Full Press Release Details
AmpliPhi Biosciences Reports First Quarter
2018 Financial Results and Business Highlights
15, 2018) - AmpliPhi Biosciences Corporation (NYSE American: APHB), a clinical-stage biotechnology company focused on
precisely targeted bacteriophage therapeutics for antibiotic-resistant infections, today announced financial results for the first
quarter ended March 31, 2018.
"From the ongoing expanded access program, we are gathering
initial evidence of safety and efficacy of AB-SA01 and AB-PA01 in patients with serious and life-threatening infections,"
said Paul C. Grint, M.D., CEO of AmpliPhi Biosciences. "We continue to target a meeting with the FDA in mid-2018 to define
a path forward to regulatory approval, with the potential for us to initiate a Phase 2 or registrational clinical study as early
as the fourth quarter of 2018."
Recent Business Highlights
First Quarter 2018 Financial Results
Conference Call and Webcast
AmpliPhi will hold a conference call today beginning at 4:30
p.m. Eastern time (1:30 p.m. Pacific time). The conference call dial-in number is (866) 652-5200 for domestic callers and (412)
317-6060 for international callers, and the passcode is 10120002. A live webcast of the call will be available on the Investor
Relations section of www.ampliphibio.com.
A recording of the call will be available for 48 hours beginning
approximately two hours after the completion of the call by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for
international callers. Please use passcode 10120002 to access the recording. A webcast replay will be available on the Investor
Relations section of www.ampliphibio.com for 30 days, beginning approximately two hours after the completion of the call.
About AmpliPhi Biosciences
AmpliPhi Biosciences Corporation is a clinical-stage
biotechnology company focused on the development of precisely targeted bacteriophage therapeutics for patients with serious and
life-threatening antibiotic-resistant bacterial infections. AmpliPhi's lead product candidates, AB-SA01 and AB-PA01, target
multidrug-resistant Staphylococcus aureus and Pseudomonas aeruginosa, which are included on the WHO's
2017 Priority Pathogens List. Phage therapeutics are uniquely positioned to address the threat of antibiotic resistance as they
can be precisely targeted to kill select bacteria, have a differentiated mechanism of action, can penetrate and disrupt biofilms
(a common bacterial defense mechanism against antibiotics), are potentially synergistic with antibiotics and have been shown to
restore antibiotic sensitivity to drug-resistant bacteria.
Forward Looking Statements
Statements in this press release that are
not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements include, without limitation, statements regarding: AmpliPhi's targeted meeting
with the FDA in mid-2018 and the expected benefits therefrom, including obtaining feedback on the path to regulatory approval;
the potential initiation of a Phase 2 or registrational clinical study as early as the fourth quarter of 2018; and the potential
benefits of phage therapy and the potential use of bacteriophages to treat bacterial infections, including infections that do not
respond to antibiotics or are associated with biofilms. Words such as "believe," "anticipate," "plan,"
"expect," "intend," "will," "may," "goal," "potential"
and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements necessarily
contain these identifying words. Among the factors that could cause actual results to differ materially from those indicated in
these forward-looking statements are risks and uncertainties associated with bacteriophage product candidate development, both
generally and specifically through expanded access regulations, AmpliPhi's financial condition, and other risks and uncertainties
described in AmpliPhi's Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the Securities and
Exchange Commission (SEC), and AmpliPhi's subsequent filings with the SEC. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are
qualified in their entirety by this cautionary statement, and AmpliPhi undertakes no obligation to revise or update any forward-looking
statements to reflect events or circumstances after the date of this press release.
AmpliPhi Biosciences
| AmpliPhi Biosciences Corporation |
| Condensed Consolidated Balance Sheets |
| March 31, 2018 | December 31, 2017 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 8,206,000 | $ | 5,132,000 | ||||
| Prepaids and other current assets | 537,000 | 253,000 | ||||||
| Total current assets | 8,743,000 | 5,385,000 | ||||||
| Property and equipment, net | 727,000 | 816,000 | ||||||
| Intangible assets, net | 4,929,000 | 4,937,000 | ||||||
| Total assets | $ | 14,399,000 | $ | 11,138,000 | ||||
| Liabilities and stockholders' equity | ||||||||
| Total current liabilities | $ | 1,775,000 | $ | 1,968,000 | ||||
| Derivative liabilities | 187,000 | 292,000 | ||||||
| Deferred tax liability | 1,147,000 | 1,147,000 | ||||||
| Total liabilities | 3,109,000 | 3,407,000 | ||||||
| Stockholders' equity | 11,290,000 | 7,731,000 | ||||||
| Total liabilities and stockholders' equity | $ | 14,399,000 | $ | 11,138,000 |
| AmpliPhi Biosciences Corporation |
| Condensed Consolidated Statements of Operations |
| Three Months Ended March 31, | ||||||||
| 2018 | 2017 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenue | $ | - | $ | 29,000 | ||||
| Operating expenses: | ||||||||
| Research and development | 1,464,000 | 1,490,000 | ||||||
| General and administrative | 1,591,000 | 1,898,000 | ||||||
| Total operating expenses | 3,055,000 | 3,388,000 | ||||||
| Loss from operations | (3,055,000 | ) | (3,359,000 | ) | ||||
| Other income (expense): | ||||||||
| Change in fair value of derivative liabilities | (79,000 | ) | 114,000 | |||||
| Other expense, net | - | (1,000 | ) | |||||
| Total other income (expense), net | (79,000 | ) | 113,000 | |||||
| Net loss | $ | (3,134,000 | ) | $ | (3,246,000 | ) | ||
| Net loss per share, basic and diluted | $ | (0.24 | ) | $ | (1.94 | ) | ||
| Weighted average shares outstanding, basic and diluted | 13,298,159 | 1,677,497 |
| AmpliPhi Biosciences Corporation |
| Condensed Consolidated Statement of Cash Flows |
| Three Months Ended March 31, | ||||||||
| 2018 | 2017 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Operating activities: | ||||||||
| Net loss | $ | (3,134,000 | ) | $ | (3,246,000 | ) | ||
| Adjustments required to reconcile net loss to net cash used in operating activities: | ||||||||
| Change in fair value of derivative liabilities | 79,000 | (114,000 | ) | |||||
| Stock-based compensation | 122,000 | 171,000 | ||||||
| Depreciation and amortization | 97,000 | 93,000 | ||||||
| Other non-cash adjustments, net | - | 10,000 | ||||||
| Changes in operating assets and liabilities, net | (700,000 | ) | (213,000 | ) | ||||
| Net cash used in operating activities | (3,536,000 | ) | (3,299,000 | ) | ||||
| Investing activities: | ||||||||
| Purchases of property and equipment | - | (5,000 | ) | |||||
| Net cash used in investing activities | - | (5,000 | ) | |||||
| Financing activities: | ||||||||
| Proceeds from sale of common stock, net of offering costs | 6,409,000 | - | ||||||
| Other financing activities | 201,000 | (205,000 | ) | |||||
| Net cash provided by (used in) financing activities | 6,610,000 | (205,000 | ) | |||||
| Net increase (decrease) in cash and cash equivalents | 3,074,000 | (3,509,000 | ) | |||||
| Cash and cash equivalents, beginning of period | 5,132,000 | 5,711,000 | ||||||
| Cash and cash equivalents, end of period | $ | 8,206,000 | $ | 2,202,000 |