NEW YORK, Nov. 10, 2016 /PRNewswire/ -- Dipexium
Pharmaceuticals, Inc. (Nasdaq: DPRX), a late-stage pharmaceutical
company focused on the development and commercialization of
Locilex® (pexiganan cream 0.8%), a novel, broad-spectrum, topical
antibiotic peptide, today reported financial results for the
quarter ended September 30,
2016.
Financial Results for the Third Quarter of 2016
For the three months ended September 30,
2016, Dipexium reported a net loss of $4.6 million, compared to a net loss of
$5.0 million for the three months
ended September 30, 2015, a decrease
of $0.4 million. The change was
primarily due to a $0.5 million
decrease in manufacturing relating expenses offset by a
$0.1 million increase in Phase 3
clinical trial related expenses.
For the nine months ended September 30,
2016, Dipexium reported a net loss of $15.9 million, compared to a net loss of
$13.2 million for the nine months
ended September 30, 2015, an increase
of $2.7 million. This change was
primarily due to a $2.9 million
increase in research and development expenses partially offset by a
$0.2 million decrease in selling,
general, and administrative expenses. The increase in research and
development expenses were due to $2.9
million of increased Phase 3 trial enrollment and related
clinical trial expenses. The decrease in general and administrative
expenses is primarily attributable to a decrease of $0.1 million for stock-based compensation
expenses and a $0.1 million decrease
in marketing related costs.
Net cash used in operating activities for the nine months ended
September 30, 2016 was $13.4 million versus $10.6
million for the nine months ended September 30, 2015. The increase in
cash used in operating activities is primarily attributable to
increased research and development expenses associated with
increased Phase 3 trial enrollment and related clinical trial
expenses.
At September 30, 2016, the Company
had cash and short-term investments of $18.8
million, compared to $32.2
million at December 31, 2015.
The Company's cash balance is currently anticipated to fund
operations through 2017.
About Dipexium Pharmaceuticals
Dipexium Pharmaceuticals, Inc. (NASDAQ: DPRX) is a late-stage
pharmaceutical company focused on the development and
commercialization of Locilex (pexiganan cream 0.8%), a novel,
broad-spectrum, topical antibiotic peptide. For more information,
please visit www.dipexiumpharmaceuticals.com.
Forward-Looking Statements
This press release may contain, in addition to historical
information, forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements may include statements relating to our
anticipated clinical and regulatory development of our product
candidate, including development for the European market and
development of an intravenous formulation; our cash position; cash
flows; business strategies and initiatives; and other matters. We
have based these forward-looking statements on the assumptions,
expectations and projections about future events that we hold at
the time the statements are made. We use words like "believe,"
"anticipate," "intend," "estimate," "expect," "project" and similar
expressions to identify forward-looking statements, although not
all forward-looking statements contain these words. These
forward-looking statements are necessarily estimates reflecting the
best judgment of our senior management and involve a number of
risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking
statements.
Investors should consider the information contained in our
filings with the U.S. Securities and Exchange Commission (the
"SEC"), including our Annual Report on Form 10-K, especially in the
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" and "Risk Factors" sections, our most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and our
Current Reports on Form 8-K. Other unknown or unpredictable factors
also could have material adverse effects on our future results,
performance or achievements. In light of these risks,
uncertainties, assumptions and factors, the forward-looking events
discussed in this press release may not occur. You are cautioned
not to place undue reliance on these forward-looking statements,
which reflect our beliefs at the time the statements are made. We
do not undertake any obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, nor any other information provided in a
conference call, webcast, news release, SEC filing or website.
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DIPEXIUM
PHARMACEUTICALS, INC.
|
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CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
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September
30,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
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ASSETS
|
|
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(unaudited)
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|
|
|
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|
|
|
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CURRENT
ASSETS
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|
|
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Cash
|
|
|
$
7,838,962
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|
$
5,234,953
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Short-term
Investments
|
|
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10,995,395
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26,977,362
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Prepaid
Expenses
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|
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169,685
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|
146,145
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|
TOTAL CURRENT
ASSETS
|
|
|
19,004,042
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32,358,460
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|
|
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OTHER
ASSETS
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Security
Deposit
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56,630
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|
49,385
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TOTAL OTHER
ASSETS
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56,630
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|
49,385
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|
|
|
|
|
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TOTAL
ASSETS
|
|
|
$
19,060,672
|
|
$
32,407,845
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|
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LIABILITIES AND
SHAREHOLDERS' EQUITY
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CURRENT
LIABILITIES
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Accounts Payable and
Accrued Expenses
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|
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$
890,506
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|
$
1,606,307
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TOTAL
LIABILITIES
|
|
|
890,506
|
|
1,606,307
|
|
|
|
|
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COMMITMENTS AND
CONTINGENCIES
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SHAREHOLDERS'
EQUITY
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|
|
|
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|
Common
Stock: $.001 par value, 30,000,000 shares authorized, 10,399,642
and 10,301,114
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shares issued
and outstanding at September 30, 2016 and December 31, 2015,
respectively
|
10,399
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|
10,301
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|
Additional paid-in capital
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|
|
75,077,642
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|
71,852,692
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|
Accumulated deficit
|
|
|
(56,917,875)
|
|
(41,061,455)
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TOTAL SHAREHOLDERS'
EQUITY
|
|
|
18,170,166
|
|
30,801,538
|
|
|
|
|
|
|
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
$
19,060,672
|
|
$
32,407,845
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DIPEXIUM
PHARMACEUTICALS, INC.
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CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited)
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Three Months Ended
September 30,
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Nine Months Ended September 30,
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2016
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2015
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2016
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|
2015
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REVENUES
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|
|
$
-
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$
-
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|
$
-
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$
-
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|
|
|
|
|
|
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EXPENSES
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|
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OPERATING
EXPENSES
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|
|
|
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|
|
|
|
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Research and
Development Expenses
|
|
|
3,113,919
|
|
3,457,165
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|
10,398,499
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|
7,456,829
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Selling, General and
Administrative Expenses
|
|
1,530,340
|
|
1,571,511
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|
5,499,778
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|
5,794,195
|
|
|
|
|
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TOTAL OPERATING
EXPENSES
|
|
|
4,644,259
|
|
5,028,676
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|
15,898,277
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13,251,024
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|
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LOSS FROM
OPERATIONS
|
|
|
(4,644,259)
|
|
(5,028,676)
|
|
(15,898,277)
|
|
(13,251,024)
|
|
|
|
|
|
|
|
|
|
|
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Interest
Income
|
|
|
12,829
|
|
9,359
|
|
41,857
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|
12,567
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|
|
|
|
|
|
|
|
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NET LOSS
|
|
|
$
(4,631,430)
|
|
$
(5,019,317)
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|
$
(15,856,420)
|
|
$
(13,238,457)
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|
|
|
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LOSS PER
SHARE
|
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Basic and diluted net
loss per common share
|
|
|
$
(0.45)
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|
$
(0.49)
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|
$
(1.53)
|
|
$
(1.45)
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|
|
|
|
|
|
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Weighted average
common shares outstanding basic and diluted
|
|
10,359,493
|
|
10,274,718
|
|
10,338,378
|
|
9,139,310
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Company Contacts:
David Garrett
Vice President, Finance & Corporate Development
Dipexium Pharmaceuticals, Inc.
212-269-2834
info@dipexium.com
Lisa Wilson
Investor Relations
In-Site Communications, Inc.
212-452-2793
lwilson@insitecony.com
© 2016 Dipexium Pharmaceuticals, Inc. All rights
reserved.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/dipexium-pharmaceuticals-reports-third-quarter-2016-financial-results-300360329.html
SOURCE Dipexium Pharmaceuticals, Inc.