701) (6,900,949)
Other income (expense):
Change in fair value of warrant
liabilities 4,000 684,000 8,500 5,925,000
Debt extinguishment gain - - 492,365 -
Grant income 183,064 - 183,064 231,200
Loss on debt settlement
agreements - (65,325) - (135,640)
Other income - - - 1,828
Net loss $(3,985,510) $(2,102,962) $(8,298,772) $(878,561)
=========== =========== =========== =========
Basic net loss per share $(0.39) $(0.29) $(0.91) $(0.14)
====== ====== ====== ======
Diluted net loss per share $(0.39) $(0.29) $(0.91) $(0.54)
====== ====== ====== ======
Weighted average number of
common shares outstanding,
basic 10,219,138 7,281,000 9,081,678 6,370,000
========== ========= ========= =========
Weighted average number of
common shares outstanding,
diluted 10,219,138 7,281,000 9,081,678 6,935,000
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TAPIMMUNE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
2017 2016
---- ----
ASSETS
Current assets:
Cash $7,607,735 $7,851,243
Prepaid expenses and deposits 96,530 70,149
------ ------
Total current assets 7,704,265 7,921,392
--------- ---------
Total assets $7,704,265 $7,921,392
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $1,757,062 $1,224,940
Research agreement obligations - 492,365
Warrant liability 6,000 14,500
Promissory note 5,000 5,000
Total current liabilities 1,768,062 1,736,805
--------- ---------
Total liabilities 1,768,062 1,736,805
--------- ---------
COMMITMENTS AND CONTINGENCIES - -
Stockholders' equity:
Preferred stock - $0.001 par value, 5 million shares authorized at September 30, 2017 and December 31, 2016, respectively
Series A, $0.001 par value, 1.25 million shares designated, 0 shares issued and
outstanding as of September 30, 2017 and December 31, 2016, respectively - -
Series B, $0.001 par value, 1.5 million shares designated, 0 shares issued and
outstanding as of September 30, 2017 and December 31, 2016, respectively - -
Common stock, $0.001 par value, 41.7 million shares authorized, 10.5 million and
8.4 million shares issued and outstanding as of September 30, 2017 and December
31, 2016, respectively 10,539 8,421
Additional paid-in capital 160,662,286 151,991,974
Accumulated deficit (154,736,622) (145,815,808)
------------ ------------
Total stockholders' equity 5,936,203 6,184,587
--------- ---------
Total liabilities and stockholders' equity $7,704,265 $7,921,392
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TAPIMMUNE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30,
-------------
2017 2016
---- ----
Cash Flows from Operating Activities:
Net loss $(8,298,772) $(878,561)
Reconciliation of net loss to net cash used in operating activities:
Changes in fair value of warrant liabilities (8,500) (5,925,000)
Shares issued in debt settlement agreements - 70,315
Stock-based compensation 2,332,915 1,309,109
Debt extinguishment gain (492,365) -
Changes in operating assets and liabilities:
Prepaid expenses and deposits (26,381) (42,849)
Accounts payable and accrued expenses 532,122 710,720
Net cash used in operating activities (5,960,981) (4,756,266)
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Cash Flows from Financing Activities:
Proceeds from issuance of common stock and warrants in private placement, net of offering costs 5,408,343 2,331,126
Proceeds from exercise of stock warrants, net of offering costs 619,623 5,483,349
Repayment of promissory note - (25,000)
Repayment of promissory note - related party - (23,000)
Repurchase of common stock to pay for employee withholding taxes (310,493) -
Net cash provided by financing activities 5,717,473 7,766,475
--------- ---------
Net (decrease) increase in cash (243,508) 3,010,209
Cash at beginning of period 7,851,243 6,576,564
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Cash at end of period $7,607,735 $9,586,773
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Company Codes: NASDAQ-SMALL:TPIV |