Cellect Biotech today provided a corporate update and announced financial results for the third quarter ended September 30, 2017.
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TEL AVIV, Israel, Nov. 22, 2017 /PRNewswire/ -- Cellect Biotechnology (NASDAQ: APOP), a developer of innovative technology which enables the functional selection of stem cells, today provided a corporate update and announced financial results for the third quarter ended September 30, 2017. "We are very pleased with our accomplishments in the third quarter of 2017" said Dr. Shai Yarkoni, Chief Executive Officer; "As planned, the third quarter continues to show progress in Cellect's path to global leadership in the regenerative medicine arena. We were granted an important FDA Orphan Drug Designation Status for Cellect's ApoGraft™ for the prevention of acute and chronic GvHD which we believe will allow us to efficiently speed up the commercialization process of ApoGraft™ and with the view to the future, we have successfully completed a voluntary de-listing from the Tel-Aviv stock exchange and migrated to trade exclusively on the NASDAQ to maximize shareholders' value from our future endeavors. In this respect we have also successfully raised $4.3M gross during the third quarter of 2017, to finance our strategic business development activities. We remain confident of our progress and leadership position in the stem cell market." Recent Corporate Highlights:
Third Quarter 2017 Financial Results:
Balance Sheet Highlights:
* For the convenience of the reader, the amounts above have been translated from NIS into U.S. dollars, at the representative rate of exchange on September 30, 2017 (U.S. $1 = NIS 3.529). The Company's unaudited consolidated financial results for the three and nine months ended September 30, 2017 are presented in accordance with International Financial Reporting Standards. About Cellect Biotechnology Ltd. Cellect Biotechnology (NASDAQ: "APOP", "APOPW") has developed a breakthrough technology for the selection of stem cells from any given tissue that aims to improve a variety of stem cell applications. The Company's technology is expected to provide pharma companies, medical research centers and hospitals with the tools to rapidly isolate stem cells in quantity and quality that will allow stem cell related treatments and procedures. Cellect's technology is applicable to a wide variety of stem cell related treatments in regenerative medicine and that current clinical trials are aimed at the cancer treatment of bone marrow transplantations. Forward Looking Statements This press release contains forward-looking statements about the Company's expectations, beliefs and intentions. Forward-looking statements can be identified by the use of forward-looking words such as "believe", "expect", "intend", "plan", "may", "should", "could", "might", "seek", "target", "will", "project", "forecast", "continue" or "anticipate" or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. For example, forward-looking statements are used in this press release when we discuss our anticipated performance in 2017 and the potential of our technology and its proposed uses. These forward-looking statements and their implications are based on the current expectations of the management of the Company only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In addition, historical results or conclusions from scientific research and clinical studies do not guarantee that future results would suggest similar conclusions or that historical results referred to herein would be interpreted similarly in light of additional research or otherwise. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; we may encounter delays or obstacles in launching and/or successfully completing our clinical trials; our products may not be approved by regulatory agencies, our technology may not be validated as we progress further and our methods may not be accepted by the scientific community; we may be unable to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties may develop with our process; our products may wind up being more expensive than we anticipate; results in the laboratory may not translate to equally good results in real clinical settings; results of preclinical studies may not correlate with the results of human clinical trials; our patents may not be sufficient; our products may harm recipients; changes in legislation; inability to timely develop and introduce new technologies, products and applications, which could cause the actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements. Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in Cellect Biotechnology Ltd.'s Annual Report on Form 20-F for the fiscal year ended December 31, 2016 filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC's website, www.sec.gov and in the Company's periodic filings with the SEC and the Tel-Aviv Stock Exchange.
Cellect Biotechnology Ltd.
Consolidated Statement of Operation
Convenience
translation
Nine months
ended Nine months ended Three months ended
September 30, September 30, September 30,
------------- ------------- -------------
2017 2017 2016 2017 2016
---- ---- ---- ---- ----
Unaudited Unaudited
--------- ---------
U.S. dollars NIS
------------ ---
(In thousands, except share and per
share data)
Research and
development expenses 2,295 8,099 5,738 2,872 2,059
General and
administrative
expenses 2,699 9,524 6,247 3,478 2,700
Other income - - (280) - -
--- --- ---- --- ---
Operating loss 4,994 17,623 11,705 6,350 4,759
Financial expenses due
to warrants 1,933 6,821 532 1,509 532
exercisable into ADS
Other financial
expenses (income), net 116 411 198 (57) 175
--- --- --- --- ---
Total comprehensive
loss 7,043 24,855 12,435 7,802 5,466
===== ====== ====== ===== =====
Loss per share and ADS:
Basic and diluted loss
per share 0.065 0.228 0.145 0.070 0.055
===== ===== ===== ===== =====
Basic and diluted loss
per ADS 1.292 4.56 2.90 1.40 1.10
==== ==== ====
Weighted average number
of shares 109,188,626 109,188,626 85,583,252 111,476,292 98,494,725
outstanding used to
compute basic and
diluted loss per share
Cellect Biotechnology Ltd.
Consolidated Balance Sheet Data
ASSETS
Convenience
translation
September 30, September 30, December 31,
------------- ------------- ------------
2017 2017 2016
---- ---- ----
Unaudited Unaudited Audited
--------- --------- -------
U.S. dollars NIS
------------ ---
(In thousands, except share and per
share data)
CURRENT ASSETS:
Cash and cash equivalents 6,396 22,572 6,279
Short term deposits, net - - 19,660
Marketable securities 2,833 9,996 4,997
Other accounts receivable 284 1,004 1,461
--- ----- -----
9,513 33,572 32,397
----- ------ ------
NON-CURRENT ASSETS:
Restricted cash 87 307 140
Other long-term assets 27 95 -
Property, plant and equipment, net 360 1,270 1,373
--- ----- -----
474 1,672 1,513
--- ----- -----
9,987 35,244 33,910
===== ====== ======
LIABILITIES AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables 575 2,027 1,401
Other accounts payable 368 1,297 2,084
Non Traded Warrants to ADS 693 2,447 -
--- ----- ---
1,636 5,771 3,485
----- ----- -----
NON-CURRENT LIABILITIES:
Traded Warrants to ADS 2,443 8,622 1,938
----- ----- -----
EQUITY:
Ordinary shares of no par value: - - -
Authorized: 500,000,000 shares at December 31, 2016
and September 30 2017; Issued and outstanding:
107,583,485*) at December 31, 2016;
119,843,679*) at September 30, 2017.
Share premium 22,773 80,367 67,414
Capital funds 2,971 10,483 6,217
Treasury shares (2,671) (9,425) (9,425)
Accumulated deficit (17,165) (60,574) (35,719)
------- ------- -------
5,908 20,851 28,487
----- ------ ------
9,987 35,244 33,910
===== ====== ======
*) Net of 2,686,693 treasury shares of the Company held by the Company.
Cellect Biotechnology Ltd.
Consolidated Cash Flow Data
Convenience
translation
Nine months Nine months ended Three months ended
ended
September 30, September 30, September 30,
------------- ------------- -------------
2017 2017 2016 2017 2016
---- ---- ---- ---- ----
Unaudited Unaudited
--------- ---------
U.S. dollars NIS
------------ ---
(In thousands)
Cash flows from operating activities:
-------------------------------------
Total comprehensive loss (7,043) (24,855) (12,435) (7,802) (5,466)
------ ------- ------- ------ ------
Adjustments to reconcile net loss to net
cash used in operating activities:
Net financing expenses 143 504 146 (29) 137
Loss (gain) from revaluation of financial 40 140 21 (149) 22
assets presented at fair value through
profit and loss
Depreciation 79 278 218 94 38
Capital loss from sell of property, plant and - - 9 - -
equipment
Changes in fair value of traded and not 1,884 6,650 (77) 1,337 (77)
traded warrants to ADS
Share-based payment 1,138 4,016 2,086 1,572 576
Decrease (increase) in other receivables 103 362 (743) 126 17
Increase (decrease) in other payables (179) (633) 595 (4) 1,090
---- ---- --- --- -----
Net cash used in operating activities (3,835) (13,538) (10,180) (4,855) (3,663)
------ ------- ------- ------ ------
Cash flows from investing activities:
-------------------------------------
Proceeds received from the sale of fixed - - 95 - -
assets
Short term deposits, net 5,534 19,530 (19,635) 18,020 (19,515)
Purchase of marketable securities measured (2,834) (10,000) - (10,000) -
at fair value through profit and loss
Restricted cash, net (47) (167) - (2) -
Sales of marketable securities measured at 1,414 4,991 1,801 - -
fair value through profit and loss
Purchase of property, plant and equipment (50) (175) (1,183) (59) (59)
--- ---- ------ --- ---
Net cash provided by (used in) investing activities 4,017 14,179 (18,922) 7,959 (19,574)
----- ------ ------- ----- -------
Cash flows from financing activities:
-------------------------------------
Exercise of stock options 358 1,263 7 197 -
Issue of share capital and warrants, net of 4,220 14,893 35,084 14,893 27,620
issue costs
Net cash provided by financing activities 4,578 16,156 35,091 15,090 27,620
----- ------ ------ ------ ------
Exchange differences on balances of cash (143) (504) (146) 29 (137)
and cash equivalents
Increase in cash and cash equivalents 4,617 16,293 5,843 18,223 4,246
Balance of cash and cash equivalents at the 1,779 6,279 3,913 4,349 5,510
beginning of the period
Balance of cash and cash equivalents at 6,396 22,572 9,756 22,572 9,756
the end of the period
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Company Codes: NASDAQ-SMALL:APOP, TelAviv:APOP |
