Full Press Release Details
BioBlast Pharma Reports First Quarter
Tel Aviv, Israel May 19, 2015 - BioBlast Pharma Ltd. (NasdaqGM:
ORPN), a clinical-stage, orphan disease-focused biotechnology company, today announced financial results for the first quarter
ended March 31, 2015.
BioBlast ended the first quarter of 2015 with $29.1 million
in cash and short-term bank deposits, having spent $3.3 million in total expenses during the quarter.
Colin Foster, President & CEO said, "During the first
quarter we made significant progress in executing our business strategy including key senior leadership changes and advancing our
clinical activities through the worldwide sites across our pipeline of drug candidates. Our strong balance sheet will continue
to serve our clinical programs and take the Company to the next level. Of note, recently the FDA granted Fast Track Designation
and clearance to proceed with an Investigational New Drug Application (IND) for the development of Cabaletta to treat patients
with oculopharyngeal muscular dystrophy (OPMD). Both of these events will help to expedite the continued development of our lead
compound in the USA."
First Quarter 2015 Financial Results:
Balance Sheet Highlights
First Quarter and Recent Corporate Highlights:
About BioBlast Pharma Ltd.
BioBlast Pharma is a clinical-stage biotechnology company committed
to developing clinically meaningful therapies for patients with rare and ultra-rare genetic diseases. The Company is rapidly building
a diverse portfolio of product candidates with the potential to address unmet medical needs for incurable diseases. The BioBlast
platforms are based on a deep understanding of the disease-causing biological processes, and potentially offer solutions for several
diseases that share the same biological pathology. BioBlast was founded in 2012 and is traded on the NASDAQ under the symbol "ORPN".
For more information please visit the Company's website, www.bioblast-pharma.com, the content of which is not incorporated herein
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal
securities laws. For example, the Company is using forward looking statements when it discusses the timing and advancement of its
product candidates, opening a center in California in connection with its clinical trials program, and clinical programs, building
a diverse portfolio of products candidates with the potential to address unmet medical needs for incurable diseases, or that our
platforms potentially offer solutions for several diseases that share the same biological pathology. In addition, historic results
of scientific research and clinical and preclinical trials do not guarantee that the conclusions of future research or trials would
not suggest different conclusions or those historic results referred to in this press release would not be interpreted differently
in light of additional research and clinical and preclinical trials results. Because such statements deal with future events and
are based on BioBlast Pharma Ltd.'s current expectations, they are subject to various risks and uncertainties and actual results,
performance or achievements of BioBlast Pharma could differ materially from those described in or implied by the statements in
this press release, including those discussed under the heading "Risk Factors" in BioBlast Pharma's Annual Report on
Form 20 filed with the Securities and Exchange Commission ("SEC") on March 31, 2015, and in any subsequent filings with
the SEC. Except as otherwise required by law, BioBlast Pharma disclaims any intention or obligation to update or revise any forward-looking
statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.
U.S. Investor Contact:
LifeSci Advisors, LLC
Consolidated Statement
thousands, except per share amounts)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2015 | 2014 | |||||||
| (unaudited) | (unaudited) | |||||||
| Research and development | $ | 1,952 | $ | 442 | ||||
| General and administrative | 1,366 | 199 | ||||||
| Operating loss | 3,318 | 641 | ||||||
| Financial expenses (income), net | (21 | ) | 4 | |||||
| Loss before taxes on income | 3,297 | 645 | ||||||
| Taxes on income | 2 | - | ||||||
| Net loss | $ | 3,299 | $ | 645 | ||||
| Net basic and diluted loss per share | $ | 0.23 | $ | 0.06 | ||||
| Weighted average number of Ordinary shares used in computing basic and diluted net loss per share | 14,230,480 | 10,708,770 |
Consolidated Balance Sheet Data
dollars in thousands)
| March 31, | December 31, | |||||||
| 2015 | 2014 | |||||||
| (unaudited) | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 7,011 | $ | 10,583 | ||||
| Short term bank deposits | 22,075 | 22,028 | ||||||
| Receivables and prepaid expenses | 676 | 274 | ||||||
| Total current assets | 29,762 | 32,885 | ||||||
| Long-term assets: | ||||||||
| Long-term deposit | 11 | 9 | ||||||
| Property and equipment, net | 74 | 60 | ||||||
| Total long-term assets | 85 | 69 | ||||||
| Total assets | $ | 29,847 | $ | 32,954 |
SHAREHOLDERS' EQUITY
| Current liabilities: | ||||||||
| Trade payables | $ | 807 | $ | 1,285 | ||||
| Other accounts payable | 932 | 995 | ||||||
| Total current liabilities | 1,739 | 2,280 | ||||||
| Long term liabilities: | ||||||||
| Accrued severance pay | 13 | - | ||||||
| Total long term liabilities | 13 | - | ||||||
| Shareholders' equity: | ||||||||
| Share capital | 39 | 39 | ||||||
| Additional paid-in capital | 39,777 | 39,057 | ||||||
| Accumulated deficit | (11,721 | ) | (8,422 | ) | ||||
| Total shareholders' equity | 28,095 | 30,674 | ||||||
| Total liabilities and shareholders' equity | $ | 29,847 | $ | 32,954 |
Consolidated Cash Flow Data
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2015 | 2014 | |||||||
| (unaudited) | (unaudited) | |||||||
| Cash flow from operating activities: | ||||||||
| Net loss | $ | (3,299 | ) | $ | (645 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation | 3 | 1 | ||||||
| Stock based compensation | 720 | 9 | ||||||
| Interest on short term deposit | (47 | ) | - | |||||
| Change in operating assets and liabilities: | ||||||||
| Receivables and prepaid expenses | (402 | ) | (37 | ) | ||||
| Long term deposit | (2 | ) | 3 | |||||
| Trade payables | (478 | ) | 4 | |||||
| Other accounts payable | (63 | ) | 58 | |||||
| Accrued severance pay | 13 | - | ||||||
| Net cash used in operating activities | (3,555 | ) | (607 | ) | ||||
| Cash flow from investing activities: | ||||||||
| Purchase of property and equipment | (17 | ) | (2 | ) | ||||
| Net cash used in investing activities | (17 | ) | (2 | ) | ||||
| Cash flow from financing activities: | ||||||||
| Issuance of shares, net | - | 5,371 | ||||||
| Deferred issuance expenses | - | (77 | ) | |||||
| Net cash provided by financing activities | - | 5,294 | ||||||
| Increase (decrease) in cash and cash equivalents | (3,572 | ) | 4,685 | |||||
| Cash and cash equivalents at the beginning of the period | 10,583 | 270 | ||||||
| Cash and cash equivalents at the end of the period | $ | 7,011 | $ | 4,955 |
37 Menachem Begin Rd, Rubinshtein Tower,
15th Floor, Tel Aviv 6522042
Tel: +972 2409060 Fax: +972 3 7313340 www.bioblast-pharma.com