Full Press Release Details
Edesa Biotech Reports Quarterly Financial Results
ON / ACCESSWIRE / August 14, 2019 / Edesa Biotech, Inc.
(Nasdaq: EDSA), a clinical-stage biopharmaceutical company, today
reported financial results for the three and six months ended June
30, 2019 and provided an update on its business.
the quarter, Edesa completed its reverse acquisition and Nasdaq
listing, and announced plans to proceed with its clinical
investigation of EB01, a novel sPLA2 inhibitor, which the company
is developing as a potential treatment for chronic allergic contact
dermatitis (ACD). Edesa is currently performing site initiation
visits at investigational centers in the U.S. and expects to
proceed with enrolling the first patient into its Phase 2b clinical
trial in the current quarter.
first quarter as a public company has been very productive and I am
pleased to report that our team has maintained a rapid pace toward
the initiation of our Phase 2b clinical study of EB01, said
Dr. Par Nijhawan, Chief Executive Officer of Edesa. "The next few
quarters will be an exciting time for Edesa as we expect to enroll
our first EB01 patient, expand the utility of our sPLA2
anti-inflammatory technology into additional indications and
evaluate additional assets that can provide new value creation
Chief Financial Officer, Kathi Niffenegger, reported that the
combined company's working capital at the end of the fiscal
quarter was higher than projected. Our working capital
benefited from lower than expected acquisition-related costs as
well as steps taken by management to conserve cash during the
transaction. As a result, we are well positioned to support our
current clinical plans and activities, she
Three months ended June 30, 2019
revenues were not material for the three months ended June 30, 2019
and June 30, 2018 as the company continued to focus on developing
and obtaining regulatory approval for its product
operating expenses increased by $0.90 million to $1.32 million for
the three months ended June 30, 2019 compared to $0.42 million for
the same period last year:
development expenses increased by $0.20 million to $0.50 million
for the three months ended June 30, 2019 compared to $0.30 million
for the same period last year primarily due to an increase in
clinical research expenses associated with the Phase 2B clinical
study of Edesa's EB01 product candidate as well as higher
administrative expenses increased by $0.70 million to $0.82 million
for the three months ended June 30, 2019 compared to $0.12 million
for the same period last year primarily due to increased legal and
professional fees related to the company's reverse
acquisition, increased personnel expenses and the initiation of
public company expenses, which Edesa did not incur as a privately
loss for the three months ended June 30, 2019 was $1.29 million, or
$0.30 per basic share, compared to a net loss of $0.41 million, or
$0.13 per basic share, for the three months ended June 30,
Six months ended June 30, 2019
revenues were not material for the six months ended June 30, 2019
operating expenses increased by $1.01 million to $1.86 million for
the six months ended June 30, 2019 compared to $0.85 million for
the same period last year:
development expenses increased by $0.03 million to $0.61 million
for the six months ended June 30, 2019 compared to $0.58 million
for the same period last year primarily due to an increase in
clinical research expenses associated with the Phase 2B clinical
study of Edesa's EB01 product candidate as well as higher
patent fees and personnel expenses.
administrative expenses increased by $0.97 million to $1.25 million
for the six months ended June 30, 2019 compared to $0.28 million
for the same period last year primarily due to increased legal and
professional fees related to the company's reverse
acquisition, increased personnel expenses and the initiation of
public company expenses, which Edesa did not incur as a privately
loss for the six months ended June 30, 2019 was $1.82 million, or
$0.48 per basic share, compared to a net loss of $0.83 million, or
$0.26 per basic share, for the six months ended June 30,
changed its year end from December 31 to September 30 resulting in
six months activity during this transitional period through June
30, 2019, the company had working capital of $6.11 million. Cash
and cash equivalents totaled $6.36 million.
company is scheduled to present at the H.C. Wainwright & Co.
21st Annual Global Investment Conference, September 8-10, 2019 in
New York, NY. Management will also be attending the BIO Investor
Forum in San Francisco, October 22-23, 2019. Investors interested
in meetings with management can schedule through the conference
meeting systems, or by contacting Edesa investors relations at
About Edesa Biotech, Inc.
Edesa Biotech, Inc. (Nasdaq:
EDSA) is a clinical-stage biopharmaceutical company focused on
efficiently developing innovative treatments that address
significant unmet medical needs. Edesa's lead product
candidate, EB01, is a novel non-steroidal anti-inflammatory
molecule (sPLA2 inhibitor) for the treatment of chronic
allergic contact dermatitis which has demonstrated statistically
significant improvements in multiple clinical studies. Edesa also
intends to expand the utility of its sPLA2 inhibitor
technology, which forms the basis for EB01, across multiple
indications and expand its portfolio with assets that can drive
long-term growth opportunities. The company is based in Markham,
Ontario, Canada, with U.S. offices in Southern
Edesa Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements may be identified by the use of
words such as "anticipate," "believe," "plan," "estimate,"