Full Press Release Details
Pharma Reports Second Quarter Financial Results
Tel Aviv, Israel - August 29, 2014 - BioBlast
Pharma Ltd. (NasdaqGM: ORPN), a clinical-stage biotechnology company committed to developing clinically meaingful therapies for
patients with rare and ultra-rare genetic diseases, today announced financial results for the second quarter ended June 30, 2014.
Second Quarter Ended June 30, 2014 Financial Results:
Recent Operational 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 products 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 "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 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. 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 registration statement on Form F-1 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
Bio Blast Pharma Ltd
Statement of Operation
(In thousands, except
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Research and development | $ | 721 | $ | 48 | $ | 1,163 | $ | 66 | ||||||||
| General and administrative | 391 | 86 | 590 | 105 | ||||||||||||
| Total operating expenses | 1,112 | 134 | 1,753 | 171 | ||||||||||||
| Financial expenses, net | 2 | 1 | 6 | 2 | ||||||||||||
| Net comprehensive loss | 1,114 | 135 | 1,759 | 173 | ||||||||||||
| Net loss attributable to holders of Ordinary shares | $ | 1,114 | $ | 135 | $ | 1,759 | $ | 173 | ||||||||
| Net basic and diluted loss per share | $ | 0.10 | $ | 0.02 | $ | 0.16 | $ | 0.02 | ||||||||
| Weighted average number of Ordinary shares used in computing basic and diluted net loss per share | 11,030,480 | 7,551,427 | 10,873,973 | 7,551,427 |
Bio Blast Pharma Ltd.
| June 30, | December 31, | |||||||
| 2014 | 2014 | |||||||
| (unaudited) | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 4,243 | $ | 270 | ||||
| Receivables and prepaid expenses | 144 | 29 | ||||||
| Total current assets | 4,387 | 299 | ||||||
| Long-term assets: | ||||||||
| Long-term deposit | 2 | 5 | ||||||
| Property and equipment, net | 30 | 2 | ||||||
| Deferred issuance expenses | 97 | - | ||||||
| Total long-term assets | 129 | 7 | ||||||
| Total assets | $ | 4,516 | $ | 306 |
SHAREHOLDERS' EQUITY
| Current liabilities: | ||||||||
| Trade payables | $ | 277 | $ | 46 | ||||
| Other accounts payable | 438 | 85 | ||||||
| Total current liabilities | 715 | 131 | ||||||
| Shareholders' equity: | ||||||||
| Share capital | 30 | 24 | ||||||
| Additional paid-in capital | 6,930 | 1,551 | ||||||
| Accumulated deficit | (3,159 | ) | (1,400 | ) | ||||
| Total shareholders' equity | 3,801 | 175 | ||||||
| Total liabilities and shareholders' equity | $ | 4,516 | $ | 306 |
Bio Blast Pharma Ltd.
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Cash flow from operating activities: | ||||||||||||||||
| Net loss | $ | (1,114 | ) | $ | (135 | ) | $ | (1,759 | ) | $ | (173 | ) | ||||
| Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||||||
| Depreciation | 1 | - | 1 | - | ||||||||||||
| Stock base compensation | 5 | 57 | 14 | 60 | ||||||||||||
| Change in operating assets and liabilities: | ||||||||||||||||
| Receivables and prepaid expenses | (78 | ) | (6 | ) | (115 | ) | 3 | |||||||||
| Long term deposit | - | - | 3 | - | ||||||||||||
| Trade payables | 270 | (4 | ) | 231 | (26 | ) | ||||||||||
| Other accounts payable | 252 | 4 | 353 | 7 | ||||||||||||
| Net cash used in operating activities | (664 | ) | (84 | ) | (1,272 | ) | (129 | ) | ||||||||
| Cash flow from investing activities: | ||||||||||||||||
| Purchase of property and equipment | (28 | ) | - | (29 | ) | - | ||||||||||
| Net cash used in investing activities | (28 | ) | - | (29 | ) | - | ||||||||||
| Cash flow from financing activities: | ||||||||||||||||
| Issuance of shares, net | - | - | 5,371 | - | ||||||||||||
| Deferred issuance expenses | (20 | ) | - | (97 | ) | - | ||||||||||
| Net cash provided by financing activities | (20 | ) | - | 5,274 | - | |||||||||||
| Increase (decrease) in cash and cash equivalents | (712 | ) | (84 | ) | 3,973 | (129 | ) | |||||||||
| Cash and cash equivalents at the beginning of the period | 4,955 | 101 | 270 | 146 | ||||||||||||
| Cash and cash equivalents at the end of the period | $ | 4,243 | $ | 17 | $ | 4,243 | $ | 17 |