Aptorum Group Limited Reports Financial Results and Business Update for the Six Months Ended June 30, 2020
- Written by ACN Newswire - Press Releases
"I am pleased with the developments that were achieved during the first half of 2020 despite the challenges presented by the COVID-19 pandemic," said Mr. Ian Huen, Chief Executive Officer and Executive Director of Aptorum Group. "Throughout the COVID-19 crisis, we remained focused on advancing the development of our therapeutic programs. As announced today, further positive data showing significant in vivo activities of ALS-4 (for MRSA wound healing and MRSA bacteraemia) and also in vitro and in vivo studies of SACT-1 (for neuroblastoma and other potential tumor types). Also, as an emerging company, we have been expanding our global strategic presence. In July, Aptorum Group became the first Nasdaq listed biopharmaceutical company admitted to trading on Euronext Paris. We are also delighted about 3 new appointments we made to support the development of our various programs. Looking forward, we remain committed to accelerating the Company's commercial growth and transformation into a biopharmaceutical company with exciting clinical stage assets being developed."
Clinical Pipeline Update and Upcoming MilestonesSACT-1-lead program of the Smart-ACTTM platform, a repurposed drug for neuroblastoma and others: Undergoing preparation and on track for IND submission to commence Phase 1b/2a human clinical trials targeting the US FDA's 505(b)(2) pathway. Further in vitro screening to assess SACT-1's potential effect on over 300 cancer cell lines has been completed and showed promising effect on including, but not limited to, colorectal cancer, leukemia and lymphoma.
ALS-4-lead program of the Acticule platform, a small drug molecule candidate for methicillin resistant Staphylococcus aureus ("MRSA" superbug): ALS-4 is undergoing final stages of IND enabling studies and is targeted for regulatory submission in Q4 2020 to commence a Phase 1 human clinical trial thereafter.
CLS-1-lead program of the Claves platform, a macromolecule approach for obesity: Currently in lead optimization stage, aimed for IND enabling studies to commence in 2021.
NLS-2 NativusWell-a dietary supplement for woman's health, including menopause and osteoporosis: Undergoing registration in the United Kingdom, Europe and Asia, aimed for distribution to market in 2020.
Corporate HighlightsCommenced trading on Euronext Paris stock exchange:Aptorum Group became the first Nasdaq listed biopharmaceutical company admitted to trading on Euronext Paris. The Class A Ordinary Shares of Aptorum Group have commenced trading on the Professional Compartment of Euronext in Paris under the Euronext ticker symbol "APM" and ISIN Code: KYG6096M1069 on 24 July 2020.
Three new personnel appointed to Aptorum Group's team:- Dr. Herman Weiss, M.D., Chief Executive Officer and Executive Director of Claves Life Sciences Limited and Senior Medical Advisor of Aptorum Group- Dr. Kira Sheinerman, Senior Strategic Consultant of Aptorum Group- Dr. Robbie Majzner, Scientific Advisor of Aptorum Group
Financial Results for the Six Months Ended June 30, 2020Aptorum Group reported a net loss of $7.0 million for the six months ended June 30, 2020 compared to $9.6 million for the same period in 2019. The decrease in net loss in current period was driven by decrease in interest expenses, net of $3.6 million, partly offset by the increase in research and development expenses by $1.6 million.
Research and development expenses were $4.3 million for the six months ended June 30, 2020 compared to $2.7 million for the same period in 2019. The increase was primarily due to the increase in consultation service provided by our consultants, advisory and contracted research organization as a result of the progress of our projects' development.
General and administrative fees were $2.1 million for the six months ended June 30, 2020 compared to $3.2 million for the same period in 2019. The decrease was mainly driven by the decrease in bonus related expenses to our directors, employees, external consultants and advisors. Also, there was a significant decrease in business trips and sponsoring conference in 2020 due to the outbreak of COVID-19.
Legal and professional fees were $1.5 million for the six months ended June 30, 2020 compared to $2.0 million for the same period in 2019. The decrease in legal and professional fees was mainly due to the decrease of consultancy service fees during the period.
Interest expenses, net were $0.1 million for the six months ended June 30, 2020 compared to $3.7 million for the same period in 2019. The decrease in interest expenses, net was mainly due to the convertible debts were fully repaid in 2019. The interest expenses, net for the six month ended June 30, 2019 contained $3.1 million amortization of beneficial conversion feature of our convertible debts.
As of June 30, 2020, cash, restricted cash and marketable securities totaled approximately $4.4 million and total equity was approximately $17.5 million.
Aptorum Group expects that its existing cash, restricted cash and marketable securities, together with undrawn line of credit facility from related parties, will enable it to fund its operating and capital expenditure requirements to the end of 2021.
About Aptorum Group LimitedAptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) is a pharmaceutical company dedicated to developing and commercializing novel therapeutics to tackle unmet medical needs. Aptorum Group is pursuing therapeutic projects in orphan diseases, infectious diseases, metabolic diseases, woman's health and other disease areas.
For more information about Aptorum Group, please visit www.aptorumgroup.com.
For further general presentation, please visit: https://ir.aptorumgroup.com/static-files/ca36cc65-6f23-4105-895e-f5f234ecca1e
Disclaimer and Forward-Looking Statements
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of Aptorum Group.
This press release includes statements concerning Aptorum Group Limited and its future expectations, plans and prospects that constitute "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these terms or other similar expressions. Aptorum Group has based these forward-looking statements, which include statements regarding projected timelines for application submissions and trials, largely on its current expectations and projections about future events and trends that it believes may affect its business, financial condition and results of operations.
These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, risks related to its announced management and organizational changes, the continued service and availability of key personnel, its ability to expand its product assortments by offering additional products for additional consumer segments, development results, the company's anticipated growth strategies, anticipated trends and challenges in its business, and its expectations regarding, and the stability of, its supply chain, and the risks more fully described in Aptorum Group's Form 20-F and other filings that Aptorum Group may make with the SEC in the future and the prospectus that received the French Autorite des Marches Financiers visa n20-352 on 16 July 2020. As a result, the projections included in such forward-looking statements are subject to change and actual results could be materially different from those described herein.
Aptorum Group assumes no obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
This announcement is not a prospectus within the meaning of the Regulation (EU) n2017/1129 of 14 June 2017 as amended by Regulations Delegated (EU) n2019/980 of 14 March 2019 and n2019/979 of 14 March 2019.
This press release is provided "as is" without any representation or warranty of any kind.
ContactsInvestor relationsAptorum Group limitedInvestor Relations DepartmentTel: +44 020 80929299Email: investor.relations@aptorumgroup.com
Redchip - Financial Communications United StatesInvestor relationsRedChip Companies, Inc.dave@redchip.com+1 407 491 4498
Actifin - Financial Communications EuropeInvestor relationsGhislaine Gasparettoggasparetto@actifin.fr+33 1 56 88 11 22
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Authors: ACN Newswire - Press Releases
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