Full Press Release Details
Altimmune Announces Second Quarter 2017 Financial Results and Provides
Completed merger with PharmAthene, began trading on NASDAQ as Altimmune, Inc. (ALT)
Remains on track to initiate Phase 2 trial in NasoVAX in Third Quarter
HepTcell Phase 1 clinical trial ongoing in the UK and South Korea, top-line data expected in Fourth
Conference call and webcast at 8:30 a.m. Eastern time
GAITHERSBURG, MD, August 10, 2017 Altimmune, Inc. (Nasdaq: ALT), a clinical-stage immunotherapeutics company, today announced
financial results for the three- and six-months months ended June 30, 2017.
The completion of the
merger with PharmAthene is an exciting step in the evolution of Altimmune as we become a public company, said Bill Enright, Chief Executive Officer of Altimmune. We have an active and developing pipeline of immunotherapies that we expect
will add shareholder value as we execute our clinical strategies through the balance 2017 and 2018. With $8.4 million in cash at the end of the second quarter, combined with committed financing, expected tax refunds and revenue from our two
government-sponsored contracts for the SparVax-L and NasoShield programs, we expect to have sufficient resources to fund our current and planned development programs through key clinical milestones and 2Q 2018.
Recent Corporate Highlights
Financial Results for the three- and six-months ended
Conference Call Details
| Date: | Thursday, August 10 | |
| Time: | 8:30 a.m. Eastern Time | |
| Domestic: | 888-599-8667 | |
| International: | 719-325-4817 | |
| Conference ID: | 8401203 | |
| Webcast: | http://public.viavid.com/index.php?id=125554 | |
| Replays will be available through August 24 th: | ||
| Domestic: | 844-512-2921 | |
| International: | 412-317-6671 | |
| Replay PIN: | 8401203 |
Altimmune is a clinical-stage immunotherapeutics company focused on the development of products to stimulate robust and durable immune responses for the
prevention and treatment of disease and on the development of two next-generation anthrax vaccines that are intended to improve protection and safety while having favorable dosage and storage requirements compared to other anthrax vaccines. The
company has two proprietary platform technologies, RespirVec and Densigen, each of which has been shown to activate the immune system in distinctly different ways than traditional vaccines.
Forward-Looking Statement
Any statements made in this
press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other financial and business matters, including without limitation, the prospects for commercializing or selling any product
or drug candidates, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words may, could, should,
anticipate, believe, estimate, expect, intend, plan, predict and similar expressions and their variants, as they relate to Altimmune, Inc. (the Company )
may identify forward-looking statements. The Company cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ
materially from the results discussed in the forward looking statements or historical experience include risks and uncertainties, including risks relating to: realizing the benefits of the merger between Altimmune, Inc. and PharmAthene, Inc.;
clinical trials and the commercialization of proposed product candidates (such as marketing, regulatory, product liability, supply, competition, dependence on third parties and other risks); the regulatory approval process; dependence on
intellectual property; the Company s BARDA contract and other government programs, reimbursement and regulation; and the lack of financial resources and access to capital to fund proposed operations. Further information on the factors and risks
that could affect the Company s business, financial conditions and results of operations are contained in the Company s filings with the U.S. Securities and Exchange Commission, including under the heading Risk Factors in the
Form 10-K filed March 14, 2017 and in the Form S-4/A filed on March 31, 2017, which are available at www.sec.gov.
Email: enright@altimmune.com
Email: matthew@lifesciadvisors.com
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| License revenue | $ | 4,938 | $ | 158,465 | $ | 9,876 | $ | 163,403 | ||||||||
| Research grants and contracts | 3,033,035 | 587,502 | 3,327,668 | 1,087,473 | ||||||||||||
| Total revenue and grants and contracts | 3,037,973 | 745,967 | 3,337,544 | 1,250,876 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 5,254,729 | 1,381,513 | 8,040,851 | 2,444,131 | ||||||||||||
| General and administrative | 1,794,509 | 966,641 | 3,825,026 | 2,011,797 | ||||||||||||
| Total operating expenses | 7,049,238 | 2,348,154 | 11,865,877 | 4,455,928 | ||||||||||||
| Loss from operations | (4,011,265 | ) | (1,602,187 | ) | (8,528,333 | ) | (3,205,052 | ) | ||||||||
| Other expense: | ||||||||||||||||
| Interest expense | (97,156 | ) | (9,618 | ) | (157,759 | ) | (19,248 | ) | ||||||||
| Interest income | 4,166 | 845 | 4,166 | 845 | ||||||||||||
| Other income (expenses) | 164 | (6,110 | ) | (947 | ) | (6,471 | ) | |||||||||
| Total other expense, net | (92,826 | ) | (14,883 | ) | (154,540 | ) | (24,874 | ) | ||||||||
| Net loss before income tax benefit | (4,104,091 | ) | (1,617,070 | ) | (8,682,873 | ) | (3,229,926 | ) | ||||||||
| Income tax benefit | 993,709 | 993,709 | ||||||||||||||
| Net loss | (3,110,382 | ) | (1,617,070 | ) | (7,689,164 | ) | (3,229,926 | ) | ||||||||
| Other comprehensive income (loss) foreign currency translation adjustments | 1,256,970 | (2,614,220 | ) | 1,836,806 | (3,804,294 | ) | ||||||||||
| Total comprehensive loss | $ | (1,853,412 | ) | $ | (4,231,290 | ) | $ | (5,852,358 | ) | $ | (7,034,220 | ) | ||||
| Net loss | $ | (3,110,382 | ) | $ | (1,617,070 | ) | $ | (7,689,164 | ) | $ | (3,229,926 | ) | ||||
| Accumulated dividends on preferred stock prior to conversion to common stock | (44,713 | ) | (87,123 | ) | (163,069 | ) | (143,014 | ) | ||||||||
| Net loss attributed to common stockholders | $ | (3,155,095 | ) | $ | (1,704,193 | ) | $ | (7,852,233 | ) | $ | (3,372,940 | ) | ||||
| Weighted-average common shares outstanding, basic and diluted | 12,245,701 | 6,911,189 | 9,596,423 | 6,911,189 | ||||||||||||
| Net loss per share attributed to common stockholders, basic and diluted | $ | (0.26 | ) | $ | (0.25 | ) | $ | (0.82 | ) | $ | (0.49 | ) |