Press Release
BioPharmX Reports Second Quarter 2018 Financial Results
Company reports continued progress in clinical programs
MENLO PARK, Calif., Sept. 13, 2017 - BioPharmX Corporation (NYSE MKT: BPMX), a specialty pharmaceutical company focusing on dermatology, today announced its financial results for the second quarter ended July 31, 2017 and discussed the progress of its clinical research.
“Momentum that began during our first quarter continues,” said BioPharmX President Anja Krammer. “We have requested a meeting with the Food and Drug Administration (FDA) to discuss phase 3 requirements for BPX-01, our investigational topical drug for acne. Meanwhile, we have also made good progress for a second indication of BPX-01 in rosacea, showing tolerability and efficacy in our ongoing feasibility study. ”
During the past month, BioPharmX has:
Continued to refine plans for its phase 3 clinical trials of BPX-01 for acne.
Requested a meeting with FDA to discuss BPX-01 phase 3 requirements.
Announced preliminary data on rosacea open-label study, demonstrating that BPX-01 for rosacea was well tolerated, and that efficacy endpoint data suggest a potential positive effect on rosacea lesions.
BioPharmX will hold a business update call in the near future, during which the company’s management team will brief investors on ongoing progress.
Second Quarter Financial Results
Total operating expenses for the second quarter of 2018 were $4.3 million, compared with total operating expenses of $5.0 million in the prior fiscal year’s second quarter. The decrease resulted primarily from lower spending for the company's acne drug clinical trials, as well as lower spending on advertising and promotions related to the company’s Violet product.
Net loss for the second quarter of 2018 was $3.7 million, or $0.05 per share, compared with a net loss of $5.0 million, or $0.18 per share, during the prior fiscal year’s second quarter.
Excluding stock-based compensation expense, the impact of changes in the fair value of the warrant liability and amortization of purchased intangible assets, non-GAAP net loss for the second quarter of 2018 was $3.7 million, or $0.05 per share. During the second quarter of the prior year, the comparable non-GAAP net loss was $4.6 million, or $0.16 per share.
Cash and cash equivalents as of July 31, 2017 were $4.5 million.
