AmpliPhi Reports Second Quarter 2015 Financial Results and Provides Corporate Update
San Diego, CA and Richmond, VA, USA, Ljubljana, Slovenia, and Sydney, Australia - August 13, 2015 – AmpliPhi Biosciences Corporation (OTCQB: APHBD), a global leader in the development of bacteriophage-based antibacterial therapies to treat antibiotic-resistant infections, today reported financial results for the second quarter ended June 30, 2015 and highlighted operational achievements.
“In the second quarter, AmpliPhi made significant progress towards achieving our near and longer-term clinical and commercial objectives. We received cGMP manufacturing clearance, a key objective on our path to initiating our first clinical trial program and applied to uplist the Company on the NYSE MKT, following our successful reverse split,” said M. Scott Salka, CEO of AmpliPhi Biosciences.
Highlights Reflect Continued Corporate Advancements
• Received formal written clearance from JAZMP, the Agency of the Republic of Slovenia for Medicinal Products and Medical Devices, to manufacture bacteriophages under current Good Manufacturing Practices (cGMP) standards in our dedicated bacteriophage production facility
• Presented to EMA Workshop in London on the therapeutic use of bacteriophages in June
• Presented data at the 38th European Cystic Fibrosis Conference in June demonstrating anti-pseudomonal bacteriophages retained biological activity following nebulization
• Presented on the medical priorities and commercial development of phage therapies at the National Institute of Allergy and Infectious Disease (NIAID) bacteriophage workshop on drug resistance in July
• Accepted to present data at the joint Interscience Conference of Antimicrobial Agents and Chemotherapy (ICAAC) and International Congress of Chemotherapy and Infection (ICC) 2015 meeting, in September, showing efficacy of bacteriophage evaluated against vancomycin in a Staphylococcus aureus lung infection mouse model. These data further underscore the applicability of phage-based approaches to treat lung infections
• Completed a one-for-fifty reverse split of the Company’s common stock, reducing the number of common shares outstanding from approximately 289 million to approximately 5.8 million effective at market open on August 7, 2015
• Submitted application for AmpliPhi Biosciences to be listed on the NYSE MKT exchange
Second Quarter 2015 Financial Results:
Following a $13 million financing in March, the Company has significantly improved overall liquidity and balance sheet strength in preparation for an anticipated listing on a major national stock exchange.
• Second quarter 2015 R&D expenses totaled $1.1 million from $1.9 million for the same period of 2014. The reduced R&D expenses were due primarily to the timing of non-clinical research project fees in 2015 and one-time start-up costs in 2014 related to our Slovenia cGMP manufacturing facility
• Second quarter 2015 G&A expenses totaled $1.6 million compared to $2.0 million in the second quarter of 2014. The reduced G&A expenses were due primarily attributable to lower cash and stock compensation expenses related to the departure of our prior Chief Executive Officer in the third quarter of 2014, which were partially offset by expenses related to the appointment of our new Chief Executive Officer on May 18, 2015
• Loss from operations for the quarter ended June 30, 2015 was $2.6 million compared to $3.7 million in the same period of 2014
• Net income for the second quarter 2015 was $10.8 million compared to $13.9 million in the same period of 2014
• Cash and cash equivalents as of June 30, 2015 totaled $14.4 million, reflecting the net proceeds of $12.4 million from our March 2015 private placement financing
• The Company anticipates its current financial resources will provide sufficient cash to fund operations through Q3 2016
“AmpliPhi remains in a solid position, operationally and financially, to advance our pre-clinical pipeline and achieve our overarching goal of bringing bacteriophage-based products to market to provide clinicians with a new class of therapies to combat the rising threat of antibiotic-resistant bacterial infections,” concluded Salka.
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