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:
Select Second Quarter 2014 and Recent Corporate Highlights:
"I am pleased to report that we have completed all short-term milestones that we set for the first half of 2014 at the time of our initial public offering," stated Allen Baharaff, Galmed's Chief Executive Officer. "We are also moving ahead with trial preparation for the Phase IIb NASH trial of aramchol, including the initiation of and patient screening for such trial, as planned. We expect to report interim data by the third quarter of 2015 and top line data by the fourth quarter of 2016. We also expect to initiate a proof of concept study of aramchol for the dissolution and prevention of cholesterol gallstones in the current quarter and anticipate top-line results from this study before year end."
"In March, we completed an initial public offering of our ordinary shares, which generated net proceeds after deducting underwriting discounts, commissions and expenses of approximately $39.7 million," continued Mr. Baharaff. "Based on our expected level of expenditures, including all clinical studies and research and development activities we believe necessary for the completion of our planned Phase IIb trial of aramchol in NASH patients, we expect our cash on hand to be sufficient to fund operations through mid 2017, subject, of course, to changes in our burn rate or plans in the future."
Conference Call Details
Galmed will host a conference call and webcast today at 8:30 a.m. EDT/5:30 a.m. PDT to discuss its financial results and to provide an update on current developments with respect to its clinical program for aramchol.
Conference Call & Webcast
Today, 8:30am EDT/5:30am PDT
Replay available until August 9:
About Galmed Pharmaceuticals Ltd.
Galmed is a clinical-stage biopharmaceutical company focused on the development and commercialization of a novel, once-daily, oral therapy for the treatment of liver diseases and cholesterol gallstones utilizing its proprietary first-in-class family of synthetic fatty-acid/bile-acid conjugates, or FABACs. Galmed believes that its product candidate, aramchol, has the potential to be a disease modifying treatment for fatty liver disorders, including NASH, which is a chronic disease that Galmed believes constitutes a large unmet medical need.
This press release includes forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Applicable risks and uncertainties include those identified under the heading "Risk Factors" included in the registration statement on Form F-1 (File No. 333 -193792), initially filed with the Securities and Exchange Commission, or the SEC, on February 6, 2014 and declared effective by the SEC on March 12, 2014, and in other filings that Galmed has made and may make with the SEC in the future. The forward-looking statements contained in this press release reflect Galmed's current views with respect to future events, and Galmed does not undertake and specifically disclaims any obligation to update any forward-looking statements.
GALMED PHARMACEUTICALS LTD.Condensed Consolidated Balance SheetsU.S. Dollars in thousands, except share data and per share dataSuccessorPredecessorAs of
June 30, 2014As of
2013UnauditedAuditedAssetsCurrent AssetsCash and cash equivalents$
37Other accounts receivable61
16Total current assets37,640
153Property and equipment, net24
Liabilities and Stockholders' DeficiencyCurrent liabilitiesTrade payables$
,355Other accounts payable393
334Total current liabilities694
1,689Long-term liabilities Related parties442
428Total long-term liabilities442
428Stockholders' equity (deficiency):Ordinary shares par value NIS 0.01 per share;
Authorized 50,000,000; Issued and outstanding:
11,100,453 shares as of June 30, 201432
-Ordinary shares par value $1 per share; Authorized 50,000
shares; Issued and outstanding: 9,739 shares as of
December 31, 2013-
10Additional paid-in capital67,876
25,681Accumulated deficit (31,560)
(27,642)Total stockholders' equity (deficiency)36,348
(1,951)Total liabilities and stockholders' equity$
The noted included in the 6-K are an integral part of the condensed interim consolidated financial statements. GALMED PHARMACEUTICALS LTD.Condensed Consolidated Statements of OperationsU.S. Dollars in thousands, except share data and per share dataSuccessorPredecessor
Period from February 3 to June 30, 2014Period from
January 1 to
February 2, 2014Six months
endedJune 30, 2013UnauditedUnauditedUnauditedResearch and development expenses
,294General and administrative expenses
-10Total operating expenses3,283
6151,551Financial expenses, net
,560Basic and diluted net loss per share
.31Weighted average number of shares outstanding used in
computing basic and diluted net loss per share
10,073,817(*) 7,099,731(*) 4,995,837(*) Retroactively adjusted to reflect the 729:1 share split, which occurred upon the consummation of the Reorganization.
|SOURCE Galmed Pharmaceuticals Ltd.|
Copyright©2014 PR Newswire.
All rights reserved