HOLLISTON, Mass., May 12, 2016 /PRNewswire/ -- Biostage, Inc. (Nasdaq: BSTG), today announced its financial results for its first quarter ended March 31, 2016. Biostage is hosting a conference call today at 9:00 am ET to review its research data and its Q1 results (details below).
Biostage is a biotechnology company developing bioengineered organ implants based on the company's new Cellframe technology which combines a proprietary biocompatible scaffold with a patient's own stem cells to create Cellspan organ implants. Cellspan implants are being developed to treat life-threatening conditions of the esophagus, bronchus or trachea with the hope of dramatically improving the treatment paradigm for patients. Based on its preclinical data, Biostage has selected life-threatening conditions of the esophagus as the initial clinical application of its technology.
Q1 2016 Financial Highlights:
- Net loss for the first quarter ended March 31, 2016 was $2.5 million, or $0.18 per basic share, compared to $2.6 million, or $0.39 per basic share, in Q1 2015.
- Research and development expense increased $0.2 million to $1.4 million for the three months ended March 31, 2016 compared to $1.2 million for the three months ended March 31, 2015 due primarily to increased spending on outsourced preclinical studies of $0.3 million and laboratory costs of $0.1 million, partially offset by a decrease in compensation-related costs of $0.2 million.
- Selling, general and administrative expense decreased $0.3 million to $1.1 million for the three months ended March 31, 2016 compared with $1.4 million for the three months ended March 31, 2015 due to a decrease in compensation-related costs related primarily to the departure of the Company's former Chairman and CEO in April 2015.
- Cash used in operating activities increased to $2.5 million in the first quarter of 2016 as compared to $1.7 million in the first quarter of 2015. Cash on hand at March 31, 2016 was $4.8 million. The Company continues to have in place its $15 million, 30 month Stock Purchase Agreement with Aspire Capital Fund, LLC. (Aspire Announcement).
Conference Call Details:
Biostage is hosting a conference call today at 9:00 am ET (details below) to discuss the financial results for the quarter ended March 31, 2016 as well as review research results announced today in a separate press release.
Management: | CEO Jim McGorry, CMO Saverio La Francesca, M.D. and CFO |
Tom McNaughton | |
Date and Time: | Today, Thursday, May 12, 2016 at 9:00 am (ET) |
Call Dial In #: | 877-407-8293 (U.S) or 201-689-8349 (Int'l.) |
Live webcast/replay: | |
Telephone replay: | 877-660-6853 (U.S.) or 201-612-7415 (Int'l.), Access ID # 13636819 |
About Biostage: (www.biostage.com)
Biostage is a biotechnology company developing bioengineered organ implants based on the company's new Cellframe technology which combines a proprietary biocompatible scaffold with a patient's own stem cells to create Cellspan organ implants. Cellspan implants are being developed to treat life-threatening conditions of the esophagus, bronchus or trachea with the hope of dramatically improving the treatment paradigm for patients. Based on its preclinical data, Biostage has selected life-threatening conditions of the esophagus as the initial clinical application of its technology.
Cellspan implants are currently being advanced and tested in a collaborative preclinical study. This testing is intended to expand the base of preclinical data in support of Biostage's goal of filing an Investigational New Drug (IND) application with the U.S. FDA in late 2016. The IND will seek approval to initiate clinical trials for its esophageal implants in humans.
Forward-Looking Statements:
Some of the statements in this press release are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements in this press release include, but are not limited to, statements relating to the development expectations and regulatory approval of any of our products, including those utilizing our Cellframe technology, by the FDA, EMA, MHRA or otherwise, which expectations or approvals may not be achieved or obtained on a timely basis or at all; or success with respect to any collaborations, clinical trials and other development and commercialization efforts of our products, including those utilizing our Cellframe technology, which such success may not be achieved or obtained on a timely basis or at all.
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