Amarantus Announces 2013 Year End Financial Results
April 21 2014 - 8:30AM
Amarantus Bioscience Holdings, Inc. (OTCQB:AMBS), a biotechnology
company focused on the discovery and development of novel
diagnostics and therapeutics related to cell cycle dysregulation,
endoplasmic reticulum stress, neurodegeneration and apoptosis,
today reported financial results and developmental progress for the
year ended December 31, 2013.
Amarantus reported a net loss for the year ended December 31,
2013 of $15,170,083 or ($0.03) per share as compared to a net loss
of $5,135,618 or ($0.04) per share in 2012. Research and
development costs increased to $2,088,992 in 2013 from $583,869
from the prior year.
Gerald E. Commissiong, President & CEO of Amarantus stated,
"2013 was an important year for Amarantus as we improved our
balance sheet substantially, and laid the groundwork for
significant growth in 2014. We have positioned ourselves to achieve
a number of important objectives in the year ahead, and will be
focused on executing our plans going forward."
Quarterly and Recent Highlights:
- Completed Warrant Solicitation of $3.6 Million
- Entered into $20 million purchase agreement with Lincoln Park
Capital Fund
- In-Licensed Levadopa-Induced Dyskinesia Phase 2b-Ready
Eltoprazine from PGI Drug Discovery
- Announced Positive Phase 2a Data for Eltoprozine in LID
- Established LymPro research collaboration with Boston
University School of Medicine
- Announced positive Phase 2a Data for Eltoprazine in adult
ADHD
- Acquired exclusive option to license intellectual property for
use of MANF and CDNF to treat Antibiotic-Induced Ototoxicity
- Appointed Chief Financial Officer, Robert Farrell, J.D.
- Appointed Dr. Louis Kirby to Board of Advisors
- Appointed Dr. Charlotte Keywood as Chief Medical Officer of the
Therapeutics Division
- Added Kerry Segal as Head of Business Development and Tiffini
Clark as Head of Regulatory Affairs.
Conference Call Information
Management will host a conference call on Thursday, April 24,
2014 at 4:05 PM ET to provide updates and address investor
questions regarding general business developments. Participants
will include President & CEO Gerald Commissiong, Dr. David Lowe
and Bob Farrell, CFO. Interested parties may participate by dialing
877-737-7051, (International): 201-689-8878 and entering pass code
2027916 approximately five minutes before the call start time. A
replay of the call will be available by dialing 1-877-660-6853
(International): 201-612-7415 and entering conference ID number
13580388.
About Amarantus
Amarantus is a biotechnology company developing treatments and
diagnostics for diseases associated with neurodegeneration and
protein misfolding-related apoptosis. The Company has licensed
Eltoprazine ("Eltoprazine"), a phase 2b ready indication for
Parkinson's Levodopa induced dyskinesia and Adult ADHD. The Company
has an exclusive worldwide license to the Lymphocyte Proliferation
test ("LymPro Test(R)") for Alzheimer's disease and owns the
intellectual property rights to a therapeutic protein known as
Mesencephalic-Astrocyte-derived Neurotrophic Factor ("MANF") and is
developing MANF-based products as treatments for brain disorders.
Amarantus is a Founding Member of the Coalition for Concussion
Treatment (#C4CT), a movement initiated in collaboration with
Brewer Sports International seeking to raise awareness of new
treatments in development for concussions and nervous-system
disorders. The Company also owns intellectual property for the
diagnosis of Parkinson's disease ("NuroPro") and the discovery of
neurotrophic factors ("PhenoGuard"). For further information please
visit www.Amarantus.com, or connect with the Company on Facebook,
LinkedIn, Twitter and Google+.
Certain statements, other than purely historical information,
including estimates, projections, statements relating to our
business plans, objectives, and expected operating results, and the
assumptions upon which those statements are based, are
forward-looking statements." These forward-looking statements
generally are identified by the words believes," project,"
expects," anticipates," estimates," intends," strategy," plan,"
may," will," would," will be," will continue," will likely result,"
and similar expressions. Forward-looking statements are based on
current expectations and assumptions that are subject to risks and
uncertainties which may cause actual results to differ materially
from the forward-looking statements. Our ability to predict results
or the actual effect of future plans or strategies is inherently
uncertain. Factors which could have a material adverse effect on
our operations and future prospects on a consolidated basis
include, but are not limited to: changes in economic conditions,
legislative/regulatory changes, availability of capital, interest
rates, competition, and generally accepted accounting principles.
These risks and uncertainties should also be considered in
evaluating forward-looking statements and undue reliance should not
be placed on such statements.
|
Amarantus Bioscience
Holdings, Inc. |
|
|
|
(A development
stage company) |
|
|
|
Consolidated Balance
Sheets |
|
|
|
|
|
|
|
|
|
|
December
31, |
|
2013 |
2012 |
|
|
|
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$1,032,634 |
$157,174 |
Prepaid expenses and other current
assets |
215,186 |
520,620 |
Total current assets |
1,247,820 |
677,794 |
Intangible assets |
611,094 |
532,143 |
Total assets |
$1,858,914 |
$1,209,937 |
|
|
|
Liabilities and Stockholders' Equity
(Deficit) |
|
|
Current liabilities: |
|
|
Accounts payable |
$971,199 |
$2,596,848 |
Accrued liabilities |
292,395 |
18,746 |
Accrued interest |
112,124 |
109,861 |
Related party liabilities |
247,967 |
243,525 |
Convertible notes payable |
— |
740,000 |
Warrant liability |
— |
232,988 |
8% Senior convertible
debentures |
931,942 |
— |
Convertible promissory notes |
124,393 |
768,892 |
Derivative liability |
5,859,170 |
26,893 |
Total current liabilities |
8,539,190 |
4,737,753 |
Total liabilities |
8,539,190 |
4,737,753 |
|
|
|
Commitments and contingencies |
|
|
Series D convertible preferred stock ($1,000
stated value; 1,300 shares designated and authorized; 1,299.327 and
-0- shares issued and outstanding as of December 31, 2013 and
December 31, 2012, respectively) |
838,894 |
— |
|
|
|
Stockholders' equity (deficit): |
|
|
Convertible preferred stock, $0.001 par
value — 10,000,000 shares authorized at December 31, 2013 and
December 31, 2012, respectively: |
|
|
Series A, $0.001 par value, 250,000
shares designated, -0- and 250,000 shares issued and outstanding as
of December 31, 2013 and December 31, 2012,
respectively |
— |
250 |
Series B, $0.001 par value, 2,500,000
shares designated, -0- shares issued and outstanding as of
December 31, 2013 and December 31, 2012,
respectively |
— |
— |
Series C, $0.001 par value, 750,000
shares designated, 750,000 and -0- shares issued and outstanding as
of December 31, 2013 and December 31, 2012, respectively |
750 |
— |
Common stock, $0.001 par value —
1,000,000,000 shares authorized at December 31, 2013 and 2012,
respectively; 574,171,945 and 342,516,931 shares issued and
outstanding at December 31, 2013 and 2012,
respectively |
574,172 |
342,517 |
Additional paid-in capital |
18, 938,039 |
7,991,465 |
Deficit accumulated during the
development stage |
(27,032,131) |
(11,862,048) |
Total stockholders' equity
(deficit) |
(7,519,170) |
(3,527,816) |
Total liabilities and stockholders' equity
(deficit) |
$1,858,914 |
$1,209,937 |
|
|
Amarantus Bioscience
Holdings, Inc. |
|
|
|
|
(A development
stage company) |
|
|
|
|
Consolidated Statements
of Operations |
|
|
|
|
|
|
|
Cumulative |
|
|
|
|
|
|
|
Period From |
|
|
|
|
|
|
|
January 14, |
|
|
|
|
|
|
|
2008 (Date of |
|
|
|
|
|
Year Ended
December 31, |
Inception) to
December 31, |
|
2013 |
2012 |
2013 |
|
|
|
|
Net Revenues |
$ — |
$ — |
$415,996 |
|
|
|
|
Operating Expenses: |
|
|
|
Research and development |
2,088,992 |
583,869 |
4,278,647 |
General and
administrative |
3,622,142 |
3,506,473 |
11,573,062 |
|
|
|
|
Total operating expenses |
5,711,134 |
4,090,342 |
15,851,709 |
|
|
|
|
Loss from operations |
(5,711,134) |
(4,090,342) |
(15,435,713) |
Other income (expense): |
|
|
|
Interest expense |
(2,630,914) |
(1,518,420) |
(5,360,513) |
Loss on issuance of common
stock |
(352,096) |
— |
(352,096) |
Loss on issuance of debt |
(6,708,728) |
— |
(6,708,728) |
Other income (expense) |
— |
(11,862) |
75,827 |
Change in fair value of warrants
and derivative liabilities |
271,191 |
485,006 |
1,153,365 |
Total other income (expense) |
(9,420,547) |
(1,045,276) |
(11,192,145) |
|
|
|
|
Net loss |
$ (15,131,681) |
$ (5,135,618) |
$ (26,627,858) |
|
|
|
|
Preferred stock dividend |
38,402 |
— |
38,402 |
|
|
|
|
Net loss applicable to common
stockholders |
$ (15,170,083) |
$ (5,135,618) |
$ (26,666,260) |
|
|
|
|
Per share net loss applicable to common
stockholders': |
|
|
|
Basic and fully diluted |
$ (0.03) |
$ (0.04) |
|
|
|
|
|
Weighted average shares used in computing
basic loss per share: |
|
|
|
Basic and fully diluted |
450,931,510 |
140,710,454 |
|
CONTACT: Investor/Media Contacts
Aimee Boutcher, Director of Investor Relations
Amarantus Bioscience Holdings, Inc.
408-737-2734 x 101
ir@amarantus.com
Amarantus Bioscience (CE) (USOTC:AMBS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Amarantus Bioscience (CE) (USOTC:AMBS)
Historical Stock Chart
From Sep 2023 to Sep 2024