Full Press Release Details
CORONADO BIOSCIENCES REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2013
Burlington, MA August 5, 2013 Coronado Biosciences, Inc. (NASDAQ: CNDO), a biopharmaceutical company focused on the
development of novel immunotherapy biologic agents for the treatment of autoimmune diseases and cancer, announced today its financial results for the second quarter ended June 30, 2013.
We have completed enrollment of 250 patients in our Phase 2 TRUST-I trial and remain on track to report top-line data in the fourth quarter of 2013, said Dr. Harlan F. Weisman,
Coronado s Chairman and CEO. The results of the TRUST-I trial will provide an abundance of data on TSO (Trichuris suis ova or CNDO-201) and the Hygiene Hypothesis, which we look forward to sharing with the medical and investment
communities. A positive outcome would bring TSO one step closer to becoming an important treatment option for patients suffering from Crohn s disease.
We have also further strengthened our financial position during this quarter, continued Dr. Weisman. From April 1, 2013 through August 2, 2013, we sold an aggregate of
approximately 5.5 million shares of our common stock through our at-the-market sales facilities for net proceeds of approximately $49.4 million, including 2.2 million shares of our common stock for net proceeds of approximately $18.4
million since June 30, 2013.
Financial Highlights:
Other Corporate Highlights:
Conference Call and Webcast Information
Coronado management will review its second quarter financial results and development programs via conference call and webcast today at 8:30 AM ET. To participate in the conference call, please dial
(877) 312-5413 (toll free from the US and Canada), or (253) 237-1511 (for international callers). Investors may also access a live audio webcast of the call at www.coronadobiosciences.com on the Events & Webcasts page.
A replay of the webcast will be available shortly after the conclusion of the call. The webcast archive will remain available for one year.
An audio replay will also be available shortly after the conclusion of the call and will be made available until August 12, 2013. The audio replay can be accessed by dialing (855) 859-2056 (toll free from the US and Canada), or
(404) 537-3406 (for international callers) and entering Event ID 22772111.
About Coronado Biosciences
Coronado Biosciences is engaged in the development of novel immunotherapy biologic agents. The company s two principal pharmaceutical product
candidates in clinical development are: TSO (Trichuris suis ova or CNDO-201), a biologic for the treatment of autoimmune diseases, including Crohn s disease, ulcerative colitis and multiple sclerosis; and CNDO-109, a biologic that
activates natural killer (NK) cells, for the treatment of acute myeloid leukemia (AML), multiple myeloma and solid tumors. For more information, please visit www.coronadobiosciences.com.
Forward-Looking Statements
release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any
statements relating to the company s product development programs and any other statements that are not historical facts. Forward-looking statements are based on management s current expectations and are subject to risks and uncertainties
that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: our ability to attract, integrate and retain key
personnel; risks relating to the results of research and development activities; uncertainties relating to preclinical and clinical testing; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; the
early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; our dependence on third party suppliers; and competition; as well as other risks described in our
We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Lucy Lu, MD, Executive Vice
President & Chief Financial Officer
Coronado Biosciences, Inc.
781-652-4525; ir@coronadobio.com
Marcy Nanus, Vice President
The Trout Group, LLC.
212-825-3210; susan@dgicomm.com
CORONADO BIOSCIENCES, INC. AND SUBSIDIARY
(A development stage enterprise)
Consolidated Balance Sheets
| June 30, 2013 | December 31, 2012 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 67,886 | $ | 40,199 | ||||
| Prepaid and other current assets | 243 | 393 | ||||||
| Total current assets | 68,129 | 40,592 | ||||||
| Property & equipment net | 535 | 51 | ||||||
| Other | 114 | 349 | ||||||
| Total Assets | $ | 68,778 | $ | 40,992 | ||||
| LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||
| Current liabilities | $ | 8,953 | $ | 5,132 | ||||
| Note payable, non-current | 9,760 | 12,386 | ||||||
| Other long-term liabilities | 1,507 | 1,441 | ||||||
| Total Liabilities | 20,220 | 18,959 | ||||||
| Stockholders Equity | 48,558 | 22,033 | ||||||
| Total Liabilities and Stockholders Equity | $ | 68,778 | $ | 40,992 |
CORONADO BIOSCIENCES, INC. AND SUBSIDIARY
(A development stage enterprise)
Consolidated Statements of Operations
($ in thousands except for share
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 7,795 | $ | 4,525 | $ | 13,769 | $ | 9,116 | ||||||||
| General and administrative | 2,499 | 1,940 | 4,983 | 3,930 | ||||||||||||
| Loss from operations | (10,294 | ) | (6,465 | ) | (18,752 | ) | (13,046 | ) | ||||||||
| Interest income | 109 | 29 | 185 | 73 | ||||||||||||
| Interest expense | (485 | ) | (19 | ) | (961 | ) | (38 | ) | ||||||||
| Net loss attributed to Common Stockholders | ($ | 10,670 | ) | ($ | 6,455 | ) | ($ | 19,528 | ) | ($ | 13,011 | ) | ||||
| Basic and diluted net loss per common share | ($ | 0.38 | ) | ($ | 0.34 | ) | ($ | 0.73 | ) | ($ | 0.69 | ) | ||||
| Weighted average common shares outstanding basic and diluted | 28,095,522 | 19,194,053 | 26,646,993 | 18,899,149 |