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Galmed Pharmaceuticals Reports First Half 2014 Financial Results
Date:7/25/2014

TEL AVIV, Israel, July 25, 2014 /PRNewswire/ -- Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) (Galmed), a clinical-stage biopharmaceutical company focused on the development and commercialization of a once-daily, oral therapy for the treatment of liver diseases and cholesterol gallstones, today announced financial results for the period ended June 30, 2014.

First Half 2014 Financial Summary:

  • Reported cash and cash equivalents totaling $37.4 million on June 30, 2014, compared with $137,000 at December 31, 2013. 
  • Reported a net loss of $3.9 million for the six months ended June 30, 2014, compared with a net loss of $1.6 million for the comparable prior year period.
  • Reported research and development expenses of $2.7 million for the six months ended June 30, 2014, compared with $1.3 million for the comparable prior year period, primarily resulting from increases in R&D subcontractor expenses and an increase in salaries and benefits due to an increase in clinical staff.
  • Reported general and administrative expenses of $1.1 million for the six months ended June 30, 2014, compared with $247,000 for the comparable prior year period, resulting from an increase in professional services and an increase in salaries and benefits, consisting of non-cash stock-based compensation and an increase in the administrative staff.
  • Reported a net loss per share of $0.42 for the six months ended June 30, 2014, compared with $0.31 per share for the comparable prior year period, in each case not taking into consideration dilution resulting from net loss during both periods.
  • Select Second Quarter 2014 and Recent Corporate Highlights:

  • Received U.S. Food and Drug Administration (FDA), clearance of the Company's Investigational New Drug application for aramchol for the treatment of fatty liver disorders,
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  • SOURCE Galmed Pharmaceuticals Ltd.
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