Full Press Release Details
BioBlast Pharma Reports Fourth Quarter
Tel Aviv, Israel - February 17, 2015 - BioBlast
Pharma Ltd. (NasdaqGM: ORPN), a clinical-stage biotechnology company committed to developing clinically meaningful therapies for
patients with rare and ultra-rare genetic diseases, today announced financial results for the fourth
quarter ended December 31, 2014.
Fourth Quarter 2014 Financial Results:
Balance Sheet Highlights
Fourth Quarter and Recent Corporate Highlights:
Management Commentary
"Year-to-date we have made significant progress in executing
our business strategy and advancing our clinical activities across our pipeline of drug candidates," said Colin Foster, Chief
Executive Officer of BioBlast. "Our successful IPO has strengthened our balance sheet, giving us the resources to advance
our clinical programs and taken the company to the next level. Of note, we continue to see high patient recruitment rates in our
phase 2/3 clinical trial for our lead clinical program for OPMD and remain on track to meet our goal of completing patient enrollment
in the next several months."
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 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 may contain 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, we are using forward looking statements when we discuss advancement and timing of our 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 that 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 final IPO prospectus
filed with the Securities and Exchange Commission ("SEC") 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
BioBlast Pharma Ltd.
Statement of Operation
(U.S. dollars in thousands,
except per share amounts)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Research and development | $ | 2,047 | $ | 529 | $ | 4,441 | $ | 732 | ||||||||
| General and administrative | 1,150 | 255 | 2,639 | 416 | ||||||||||||
| Total operating expenses | ||||||||||||||||
| 3,197 | 784 | 7,080 | 1,148 | |||||||||||||
| Financial Income, net | (45 | ) | (7 | ) | (58 | ) | (3 | ) | ||||||||
| Net loss attributable to holders of Ordinary shares | $ | 3,152 | $ | 777 | $ | 7,022 | $ | 1,145 | ||||||||
| Net basic and diluted loss per share | $ | 0.22 | $ | 0.08 | $ | 0.57 | $ | 0.14 | ||||||||
| Weighted average number of Ordinary shares used in computing basic and diluted net loss per share | 14,230,480 | 9,182,867 | 12,259,600 | 8,423,018 |
BioBlast Pharma Ltd.
| December 31, | December 31, | |||||||
| 2014 | 2013 | |||||||
| (unaudited) | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 10,583 | $ | 270 | ||||
| Short term bank deposits | 22,028 | - | ||||||
| Receivables and prepaid expenses | 274 | 29 | ||||||
| Total current assets | 32,885 | 299 | ||||||
| Long-term assets: | ||||||||
| Long-term deposit | 9 | 5 | ||||||
| Property and equipment, net | 60 | 2 | ||||||
| Total long-term assets | 69 | 7 | ||||||
| Total assets | $ | 32,954 | $ | 306 |
SHAREHOLDERS' EQUITY
| Current liabilities: | ||||||||
| Trade payables | $ | 1,285 | $ | 46 | ||||
| Other accounts payable | 995 | 85 | ||||||
| Total current liabilities | 2,280 | 131 | ||||||
| Shareholders' equity: | ||||||||
| Share capital | 39 | 24 | ||||||
| Additional paid-in capital | 39,057 | 1,551 | ||||||
| Accumulated deficit | (8,422 | ) | (1,400 | ) | ||||
| Total shareholders' equity | 30,674 | 175 | ||||||
| Total liabilities and shareholders' equity | $ | 32,954 | $ | 306 |
BioBlast Pharma Ltd.
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Cash flow from operating activities: | ||||||||||||||||
| Net loss | $ | (3,152 | ) | $ | (777 | ) | $ | (7,022 | ) | $ | (1,145 | ) | ||||
| Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||||||
| Depreciation | 2 | -*) | 5 | -*) | ||||||||||||
| Stock based compensation | 431 | 185 | 736 | 254 | ||||||||||||
| Interest on short term deposit | (28 | ) | - | (28 | ) | - | ||||||||||
| Change in operating assets and liabilities: | ||||||||||||||||
| Receivables and prepaid expenses | 73 | 2 | (245 | ) | (19 | ) | ||||||||||
| Long term deposit | 1 | (1 | ) | (4 | ) | (5 | ) | |||||||||
| Trade payables | 643 | (11 | ) | 1,239 | (28 | ) | ||||||||||
| Other accounts payable | 562 | 37 | 910 | 78 | ||||||||||||
| Net cash used in operating activities | (1,468 | ) | (565 | ) | (4,409 | ) | (865 | ) | ||||||||
| Cash flow from investing activities: | ||||||||||||||||
| Short term bank deposits | (22,000 | ) | - | (22,000 | ) | - | ||||||||||
| Purchase of property and equipment | (7 | ) | - | (63 | ) | (2 | ) | |||||||||
| Net cash used in investing activities | (22,007 | ) | - | (22,063 | ) | (2 | ) | |||||||||
| Cash flow from financing activities: | ||||||||||||||||
| Issuance of shares, net | (70 | ) | - | 36,785 | 991 | |||||||||||
| Net cash provided by financing activities | (70 | ) | - | 36,785 | 991 | |||||||||||
| Increase (decrease) in cash and cash equivalents | (23,545 | ) | (565 | ) | 10,313 | 124 | ||||||||||
| Cash and cash equivalents at the beginning of the period | 34,128 | 835 | 270 | 146 | ||||||||||||
| Cash and cash equivalents at the end of the period | $ | 10,583 | $ | 270 | $ | 10,583 | $ | 270 |
*) Represents an amount lower than $1.