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Morning again, ACTC could be getting ready for a move. Big news out. keep an eye on. $15 mil. in funding. Thats a big deal to a small cap that burns about $6 mil per year.
Come in-over? lol
Advanced Cell Technologies Strengthens Balance Sheet Through Completion of Private Placements
Date : 11/16/2009 @ 8:00AM
Source : Business Wire
Stock : Advanced Cell Technology, Inc. (ACTC)
Quote : 0.0982 0.0 (0.00%) @ 2:05AM
Advanced Cell Technologies Strengthens Balance Sheet Through Completion of Private Placements
Advanced Cell Technology, Inc. (“Advanced Cell”, or the “Company”) (OTCBB: ACTC), announced today that it has entered into definitive agreements on three private placements with institutional and other accredited investors under which the Company has received definitive commitments in excess of $15 million. The three investments are expected to provide proceeds sufficient to fund the Company’s general operations and working capital for the next two years. Much of the proceeds will be used to support the Company’s Retinal Pigment Epithelial (RPE) program, which the Company expects to commence later this year through the filing of an IND with the FDA, in addition to funding development of certain other pre clinical programs.
“We are extremely pleased to have negotiated these financings, with the support of existing debt holders, which will leave us sufficiently capitalized well into 2011,” remarked William M. Caldwell IV, CEO of Advanced Cell. “In addition to satisfying our operational and working capital needs, these funds will be integral in advancing our RPE Program through the clinic once we receive FDA clearance to commence clinical activities. Although we will require additional funds for specific development programs, we believe the current funding go a long way to satisfying our general operations and specific research programs into 2011.”
The Company completed the placement of a series of debentures to existing investors in the principal amount of $2,103,000, convertible into common stock at $0.10 per share for which the Company was paid $1,752,000. The Company will be required to redeem the debentures monthly commencing in May 2010, in the amount of 14.28% of the initial principal amount of the Notes, in cash or common stock at the Company’s option. The investors also received warrants to purchase an aggregate of 14,020,000 shares of common stock at an exercise price of $0.108. Further, the investors are obligated to purchase an additional $2,103,000 principal amount of debentures and 14,020,000 warrants within 90 days, at a purchase price of $1,752,000, subject to customary conditions. The investors also received an Additional Investment Right, which terminates in August 2010, and allows the investors to purchase up to $2,200,000 of principal amount of the Company’s convertible notes on the same terms and conditions as the original notes purchased in the offering. If the investors exercise their Additional Investment Right, they will also receive one and one third Class B warrants for each two shares that would be issued if the investors converted the entire portion of the note purchased pursuant to their Additional Investment Right.
The Company also entered into amended agreements with an existing investor. Under the first amended agreement, the Company received gross proceeds of $1,000,000 and issued a secured and collateralized convertible promissory note for $1,200,000. The Company shall pay a one-time interest payment of 10% of the principal of the promissory note which is due on the maturity date of the promissory note, which is in October, 2012. The promissory note is convertible into shares of the Company’s Common Stock at a conversion price of the lesser of (i) $.25 per share or (ii) eighty percent of the average of the three lowest trade prices in the 20 trading days prior to the conversion. Under the second amended agreement, the Company received gross proceeds of $1,000,000 and issued a Secured & Collateralized Promissory Note for $1,000,000. The Company shall pay a one-time interest payment of 12% of the principal of the promissory note which is due on the maturity date of the promissory note, which is in October, 2012. The promissory note is secured by $1,000,000 of a money market fund or other assets of the Investor.
The remaining funding is expected to be provided by Optimus Life Sciences Partners, a private investment fund with offices in New York and California, under which Advanced Cell may sell up to $10 million of 10% non-convertible perpetual preferred stock and warrants to purchase up to approximately 119,000,000 shares of common stock, subject to meeting certain conditions. The warrants are exercisable only to the extent the Company elects to put preferred stock to Optimus. Warrants to purchase common stock equal to 135% of the monies funded by Optimus will be exercisable at the market price of the common stock at the time of each funding. The Company agreed to pay Optimus a commitment fee of 5%, payable in cash or registered shares of common stock (priced at 90% of the then current market price), at the option of the Company.
The Company expects to immediately file a registration statement with the SEC in connection with the Optimus transaction, as well as other recent financings and certain other previously issued securities.
Further information on each of the foregoing transactions can be found in the Form 8-K filed today by the Company with the SEC.
About Advanced Cell Technology, Inc.
Morning Million, Check out ACTC. just landed $15 mil in funding. PR out this am.
Might be a mover today.
I think we may be in this range for a while longer. Perfect time to accumulate. You may see .18 again but I doubt you will be able to buy there. Building a solid base after the move up.
A good chartist can help guide from here. All the cards are on the table, and it's a pretty good hand. IMO
GLT us all
I bought into DARA @ .418. They are presenting at a drug conference this thurs.
am watching CRBC AHR IMGG. Boy did I miss IMGG. I radared it @ .42 -3 weeks ago. It ran to 1.95 on fri before it pulled way back to close @ 1.46
what you got your eye on?
At $1.00 thats only $42 mil mkt. cap. Easily attainable.
See you up there. lol
Buy when no one else wants. I'll be buying on monday.
Hey Surf, or anyone who can Maybe tell me what this means? It came up on my scturd acc. The vol went balistic into and after the close. Over 10 mil AH
What is up with this? Note the share # dropped by some 5 mil in a matter of 3 minuites.
TIA
Citizens Republic Bancorp (CRBC) Mkt On Close Buy Imbalance: Shrs 900044
Friday 11/13/2009 3:55 PM ET - T
Citizens Republic Bancorp (CRBC) Mkt On Close Buy Imbalance: Shrs 1514644
Friday 11/13/2009 3:52 PM ET - T
Durk what up? Keep an eye on CRBC. 11% float short. Huge vol A.H fri. 10 million shares.
I did see that. With the recent good press and their up and comming presentation this thurs. in San Francisco, we should test the .65 resistence. With good news, who knows?? lol
Now go have a Del's and a Grinder. lol
BRI, DARA will be presenting results this thursday in San Fransisco at a medical confrence. After some good press related to thier Diabeties study last wed., this could at least reach into the .60s leading to this thursday presentation.
It's a buy @.50 .51
The 10q looks good. Have a read.
Form 10-Q for DARA BIOSCIENCES, INC.
13-Nov-2009
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related Notes included elsewhere in this Quarterly Report on Form 10-Q. Some of the information contained in this Management's Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this report includes forward-looking statements based on our current management's expectations. There can be no assurance that actual results, outcomes or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, among others, our limited operating history, unpredictability of future program dispositions and operating results, competitive pressures and the other potential risks and uncertainties discussed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2008.
Overview
We are a Raleigh, North Carolina-based development stage biopharmaceutical company that acquires promising therapeutic drug candidates from third parties and advances their clinical development for later sale or license to healthcare companies. We operate a business model that focuses on the following:
� Obtaining patents for innovative drug candidates which we believe have value in the marketplace;
� Utilizing a small group of talented employees to develop those ideas through proof of concept in patients (generally through phase 2a clinical trials) by working with strategic outsource partners; and
� Licensing the resulting product to a strong healthcare partner to commercialize. We do not intend to fully develop, obtain clearance from the U.S. Food and Drug Administration ("FDA") and then market the drug candidates we are developing.
We hire experts with strong pharmaceutical project management skills in specific disciplines we believe are important to maintain within our Company. We contract with and manage strong outsource partners to complete the necessary development work. This permits us to avoid incurring the cost of buying or building laboratories, manufacturing facilities or clinical research operation sites. It allows us to control our annual expenses and to optimize resources.
After we establish proof of concept for an innovative drug candidate, we seek a strong biotechnology or pharmaceutical partner to license the drug candidate and to commercialize it after regulatory approval. The success of our business is highly dependent on the marketplace value of our drug candidates, the related patents we obtain and our ability to find strong commercial partners to successfully commercialize the drug candidates.
We generally in-license or otherwise acquire drug candidates that are prepared to enter pre-clinical studies prior to being submitted for an Investigational New Drug application ("IND") (which is part of the process to get approval from the FDA for marketing a new prescription drug in the U.S.). The first operational stage of development of our drug candidates is in-licensing, which we typically do at the pre-clinical stage of development. The next stage of development is to obtain FDA approval of an IND application and test the drug candidates in Phase 1 and Phase 2 clinical trials. Finally, we seek to license the drug candidate or find a strategic collaborative partner who would further the development of the compound in later stage trials and commercialize it. Key indicators to evaluate our success are how our drug candidates advance through the drug development process, and ultimately, if we are successful in negotiating collaborations, licenses, or sales agreements with larger pharmaceutical companies for our drug candidates. In order to successfully achieve these goals, having sufficient liquidity is important since we do not have a recurring sales or revenue stream to provide such working capital.
We have not generated any revenue from operations to date. We have liquidated or distributed to our stockholders some of our investments made in other companies. To date, we have received net proceeds from the sale of those assets in the amount of $1,951,211 in sale of marketable securities and $4,405,692 in proceeds from sale of an investment. These proceeds together with capital raised from the sale of our securities have been our primary source of working capital.
We expect to continue to incur operating losses in the near-term. Our results may vary depending on many factors, including pre-clinical and clinical test results, the performance of our strategic outsource partners and the progress of licensing activities with pharmaceutical partners.
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Status of our Drug Candidates
We currently have a portfolio of five programs with drug candidates for the treatment of neuropathic pain, type 2 diabetes and psoriasis. In connection with a cost reduction plan we announced on January 6, 2009 necessitated by our inability to raise sufficient funds to maintain all of our programs, we have focused our resources entirely towards the development of our two most advanced programs, KRN5500 and DB959. Due to this allocation of resources, development of our other three programs, DB160, DB900 and DB200 has been delayed. Based on our present working capital, we believe that we have sufficient working capital to maintain our KRN5500 and DB959 development programs on a limited basis into the second quarter of 2010 and that we will require additional funding to meet our working capital needs to progress those programs to a liquidity event through a collaboration, sale or out-license. A brief discussion of the status of each of our drug candidates follows.
KRN5500
KRN5500 is a drug candidate with development for the treatment of neuropathic pain in cancer patients. An active component of KRN5500 has been shown to inhibit nerve cell pain signals. The primary segment of this market being targeted is chemotherapy-induced neuropathic pain (CINP). On May 12, 2009, the Company announced positive results from the recently completed Phase 2a clinical trial in cancer patients with neuropathic pain to assess its safety and efficacy. A second larger Phase 2 trial is planned for initiation in the fourth quarter 2009 assuming sufficient additional funding is secured or through a collaboration or out-license.
We incurred approximately $144,000 and $422,000 in development costs associated with the development of KRN5500 during the three and nine month periods ended September 30, 2009, respectively, and we have incurred costs of approximately $3,391,000 from inception to September 30, 2009. We estimate the market potential for chemotherapy-induced neuropathy to be roughly $1.6 billion in 2014.
DB959
DB959 is a PPARd/g agonist for the treatment of type 2 diabetes. In March 2009, the FDA cleared our IND application for DB959, allowing us to commence Phase 1 studies in humans. This compound activates genes involved in the metabolism of sugars and fats thereby improving the body's ability to regulate blood sugar. We are developing this drug candidate as a once-daily oral therapy. Our review of non-clinical data indicates that this drug candidate is a potential leading successor to Avandia� and Actos� because, among other indications, it increases good HDL cholesterol and lowers triglycerides better than Avandia� with greater cardiac safety and less weight gain.
Our development work is being conducted under an exclusive worldwide license to develop and commercialize the drug candidate from Bayer Pharmaceuticals Corp ("Bayer"). This license, which was entered into in October 2007, gives the Company rights to over 2,000 compounds with agonist activities toward multiple PPAR sub-types. On October 24, 2008, in accordance with the terms of this license, we provided Bayer with written notice of our intent to pursue a sublicense of our rights under the agreement to a third party for purposes of enabling such third party to commercialize "Licensed Products" (as such term is defined in the license agreement). Under the terms of the license agreement, unless Bayer exercises certain rights of first refusal provided to it under the agreement and we reach agreement with Bayer concerning commercialization of Licensed Products, we will be permitted to enter into an agreement with a third party concerning commercialization of Licensed Products.
We incurred approximately $77,000 and $733,000 in development costs associated with the development of DB959 during the three and nine month periods ended September 30, 2009, respectively, and we have incurred costs of approximately $4,099,000 from inception to September 30, 2009. We estimate the market potential for the PPAR agonist segment of type 2 Diabetes market to be roughly $5.4 billion in 2010.
Based on recently published literature, the Company is exploring the PPARs in its library for the treatment of Alzheimer's disease, Multiple sclerosis (MS), liver disease, and autoimmune disease.
DB160
DB160 is a DPP-IV inhibitor for the treatment of type 2 diabetes. DPP-IV is an enzyme that inactivates a key hormone involved in promoting control of blood sugar levels thus giving diabetics better control of their blood sugar levels. Prior to the implementation of the cost reduction plan, the Company was developing this drug candidate as a once-daily oral therapy. We are currently negotiating with America Stem Cell to provide America Stem Cell with dipeptidylpeptidase (DPP-IV) inhibitors from the Company's proprietary library for America Stem Cell to use to further its research and development
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program related to hematopoietic stem cell (HSC) transplants. We will continue to evaluate the competitive environment for DB160 and potential positioning of the compound for other indications. If our evaluation concludes that further development is warranted, the next step in our development of this candidate would be to file an IND application to the FDA. Our development work with DB160 is pursuant to an exclusive worldwide license to develop and commercialize the drug candidate from Nuada, LLC.
We incurred approximately $4,000 and $13,000 in direct outside development costs associated with the development of DB160 for the three and nine month periods ended September 30, 2009, respectively, and we have incurred costs of approximately $2.3 million from inception to date. We estimate the market potential for the DPP-IV inhibitor segment of the type 2 diabetes market to be roughly $5.1 billion in 2016.
DB900
DB900 is a series of compounds which are PPARg/ a/d agonists for the treatment of type 2 diabetes. This compound activates genes involved in the metabolism of sugars and fats thereby improving the body's ability to regulate blood sugar. These compounds have the potential to raise good HDL cholesterol, lower bad LDL cholesterol and lower triglycerides with potential greater efficacy than DB959 as well as the potential to deliver weight loss. This program is currently not being resourced. Development will not be re-initiated until sufficient additional funding is secured. Our development work with DB900 is pursuant to an exclusive worldwide license to develop and commercialize the drug candidate from Bayer Pharmaceuticals Corp.
We incurred approximately $0 and $14,000 in direct outside development costs associated with the development of DB900 series compounds for the three and nine month periods ended September 30, 2009, respectively, and we have incurred costs of approximately $129,000 from inception to date.
DB200
DB200 refers to a series of compounds we have which are inhibitors of CPT-1 for the topical treatment of psoriasis. This drug candidate has the potential to inhibit inflammation and the proliferation of skin cells thus resulting in decreased reddening and less flaking of the skin. Should development of DB200 resume, a clinical candidate will be selected from a number of strong lead compounds. This program is currently not being resourced. Development will not be re-initiated until sufficient additional funding is secured. Should we decide to resume the development of DB200, the next step in the process is to file an IND application to the FDA. There are no third party licenses associated with this program.
We incurred approximately $0 and less than $1,000 in direct development costs associated with the development of DB200 series compounds for the three and nine month periods ended September 30, 2009, respectively, and we have incurred costs of approximately $377,000 from inception to date. We estimate the market potential for the topical agent segment of the psoriasis market to be roughly $3.6 billion in 2014.
Critical Accounting Policies and Significant Judgments and Estimates
This Management's Discussion and Analysis of Financial Condition and Results of Operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported revenues and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates and judgments, including those related to research and development expenses, accrued expenses and share-based compensation. We base our estimates on historical experience and on various other factors that we believe to be appropriate under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our consolidated financial statements.
Research and Development Expenses
We expense research and development expenses when incurred. The costs of certain research programs, such as patient recruitment and related supporting functions for clinical trials, are based on reports and invoices submitted by the contract research organization ("CRO") assisting us in conducting the clinical trial. These expenses are based on patient enrollment as well as costs consisting primarily of payments made to the CRO, clinical centers, investigators, testing facilities and patients for participating in our clinical trials. Certain research and development costs must be prepaid which, if the research and
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development work ceases to progress for whatever reason, are not repayable to us. In such cases, those costs are expensed when paid.
Accrued Expenses
As part of the process of preparing financial statements, we are required to estimate accrued expenses. This process involves reviewing open contracts and purchase orders, communicating with applicable personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when invoices have not yet been sent and we have not otherwise been notified of actual cost. The majority of our service providers invoice monthly in arrears for services performed. We make estimates of accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us. We periodically confirm the accuracy of our estimates with the service providers and makes adjustments if necessary. Examples of estimated accrued expenses include:
� fees paid to CROs in connection with preclinical and toxicology studies and clinical trials;
� fees paid to investigative sites in connection with clinical trials;
� fees paid to contract manufacturers in connection with the production of raw materials, drug substance and drug products; and
� professional service fees.
Share-Based Compensation
Share-based compensation is accounted for using the fair value based method prescribed by FASB ASC 718 . For stock and stock-based awards issued to employees, a compensation charge is recorded against earnings based on the fair value of the award. For transactions with non-employees in which services are performed in exchange for the Company's common stock or other equity instruments, the transactions are recorded on the basis of the fair value of the service received or the fair value of the equity instruments issued, whichever is more readily measurable at the date of issuance. Our Company's share-based compensation transactions for employees and non-employee directors resulted in compensation expense of $117,867 and $666,228 for the three month periods ended September 30, 2009 and 2008, respectively, and $298,548 and $1,095,080 for the nine month periods ended September 30, 2009 and 2008, respectively. The Company recognized stock-based compensation expense for awards to non-employees totaling $1,478 and $24,567 for the three and nine months ended September 30, 2009, respectively. The Company did not have any non-employee option expense for the three and nine months ended September 30, 2008.
Significant Judgments and Estimates
The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles requires that we make estimates and assumptions that affect the reported amounts and disclosure of certain assets and liabilities at our balance sheet date. Actual results may differ from such estimates.
Results of Operations
Three Months Ended September 30, 2009 Compared to Three Months Ended September 30, 2008
Research and development expenses decreased approximately $2,409,000, from approximately $2,705,000 for the three months ended September 30, 2008 to approximately $296,000 for the corresponding 2009 period, primarily as a result of the implementation of a cost reduction plan to conserve our remaining cash balance and to the delay in the development of three of the Company's drug programs.
General and administrative expenses consist primarily of salaries and benefits, professional fees related to administrative, finance, human resource, legal and information technology functions and patent costs. In addition, general and administrative expenses include allocated facility, basic operational and support costs and insurance costs. General and administrative expenses decreased approximately $709,000, from approximately $1,272,000 for the three months ended September 30, 2008 to approximately $563,000 for the corresponding 2009 period, as a result of the implementation of a cost reduction plan to conserve our remaining cash balance.
Other (expense) income, net reflects non-operating activities associated with investments and dispositions on investments made in collaborations with other companies. Other (expense) income, net decreased approximately $20,000 from an income
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of approximately $6,000 for the three months ended September 30, 2008 to an expense of approximately $14,000 for the corresponding 2009 period. The increase in expense is primarily due the expense accrual for the SVI loan.
Nine Months Ended September 30, 2009 Compared to Nine Months Ended September 30, 2008
Research and development expenses decreased approximately $4,748,000, from approximately $6,197,000 for the nine months ended September 30, 2008 to approximately $1,449,000 for the corresponding 2009 period, primarily as a result of the implementation of a cost reduction plan to conserve our remaining cash balance and to the delay in the development of three of the Company's drug programs.
General and administrative expenses consist primarily of salaries and benefits, professional fees related to administrative, finance, human resource, legal and information technology functions and patent costs. In addition, general and administrative expenses include allocated facility, basic operational and support costs and insurance costs. General and administrative expenses decreased approximately $1,438,000, from approximately $3,538,000 for the nine months ended September 30, 2008 to approximately $2,100,000 for the corresponding 2009 period, primarily as a result of the substantial expenses we incurred in the first quarter of 2008 in connection with the Merger and becoming a public company and the implementation of a cost reduction plan to conserve our remaining cash balance.
Other (expense) income, net reflects non-operating activities associated with investments and dispositions on investments made in collaborations with other companies. Other (expense) income, net increased approximately $574,000 from income of approximately $115,000 for the nine months ended September 30, 2008 to income of approximately $689,000 for the corresponding 2009 period. The increase is primarily due to the gain on investments of approximately $551,000 from the distribution of SurgiVision stock, as well as the gain on the Company's sale of its marketable securities of approximately $178,000, offset by disposition of equipment and interest expense.
Liquidity and Capital Resources
Overview
From inception through September 30, 2009, we have financed our operations primarily from the net proceeds of (1) registered direct offerings and private placements of equity securities, through which we raised approximately $29,907,000 in net proceeds, including approximately $3,418,000 in net proceeds from the Company's two registered direct offerings in September 2009 and $1,298,000 in net proceeds from the Company's private placement in June 2009 pursuant to the Purchase Agreement (see following discussion), (2) the sale of securities we acquired through investments made in other companies, through which we raised approximately $6,260,000, and (3) a $500,000 loan we received from SurgiVision, Inc.
At September 30, 2009, our principal sources of liquidity were our cash and cash equivalents which totaled approximately $4,037,000. As of September 30, 2009, we had net working capital of approximately $2,386,000. Our cash resources have been used to acquire licenses, fund research and development activities, capital expenditures, and general and administrative expenses. Over the next several years, we expect to incur substantial additional research and development costs, including costs related to preclinical and clinical trials, increased administrative expenses to support our research and development operations and increased capital expenditures, and various equipment needs and facility improvements.
On September 16, 2009, we entered into a Securities Purchase Agreement with certain accredited investors in connection with a registered direct offering by the Company of 2,200,000 shares of the Company's common stock and 1,100,000 warrants to purchase shares of common stock. Our gross proceeds from this sale were approximately $1,216,000, and net proceeds after placement agent fees were approximately $1,118,000.
On September 10, 2009, we entered into a Securities Purchase Agreement with certain accredited investors in connection with a registered direct offering by the Company of 6,578,947 shares of the Company's common stock and 4,934,210 warrants to purchase shares of common stock. Our gross proceeds from this sale were approximately $2,500,000, and net proceeds after placement agent fees were approximately $2,300,000. In connection with the entry into the Securities Purchase Agreement on September 16, 2009 as described above, the number of shares covered by these warrants increased by ten percent to 5,427,630 as the result of the operation of applicable anti-dilution provisions.
On June 15, 2009, we entered into a Securities Purchase Agreement with certain accredited investors in connection with the private issuance and sale to such investors of 3,433,884 units. Each unit consisted of (1) one share of common stock and (2)
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one warrant to purchase one share of common stock. Our gross proceeds from this sale were $1,397,000, and net proceeds after placement agent fees were approximately $1,298,000.
Cash Flows
During the nine month period ended September 30, 2009, cash used in our operating activities was approximately $2,880,000. This decrease in cash from operations was primarily due to the operating loss offset in part by non-cash stock-based compensation of approximately $325,000 and depreciation and amortization of approximately $119,000. Prepaid expenses decreased by approximately $32,000 for the nine month period ended September 30, 2009, primarily representing prepaid director and officer insurance coverage. Accounts payable increased by approximately $193,000 and accrued liabilities decreased by approximately $60,000 during the nine month period ended September 30, 2009, primarily due to the $100,000 milestone payment to Bayer and corresponding $400,000 in accounts payable for the cleared IND application for DB959.
Our investing activities provided net cash of approximately $667,000 for the nine month period ended September 30, 2009, primarily as a result of proceeds of approximately $178,000 from sale of marketable securities and proceeds of $500,000 from the sale of an investment, offset by payments on capital lease and purchase of equipment.
We generated approximately $5,000,000 of cash from the issuance of common stock and warrants during the nine month period ended September 30, 2009. We generated approximately $111,000 from the exercise of options during the nine month period ended September 30, 2009. The Company entered into a loan agreement for $500,000 at 8% interest per annum due July 30, 2010.
Financial Condition
We believe we have sufficient working capital to pursue our current limited operations into the second quarter of 2010. We will require additional funds to pursue our business plan. Our working capital requirements will depend upon numerous factors, including the progress of our research and development programs (which may vary as product candidates are added or abandoned), preclinical testing and clinical trials, timing and cost of seeking as well as the achievement of regulatory milestones, the status of competitive programs, and the ability to sell or license our technologies to third parties. In any event, we will require substantial funds in addition to those presently available to develop all of our programs to meet our business objectives. To ensure the continued level of research development and funding of our operations, we are currently exploring various possible financing options that may be available to us, which may include a sale of our equity securities or the sale of certain of our investments. We have no commitments to obtain any additional funds and there can be no assurance such funds will be available on acceptable terms or at all. If we are unable to obtain such needed capital, we may not be able to:
� continue the development of our two active drug development programs;
� resume development of any of our currently inactive drug development programs;
� respond to customers and competition; or
� remain in operation.
Off-Balance Sheet Arrangements
We had no off-balance sheet arrangements as of September 30, 2009 that have or are reasonably likely to have a current or future effect on the Company's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
Nice move yesterday. This rain sucks. Were gettin inches here in Wakefield today. The waves are fricken huge.
No, I sold animosity, and pickcked up a few others. I am holding MSBT and bought DARA thurs. @ .418
And keeping an eye on CRBC. It traded 10 mil AH fri.
Very large short position as well. Something big is up there. IMO
All the best to ya.
VEINS
Morning Stockibot,
Take a look at the activity on CRBC, it traded 10 mil shares after hrs friday. There is a rather large short position.
I am not quite sure why all the activity, but something is up. And worth keeping an eye on.
Have a look.
What's up Durk D my man?
Where are ya?
Good to see ya Hwyh. This board talks about potental short squeeze cantidates. But also talking about timing short bets is more than welcome.
Heres a link to a good board. you can navigate from there and find anything you are looking for. Surf1944 is a Straight shooter
http://investorshub.advfn.com/boards/board.aspx?board_id=2754
GLTU
How goes it stockibot?
I'm no pro, but the fundies on BBI warrent the PPS. They are in deep trouble.
But if things turn around??????????? lol Definitly 1 to keep on your watch.
I jumped in DARA yesterday @ .418, Could have a decent run.
GLTU
DARA moving nice on good data
I think shorts are covering on any lack of intrest.
Get this clock ticking
Hey Tuells, I jumped in @ .418 They will be reporting trial results on the 19th at a conference.
Also the Yahoo board has a good group over there right now.
Lazy mans DD. ya know,lol
links and the like.
GLTU
You holding any here Surf?
Your thoughts are always welcome.
Greggor
DARA
enough said
do your own dd.
GLTA
Hey Camaro, how goes it.
I am in. Watch this girl run now. lol
First off, I did not say I didn't believe in Jesus Christ. And more important, his teachings. Cause I do. I put my children through the catholic system, brought them to church, every Sunday for 15 years, and made sure they got their confirmation.
Because I believe what Jesus taught.
Jesus taught KARMA Bri. And thats how I live my life. I love my neighbor, til I catching him peeping in my window at my wife getting dressed. Then I get pissed and take care of my family.
And if you hear anger, then you read between the lines very well.
You took a shot at me on these boards many months ago, and I do not forget.
Furthermore, you have given me no reason to forgive.
EOM
So your desire had nothing to do with that??? lol
GOD? you mean the mythical being that randomly kills millions, while rewarding crooks and cons. Allows evil people, such as rapist and child molesters to continue to reign on earth, while at the same time allowed the Catholic church to shun women and gain power with unspeakable acts of violence and homosexuality?
This God, the same one that created Hitler?
The very crutch that allows "sinners" to sin over and over again, and then, mention his name in glory to to help them wash away the memory of thier bad deeds, so that you can feel somewhat richious again?
Sorry, never seen him. Nor am I inspired by the people who praise him.
I believe in Karma. As Jesus did. And wish he did not fabricate such a mythical being. Folks would have folled him anyway.
Just like they did Ghandi
Chew on that for a while.
Roger that
Nice piece,
Thanks for sharing
Morning Jews and Gentiles,
Picking up $200 worth of ACTC today. Put it on the back burner, and see what December might bring.
Also picking up 1000 shares of APP $2.70 is a good entry. IMO
Shoot em straight, and aim for the gonads.
What up Dog? how goes it?
I'll be picking up some APP in this 2.70 range.
What are you up to?
I'm buying 1000 shares here today. Hoping for high 2.60s or low 2.70s.
No reason this stock is below $3.00
Tird pusher
What exactly is that suppose to mean Bri?
"good, you are in MSBT"
If I didn't know any better, I would think you are busting my aggots?
Morning, I couldn't get any under .40 But I am okay with my avg.
tic-toc
Morning, we are hardly stuck. I have bought more to avg, down.
We will have a good week here. IMO We have a good product, and positive data. Time is on our side.
I feel good about my position here. Even though I am not green right now.
GLTA
She is gonna squeeze hard one of these days. The way the mkt tanked on friday was indicative of the way it had been trading for the week. outside of the 1 day we had good GDP #s which forced shorts to cover.
APP will have another great run before years end. IMO I just don't know if it will launch from $3.00 or $2.00
Best of luck to ya King.
anything under 3.00 has looked good.
We get some vol. and we might launch to new highs here.
No one selling yesterday.
enjoy
Whats up you happy long donged hooker? lol
market getting kicked around here this week. I'm not doing too much. accumulating NEOL and MSBT. both biotech microcaps.
Hope it works out. lol
And you?
have a good one
And how many of you knew this was coming, dumped your shares, and continued your false relationships and false hopes?
I can think of at least 3 of you. And you know who you are.
You will be the ones PMing me and calling me out.
Hope you sleep well dirtbags.
To the rest, I am sorry for your loss. Truely a shame to have this happen like this.