Full Press Release Details
Corbus Pharmaceuticals Reports 2015 First Quarter Financial Results and Provides Business Update
-First quarter marked by significant progress on operational, clinical and regulatory milestones-
-Company expects to commence Phase 2 clinical studies of Resunab in scleroderma in 2Q 2015 and cystic fibrosis in 3Q 2015-
Norwood, MA (May 13, 2015) Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (the Company ), a clinical stage drug
development company targeting rare, life-threatening chronic inflammatory and fibrotic diseases, announced today its financial results for the quarter ended March 31, 2015.
The Company also provided an update to its corporate progress and the clinical status for Resunab , its novel synthetic oral drug for the
treatment of chronic inflammation and fibrosis associated with cystic fibrosis ( CF ), diffuse cutaneous systemic sclerosis ( scleroderma ) and other chronic inflammatory-fibrotic diseases.
Recent Corporate Highlights
I am very pleased with the progress and milestones achieved so far in 2015, stated Yuval Cohen, Ph.D., Chief Executive Officer of the Company.
Moving forward, we are committed to adding to this positive momentum and believe Resunab has the potential to be an impactful therapy for individuals suffering from these rare chronic inflammatory and fibrotic diseases.
Expected Near-Term Milestones
Summary of Financial Results for First Quarter 2015
the quarter ended March 31, 2015, the Company reported a net loss of approximately $1,536,000, or a net loss per diluted share of $0.06, compared to a net loss of approximately $116,000, or a net loss per diluted share, of $0.02 for the quarter
ended March 31, 2014. The increase in the net loss for the quarter ended March 31, 2015 is attributable to a ramp up of the Company s operations to support the upcoming clinical trials in scleroderma and cystic fibrosis and the costs
associated with being a public company. The Company ended the quarter with approximately $4,972,000 of cash and cash equivalents.
Resunab is a novel synthetic oral drug with unique activity that has been shown to resolve inflammation and pro-fibrotic processes. Pre-clinical
models and Phase 1 clinical studies have shown Resunab to have a favorable safety profile coupled with promising potency in pre-clinical models of inflammation and fibrosis. Resunab binds to the CB2 receptor on immune cells in the periphery and
triggers resolution of inflammation and reduction of pro-inflammatory pathways, in effect turning chronic inflammation off without causing immunosuppression.
About Corbus Pharmaceuticals
Corbus Pharmaceuticals is a
clinical stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare life-threatening inflammatory and fibrotic diseases. Our lead product candidate Resunab is a novel oral drug that
resolves chronic inflammation and pro-fibrotic processes. Resunab is scheduled to commence Phase 2 clinical trials for the treatment of cystic fibrosis and diffuse cutaneous systemic sclerosis (scleroderma) in 2015. For more information, please
visit www.CorbusPharma.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company s product development, clinical and regulatory timelines, market opportunity, competitive position, possible or
assumed future results of operations, business strategies, potential growth opportunities and other statement that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections
about the industry and markets in which we operate and management s current beliefs and assumptions.
CORBUS PHARMACEUTICALS Holdings Inc.
100 River Ridge Drive Norwood MA 02062 | Tel +1 (617) 963-0100 | Fax +1 617 795 2189 | www.corbuspharmaceuticals.com
These statements may be identified by the use of forward-looking expressions, including, but not limited to,
expect, anticipate, intend, plan, believe, estimate, potential, predict, project, should, would and similar
expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to
be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company s filings with the Securities and Exchange Commission.
Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether
as a result of new information, future events or otherwise.
Investor Relations and Corporate Communications
Jenene Thomas Communications, LLC
David Schull or Marissa Goberdhan
Phone: +1 (858) 717-2310
Source: Corbus Pharmaceuticals Holdings, Inc.
CORBUS PHARMACEUTICALS Holdings Inc.
100 River Ridge Drive Norwood MA 02062 | Tel +1 (617) 963-0100 | Fax +1 617 795 2189 | www.corbuspharmaceuticals.com
Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Statement of Operations
| For the Three Months Ended March 31, | ||||||||
| 2015 | 2014 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 723,430 | $ | 61,917 | ||||
| General and administrative | 811,869 | 43,728 | ||||||
| Total operating expenses | 1,535,299 | 105,645 | ||||||
| Operating loss | (1,535,299 | ) | (105,645 | ) | ||||
| Other expense: | ||||||||
| Interest expense | (979 | ) | (11,163 | ) | ||||
| Interest income | 560 | 45 | ||||||
| Change in fair value of warrant liability | 1,518 | |||||||
| Foreign currency exchange loss | (734 | ) | ||||||
| Other expense, net | (419 | ) | (10,334 | ) | ||||
| Net loss | $ | (1,535,718 | ) | $ | (115,979 | ) | ||
| Net loss per share, basic and diluted | $ | (0.06 | ) | $ | (0.02 | ) | ||
| Weighted average number of common shares outstanding, basic and diluted | 25,871,796 | 6,964,788 |
CORBUS PHARMACEUTICALS Holdings Inc.
100 River Ridge Drive Norwood MA 02062 | Tel +1 (617) 963-0100 | Fax +1 617 795 2189 | www.corbuspharmaceuticals.com
Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Balance Sheet
| March 31, 2015 | December 31, 2014 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 4,971,466 | $ | 6,262,445 | ||||
| Prepaid expenses | 210,751 | 270,556 | ||||||
| Total current assets | 5,182,217 | 6,533,001 | ||||||
| Restricted cash | 13,730 | 13,728 | ||||||
| Property and equipment, net | 50,400 | 54,044 | ||||||
| Total assets | $ | 5,246,347 | $ | 6,600,773 | ||||
| LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 188,298 | $ | 344,160 | ||||
| Accrued expenses | 293,989 | 249,491 | ||||||
| Notes payable-current | 72,487 | 144,389 | ||||||
| Total current liabilities | 554,774 | 738,040 | ||||||
| Total liabilities | 554,774 | 738,040 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders equity | ||||||||
| Preferred Stock $0.0001 par value: 10,000,000 share authorized, no shares issued and outstanding at March 31, 2015 and December 31, 2014 | ||||||||
| Common stock, $0.0001 par value; 150,000,000 shares authorized, 26,003,304 and 25,938,332 shares issued and outstanding at March 31, 2015 and December 31, 2014 | 2,600 | 2,594 | ||||||
| Additional paid-in capital | 10,651,766 | 10,287,214 | ||||||
| Accumulated deficit | (5,962,793 | ) | (4,427,075 | ) | ||||
| Total stockholders equity | 4,691,573 | 5,862,733 | ||||||
| Total liabilities, preferred stock and stockholders equity | $ | 5,246,347 | $ | 6,600,773 |
CORBUS PHARMACEUTICALS Holdings Inc.
100 River Ridge Drive Norwood MA 02062 | Tel +1 (617) 963-0100 | Fax +1 617 795 2189 | www.corbuspharmaceuticals.com