Full Press Release Details
BioBlast Pharma Reports Fourth Quarter
New Haven, Connecticut - February 23, 2016 -
BioBlast Pharma Ltd. (NasdaqGM: ORPN), a clinical-stage, orphan disease-focused biotechnology company, today announced financial
results for the fourth quarter and fiscal year ended December 31, 2015.
"During the fourth quarter of 2015 BioBlast released interim
clinical data in which positive safety and efficacy signals were observed for trehalose 90mg/mL IV solution in our lead Phase 2
open label clinical program," said Colin Foster, President and CEO. "Between the recent appointments of a new, highly
experienced global leadership team, and results of our lead Phase 2 open label clinical program, we believe we are well positioned
to create fundamental value in 2016."
Fourth Quarter 2015 and Recent Corporate Highlights:
Fourth Quarter and Full Year 2015 Financial Results:
Balance Sheet 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 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 creating value, the timing and
advancement of its product candidates, the clinical trial approval process, including discussions with regulatory authorities,
initiating future clinical trials and whether such trials will be considered pivotal or not, potential uses of its product candidates
for various indications, 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 Bio Blast 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
Bio Blast Pharma's Annual Report on Form 20-F 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, Bio Blast 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.
LifeSci Advisors, LLC
Telephone: +1 212.915.0685 direct
Bio Blast Pharma Ltd
Consolidated Statements of Operations
thousands, except per share amounts)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014* | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
| Research and development | $ | 1,887 | $ | 2,047 | $ | 7,694 | $ | 4,441 | ||||||||
| Pre Commercialization | 563 | - | 829 | - | ||||||||||||
| General and administrative | 2,383 | 1,150 | 6,953 | 2,639 | ||||||||||||
| Total operating expenses | 4,833 | 3,197 | 15,476 | 7,080 | ||||||||||||
| Financial Income, net | (20 | ) | (45 | ) | (135 | ) | (58 | ) | ||||||||
| Net comprehensive loss | 4,813 | 3,152 | 15,341 | 7,022 | ||||||||||||
| Taxes on income | 16 | - | 24 | - | ||||||||||||
| Net loss attributable to holders of Ordinary shares | $ | 4,829 | $ | 3,152 | $ | 15,365 | $ | 7,022 | ||||||||
| Net basic and diluted loss per share | $ | 0.34 | $ | 0.22 | $ | 1.08 | $ | 0.57 | ||||||||
| Weighted average number of Ordinary shares used in computing basic and diluted net loss per share | 14,230,480 | 14,230,480 | 14,230,480 | 12,259,600 |
Bio Blast Pharma Ltd
Consolidated Balance Sheet Data
| December 31, | December 31, | |||||||
| 2015 | 2014* | |||||||
| (unaudited) | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 7,286 | $ | 10,583 | ||||
| Short term bank deposits | 12,046 | 22,028 | ||||||
| Receivables and prepaid expenses | 1,060 | 274 | ||||||
| Total current assets | 20,392 | 32,885 | ||||||
| Long-term assets: | ||||||||
| Long-term deposit | 33 | 9 | ||||||
| Property and equipment, net | 91 | 60 | ||||||
| Total long-term assets | 124 | 69 | ||||||
| Total assets | $ | 20,516 | $ | 32,954 |
SHAREHOLDERS' EQUITY
| Current liabilities: | ||||||||
| Trade payables | $ | 1,412 | $ | 1,285 | ||||
| Other accounts payable | 1,102 | 995 | ||||||
| Total current liabilities | 2,514 | 2,280 | ||||||
| Long-term liabilities: | ||||||||
| Accrued severance pay | 70 | - | ||||||
| Total long-term liabilities | 70 | - | ||||||
| Shareholders' equity: | ||||||||
| Share capital | 39 | 39 | ||||||
| Additional paid-in capital | 41,680 | 39,057 | ||||||
| Accumulated deficit | (23,787 | ) | (8,422 | ) | ||||
| Total shareholders' equity | 17,932 | 30,674 | ||||||
| Total liabilities and shareholders' equity | $ | 20,516 | $ | 32,954 |
Bio Blast Pharma Ltd
Consolidated Cash Flow Data
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014* | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
| Cash flow from operating activities: | ||||||||||||||||
| Net loss | $ | (4,829 | ) | $ | (3,152 | ) | $ | (15,365 | ) | $ | (7,022 | ) | ||||
| Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||||||
| Depreciation | 7 | 2 | 17 | 5 | ||||||||||||
| Stock based compensation | 653 | 431 | 2,623 | 736 | ||||||||||||
| Interest on short term deposit | 80 | (28 | ) | (18 | ) | (28 | ) | |||||||||
| Change in operating assets and liabilities: | ||||||||||||||||
| Receivables and prepaid expenses | (326 | ) | 73 | (786 | ) | (245 | ) | |||||||||
| Long term deposit | - | 1 | (24 | ) | (4 | ) | ||||||||||
| Trade payables | 605 | 643 | 127 | 1,239 | ||||||||||||
| Other accounts payable | 147 | 562 | 107 | 910 | ||||||||||||
| Accrued severance pay | 19 | - | 70 | - | ||||||||||||
| Net cash used in operating activities | (3,644 | ) | (1,468 | ) | (13,249 | ) | (4,409 | ) | ||||||||
| Cash flow from investing activities: | ||||||||||||||||
| Short term bank deposits | 6,000 | (22,000 | ) | 10,000 | (22,000 | ) | ||||||||||
| Purchase of property and equipment | (17 | ) | (7 | ) | (48 | ) | (63 | ) | ||||||||
| Net cash provided by (used in) investing activities | 5,983 | (22,007 | ) | 9,952 | (22,063 | ) | ||||||||||
| Cash flow from financing activities: | ||||||||||||||||
| Issuance of shares, net | - | (70 | ) | - | 36,785 | |||||||||||
| Net cash provided by (used in) financing activities | - | (70 | ) | - | 36,785 | |||||||||||
| Increase (decrease) in cash and cash equivalents | 2,339 | (23,545 | ) | (3,297 | ) | 10,313 | ||||||||||
| Cash and cash equivalents at the beginning of the period | 4,947 | 34,128 | 10,583 | 270 | ||||||||||||
| Cash and cash equivalents at the end of the period | $ | 7,286 | $ | 10,583 | $ | 7,286 | $ | 10,583 |