REHOVOT, Israel,
“We achieved significant progress in the advancement of our promising oncology pipeline during the first half of 2021,” said
“Importantly, our robust clinical development programs are supported by a strong balance sheet. With
Recent Corporate Highlights
NT-219:
● | Presented new data from the first dose level cohort of the ongoing Phase 1/2 clinical trial of NT219 at the 2021 the |
● | Presented additional preclinical data supporting the mechanism of action of NT219 in a poster entitled, “Adaptation of colorectal cancer cells to the brain microenvironment: The role of IRS2,” at the |
● | Ongoing Phase 1/2 trial currently includes five active sites in the |
CM24:
● | Completed first dose level in Phase 1b/2 clinical trial of CM24, a monoclonal antibody blocking CEACAM1, in combination with nivolumab (Opdivo®), a PD-1 inhibitor, in patients with advanced cancer, with expansion cohorts in subjects with non-small cell lung cancer and pancreatic cancer. |
● | The first dose level cohort demonstrated that CM24 in combination with nivolumab was well-tolerated with minimal serious adverse events. |
● | Currently recruiting patients into the second dose cohort of this study. |
● | Ongoing Phase 1b/2 trial currently includes three active sites in the |
CONSENSI®:
● | As previously disclosed, sales of Consensi® in the |
Financial Results for the Six Months Ended
No revenue was recorded for the six months ended
Research and Development Expenses were
Selling, General and Administrative (SG&A) Expenses were
Operating Loss was
On a non-IFRS basis (as reconciled below), adjusted operating loss was
Net Loss for the first half of 2021 was
As of
About
Forward-Looking Statements and Safe Harbor Statement
Certain statements in this press release that are forward-looking and not statements of historical fact are forward looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements that are not statements of historical fact, and may be identified by words such as “believe”, “expect”, “intend”, “plan”, “may”, “should”, “could”, “might”, “seek”, “target”, “will”, “project”, “forecast”, “continue” or “anticipate” or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. You should not place undue reliance on these forward-looking statements, which are not guarantees of future performance. Forward-looking statements reflect our current views, expectations, beliefs or intentions with respect to future events, and are subject to a number of assumptions, involve known and unknown risks, many of which are beyond our control, as well as uncertainties and other factors that may cause our actual results, performance or achievements to be significantly different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause or contribute to such differences include, among others, risks relating to: the plans, strategies and objectives of management for future operations; product development for NT219 and CM24; the process by which early stage therapeutic candidates such as NT219 and CM24 could potentially lead to an approved drug product is long and subject to highly significant risks, particularly with respect to a joint development collaboration; the fact that drug development and commercialization involves a lengthy and expensive process with uncertain outcomes; our, and our partners’ ability to successfully develop and commercialize our pharmaceutical products; the expense, length, progress and results of any clinical trials; the impact of any changes in regulation and legislation that could affect the pharmaceutical industry; the difficulty in receiving the regulatory approvals necessary in order to commercialize our products; the difficulty of predicting actions of the
Company Contact:
President& Chief Financial Officer
IR@purple-biotech.com
+972-3-933-3121 ext. #105
chuck@lifesciadvisors.com
+1 646-627-8390
Condensed Consolidated Unaudited Interim Statements of Financial Position as of
2021 | 2020 | |||||||
USD thousand | USD thousand | |||||||
Assets | ||||||||
Cash and cash equivalents | 10,540 | 11,247 | ||||||
Short term deposits | 37,846 | 46,558 | ||||||
Trade receivables | 500 | 500 | ||||||
Other current assets | 1,115 | 977 | ||||||
Total current assets | 50,001 | 59,282 | ||||||
Non - current assets | ||||||||
Right of use assets | 708 | 790 | ||||||
Fixed assets, net | 283 | 178 | ||||||
Long term deposits | 5,017 | 3,071 | ||||||
Intangible assets | 20,482 | 20,482 | ||||||
Total assets | 76,491 | 83,803 | ||||||
Liabilities | ||||||||
Lease liability - short term | 199 | 207 | ||||||
Accounts payable | 2,071 | 1,198 | ||||||
Other payables | 1,227 | 1,693 | ||||||
Total current liabilities | 3,497 | 3,098 | ||||||
Non - current liabilities | ||||||||
Lease liability | 605 | 688 | ||||||
Post-employment benefit liabilities | 265 | 265 | ||||||
Total non-current liabilities | 870 | 953 | ||||||
Equity | ||||||||
Share capital, no par value | - | - | ||||||
Share premium | 122,214 | 118,909 | ||||||
Receipts on account of warrants | 28,015 | 29,984 | ||||||
Capital reserve for share-based payments | 9,364 | 8,115 | ||||||
Capital reserve from transactions with related parties | 761 | 761 | ||||||
Capital reserve from transactions with non- controlling interest | (859 | ) | (859 | ) | ||||
Accumulated loss | (87,696 | ) | (77,521 | ) | ||||
Equity attributable to owners of the Company | 71,799 | 79,389 | ||||||
Non-controlling interests | 325 | 363 | ||||||
Total equity | 72,124 | 79,752 | ||||||
Total liabilities and equity | 76,491 | 83,803 |
Condensed Consolidated Unaudited Interim Statements of Operations
For the six months ended | ||||||||
2021 | 2020 | |||||||
USD thousand | USD thousand | |||||||
Revenues | - | 1,000 | ||||||
Research and development expenses | 7,091 | 3,133 | ||||||
Sales, general and administrative expenses | 3,196 | 2,169 | ||||||
Total operation expenses | 10,287 | 5,302 | ||||||
Operating loss | 10,287 | 4,302 | ||||||
Expenses (income) on account of warrants | - | 23,583 | ||||||
Finance expense | 122 | 15 | ||||||
Finance income | (196 | ) | (84 | ) | ||||
Finance expense (income), net | (74 | ) | 23,514 | |||||
Loss for the period | 10,213 | 27,816 | ||||||
Loss attributable to: | ||||||||
Owners of the Company | 10,175 | 27,779 | ||||||
Non-controlling interests | 38 | 37 | ||||||
10,213 | 27,816 | |||||||
Loss per share data | ||||||||
Basic and diluted loss per ADS - USD | 0.59 | (*)4.63 | ||||||
Number of shares used in calculation of basic and diluted loss per ADS | 17,454,161 | (*)6,009,105 |
(*) | Restated to reflect a 1:10 reverse ratio of the ADSs, that took place in |
Condensed Consolidated Statement of Cash Flows
For the six months ended | ||||||||
2021 | 2020 | |||||||
USD thousand | USD thousand | |||||||
Cash flows from operating activities: | ||||||||
Loss for the period | (10,213 | ) | (27,816 | ) | ||||
Adjustments: | ||||||||
Depreciation | 107 | 92 | ||||||
Finance expenses (income), net | (74 | ) | 23,514 | |||||
Share-based payments | 1,385 | 750 | ||||||
(8,795 | ) | (3,460 | ) | |||||
Changes in assets and liabilities: | ||||||||
Changes in other current assets | (89 | ) | (379 | ) | ||||
Changes in accounts payables | 815 | (893 | ) | |||||
Changes in other payables | (489 | ) | 130 | |||||
Changes in post - employment benefit liabilities | - | (39 | ) | |||||
237 | (1,181 | ) | ||||||
Net cash used in operating activities | (8,558 | ) | (4,641 | ) | ||||
Cash flows from investing activities: | ||||||||
Cash assumed as part of acquisition of FameWave | - | 69 | ||||||
Interest received | 115 | 93 | ||||||
Decrease in deposits | 6,766 | - | ||||||
Investment in Financial asset | - | - | ||||||
Acquisition of fixed assets | (109 | ) | - | |||||
Net cash provided by (used in) investing activities | 6,772 | 108 | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from warrants exercised | 1,200 | 13,920 | ||||||
Proceeds from issuance ADSs | - | 27,925 | ||||||
ADS issuance expenses paid | - | (2,040 | ) | |||||
Proceeds from issuance of warrants | - | 26,574 | ||||||
Warrants issuance expenses paid | - | (3,131 | ) | |||||
Repayment of lease liability | (73 | ) | (80 | ) | ||||
Interest paid | (37 | ) | (11 | ) | ||||
Net cash provided by financing activities | 1,090 | 63,157 | ||||||
Net increase (decrease) in cash and cash equivalents | (696 | ) | 58,624 | |||||
Cash and cash equivalents at the beginning of the period | 11,247 | 4,385 | ||||||
Effect of translation adjustments on cash and cash equivalents | (11 | ) | (14 | ) | ||||
Cash and cash equivalents at the end of the period | 10,540 | 62,995 | ||||||
Non- Cash activities: | ||||||||
Transfer of derivative instrument from liability to equity | - | 10,982 |
Purple Biotech Reconciliation of Non-IFRS Financial Results
Reconciliation of Adjusted Operating Loss
For the six months ended | ||||||||
2021 | 2020 | |||||||
USD thousands | USD thousands | |||||||
Operating loss for the period | 10,287 | 4,302 | ||||||
Less ESOP expenses | (1,385 | ) | (750 | ) | ||||
8,902 | 3,552 |
Reconciliation of Adjusted Net Loss
For the six months ended | ||||||||
2021 | 2020 | |||||||
USD thousands | USD thousands | |||||||
Net loss for the period | 10,213 | 27,816 | ||||||
Less income (expenses) on account of warrants | - | (23,583 | ) | |||||
Less ESOP expenses | (1,385 | ) | (750 | ) | ||||
8,828 | 3,483 |
Source:
2021 GlobeNewswire, Inc., source