Full Press Release Details
AmpliPhi Biosciences Reports Second Quarter 2018 Financial
9, 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 second
quarter ended June 30, 2018. AmpliPhi Biosciences will not be conducting a conference call in conjunction with this financial release.
"I'm delighted to report that we have made substantial
progress with our expanded access program for AB-SA01 and AB-PA01," said Paul C. Grint, M.D., CEO of AmpliPhi Biosciences.
"As of today, we have treated a total of nineteen patients at seven different hospitals and we are encouraged by the
results. We are analyzing the data and plan to share a more detailed update in the near future. We look forward to our two meetings
with the FDA over the next two months, the goal of which is to obtain important clinical development feedback for Phase 2 and potentially
pivotal trials in one or more indications."
Recent Business Highlights
Second Quarter and Six Months Ended June 30, 2018 Financial
About AmpliPhi Biosciences
AmpliPhi Biosciences Corporation is
a clinical-stage biotechnology company focused on precisely targeted bacteriophage therapeutics for antibiotic-resistant infections
using its proprietary bacteriophage-based technology. 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: the potential benefits of phage
therapy; the potential use of bacteriophages to treat bacterial infections, including infections that do not respond to antibiotics
or are associated with biofilms; and AmpliPhi's scheduled meetings with the FDA in August and September 2018 and the anticipated
benefits therefrom. 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
| June 30, 2018 | December 31, 2017 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 5,798,000 | $ | 5,132,000 | ||||
| Prepaids and other current assets | 322,000 | 253,000 | ||||||
| Total current assets | 6,120,000 | 5,385,000 | ||||||
| Property and equipment, net | 678,000 | 816,000 | ||||||
| Intangible assets, net | 4,922,000 | 4,937,000 | ||||||
| Total assets | $ | 11,720,000 | $ | 11,138,000 | ||||
| Liabilities and stockholders' equity | ||||||||
| Total current liabilities | $ | 2,049,000 | $ | 1,968,000 | ||||
| Derivative liabilities | 185,000 | 292,000 | ||||||
| Deferred tax liability | 1,147,000 | 1,147,000 | ||||||
| Total liabilities | 3,381,000 | 3,407,000 | ||||||
| Stockholders' equity | 8,339,000 | 7,731,000 | ||||||
| Total liabilities and stockholders' equity | $ | 11,720,000 | $ | 11,138,000 |
AmpliPhi Biosciences Corporation
Condensed Consolidated
Statements of Operations
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Revenue | $ | - | $ | 28,000 | $ | - | $ | 57,000 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 1,692,000 | 1,130,000 | 3,156,000 | 2,620,000 | ||||||||||||
| General and administrative | 1,360,000 | 2,784,000 | 2,951,000 | 4,682,000 | ||||||||||||
| Impairment charges | - | 5,800,000 | - | 5,800,000 | ||||||||||||
| Total operating expenses | 3,052,000 | 9,714,000 | 6,107,000 | 13,102,000 | ||||||||||||
| Loss from operations | (3,052,000 | ) | (9,686,000 | ) | (6,107,000 | ) | (13,045,000 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Change in fair value of derivative liabilities | 2,000 | 1,920,000 | (77,000 | ) | 2,034,000 | |||||||||||
| Other income, net | - | 3,000 | - | 2,000 | ||||||||||||
| Total other income (expense), net | 2,000 | 1,923,000 | (77,000 | ) | 2,036,000 | |||||||||||
| Loss before income taxes | (3,050,000 | ) | (7,763,000 | ) | (6,184,000 | ) | (11,009,000 | ) | ||||||||
| Income tax benefit | - | 1,302,000 | - | 1,302,000 | ||||||||||||
| Net loss | $ | (3,050,000 | ) | $ | (6,461,000 | ) | $ | (6,184,000 | ) | $ | (9,707,000 | ) | ||||
| Net loss per share, basic | $ | (0.19 | ) | $ | (1.21 | ) | $ | (0.42 | ) | $ | (2.76 | ) | ||||
| Weighted average shares outstanding, basic | 16,464,675 | 5,350,930 | 14,890,164 | 3,514,181 | ||||||||||||
| Net loss per share, diluted | $ | (0.19 | ) | $ | (1.46 | ) | $ | (0.42 | ) | $ | (3.09 | ) | ||||
| Weighted average shares outstanding, diluted | 16,464,675 | 5,519,895 | 14,890,164 | 3,652,501 |
AmpliPhi Biosciences Corporation
Condensed Consolidated
Statement of Cash Flows
| Six Months Ended June 30, | ||||||||
| 2018 | 2017 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Operating activities: | ||||||||
| Net loss | $ | (6,184,000 | ) | $ | (9,707,000 | ) | ||
| Adjustments required to reconcile net loss to net cash used in operating activities: | ||||||||
| Change in fair value of derivative liabilities | 77,000 | (2,034,000 | ) | |||||
| Impairment charges | - | 5,800,000 | ||||||
| Stock-based compensation | 246,000 | 470,000 | ||||||
| Deferred taxes | - | (1,302,000 | ) | |||||
| Depreciation and amortization | 193,000 | 185,000 | ||||||
| Other non-cash adjustments, net | - | 18,000 | ||||||
| Changes in operating assets and liabilities, net | (41,000 | ) | 340,000 | |||||
| Net cash used in operating activities | (5,709,000 | ) | (6,230,000 | ) | ||||
| Investing activities: | ||||||||
| Purchases of property and equipment | (31,000 | ) | (7,000 | ) | ||||
| Net cash used in investing activities | (31,000 | ) | (7,000 | ) | ||||
| Financing activities: | ||||||||
| Proceeds from sale of common stock, net of offering costs | 6,203,000 | 9,690,000 | ||||||
| Other financing activities | 203,000 | (202,000 | ) | |||||
| Net cash provided by financing activities | 6,406,000 | 9,488,000 | ||||||
| Net increase in cash and cash equivalents | 666,000 | 3,251,000 | ||||||
| Cash and cash equivalents, beginning of period | 5,132,000 | 5,711,000 | ||||||
| Cash and cash equivalents, end of period | $ | 5,798,000 | $ | 8,962,000 |