Navigation Links
OphthaliX Reports First Quarter 2012 Financial Results

SALT LAKE CITY, May 15, 2012 /PRNewswire/ -- OphthaliX (OTCBB: OPLI) today reported its financial and operating results for the quarter ended March 31, 2012. OphthaliX is an advanced clinical-stage biopharmaceutical company focused on developing therapeutic products for the treatment of ophthalmic disorders.  Our drug, CF101 (known generically as IB-MECA), is being developed to treat three ophthalmic indications: dry eye syndrome; glaucoma and uveitis. We are currently: (i) conducting a Phase III trial with respect to the development of CF101 for dry eye syndrome, under an Investigational New Drug, or IND, application with the United States Food and Drug Administration, or FDA; (ii) conducting a Phase II trial with respect to the development of CF101 for the treatment of glaucoma; and (iii) preparing for Phase II study of the development of CF101 for uveitis.

Prof. Pnina Fishman, interim CEO and Chairman of OphthaliX commented: "We continue to make good progress on the development of CF101 for the ongoing ophthalmic indications with both the Phase 3 Dry Eye and the Phase 2 Glaucoma studies."

For the period from June 27, 2011 (inception date of Eyefite) to March 31, 2012, we did not generate any revenues from operations.  Expenses during the quarter ended March 31, 2012, were $710,000 with a finance expense of $2,114,000 for a net loss of $2,824,000. Expenses for the period mentioned above consisted of research and development activities of $508,000 and general and administrative expenses of $202,000.  These expenses were mainly due to professional, legal and accounting fees relating to our reporting requirements.  The finance expenses were mainly due to a change in the fair value of derivatives in the amount of $2,116,000.  There were no comparable expenses during the prior year quarter ended March 31, 2011. As of March 31, 2012 we had $2,467,000 in cash.  We believe that such funds will be sufficient to effectuate our business for the next 12 months.  We also have 17,873,054 ordinary shares of Can-Fite BioPharma Ltd. (traded on the Tel Aviv Stock exchange) presented on the Balance Sheet as $1,391,000.

On a non-GAAP basis, net loss for the first quarter of 2012, excluding the $2,116,000 of non-cash charge related to the re-measurement to fair value of a derivative that is being accounted for as a liability, was $708,000 or 0.01 per basic share and diluted share. Assuming the derivative was converted into OphthaliX's common stock, as of March 31, 2012, OphthaliX's stockholder's equity on a Non-GAAP basis would be $3,896,000.Three months endedMarch 31, 2012(unaudited)Reported GAAP net loss2,824,000Re-measurement of a derivative to fair value(2,116,000)Non-GAAP net loss708,000OPHTHALIX, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(Unaudited)(U.S. dollars in thousands, except share and per share data)Period from
June 27, 2011Three months
ended March 31,(inception date)
to March 31, 20122012UnauditedUnauditedOperating expenses:Research and development$ 508$ 724General and administrative202337Total operating expenses7101,061Financial expenses, net2,1143,164Net loss2,8244,225Net loss per share:Basic and diluted net loss per share$ (0.06)$ (0.10)Weighted average number of Common shares used in
computing basic and diluted net loss per share 46,985,51741,176,629Comprehensive loss2,9414,386 OPHTHALIX, INC. CONSOLIDATED BALANCE SHEETS (Unaudited)(In thousands) March 31,2012December 31,2011UnauditedASSETSCURRENT ASSETS:Cash and cash equivalents$
3,441Investment in parent company 263172Other accounts receivable 5463Total current assets3,2763,616LONG-TERM ASSETS:Investment in parent company 1,1281,336Total long-term assets1,1281,336Total assets$
40Other accounts payables and accrued expenses 170160Total current liabilities508300NON-CURRENT LIABILITIES:Derivative related to service agreement 3,5531,436Total non-current liabilities3,5531,436SHAREHOLDERS' EQUITY:Share capital Preferred Shares -Authorized: 1,000,000 shares at March 31, 2012 and December 31, 2011;
Issued and Outstanding: 0 shares at March 31, 2012 and December 31,
2011 --Common Shares of  $0.001 par value -Authorized: 100,000,000 shares at March 31, 2012 and December 31,
2011; Issued and Outstanding: 46,985,517 shares at March 31, 2012 and
December 31, 20114747Additional Paid-in capital4,6824,614Accumulated other comprehensive loss(161)(44)Accumulated deficit(4,225)(1,401)Total shareholders' equity3433,216Total liabilities and shareholders' equity$
4,952This release contains forward-looking statements regarding OphthaliX's future plans and expected performance based on assumptions the Company believes to be reasonable.  A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of business development efforts and the timeliness of development activities, and other risk factors described from time to time in the Company's reports filed with the SEC.  In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. OphthaliX Inc. undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE OphthaliX Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. EpiCept Reports Expansion of Clinical Development For Licensed Cancer Compound
2. Spherix Reports Second Quarter Earnings
3. Tapestry Reports Second Quarter 2007 Results
4. Callisto Reports on Second-Quarter 2007 Milestones
5. ImmuneRegen BioSciences Reports Material Transfer Agreement with VaxGen, Inc.
6. Vical Reports Second Quarter 2007 Financial Results, Allowance of Pandemic Influenza IND and Other Advances in Product Development Programs
7. Paper in International Journal of Oncology Reports Alfacells ONCONASE(R) Suppresses Intracellular Oxidative Stress
8. TAXUS WOMAN Study Reports Positive Clinical Outcomes for the TAXUS(R) Drug-eluting Stent in Women
9. Biopure Reports on Meeting with the FDA
10. Peregrine Reports Data Showing Bavituximabs Potential to Shrink Prostate Tumors
11. NicOx Reports TOPIGEN to Advance TPI-1020 Into Phase 2 for COPD Following Promising Clinical Results
Post Your Comments:
(Date:11/24/2015)... , November 24, 2015 F1000Workspace ... for scientists - since it was launched just six months ... reference management and authoring platform for scientists - since it ... million references have been loaded on to F1000Workspace ... scientists - since it was launched just six months ago. ...
(Date:11/24/2015)... 24, 2015  Family Rentals, a South ... launch of their newly designed, mobile-responsive website. ... --> Logo - ... --> Now, renting essential items for ... just got a whole lot easier through the ...
(Date:11/24/2015)... NEWTOWN, Pa. , Nov. 24, 2015  NuShield, Inc., an industry leader in LCD screen ... mobile and stationary computer technology as part of their patient monitoring or electronic documentation system. ... ... ... ...
Breaking Medicine Technology:
(Date:11/24/2015)... ... November 24, 2015 , ... Sir ... customer service: the TrustDale certification. The award recognizes good companies for excellence in ... , tile and grout, and hard surface restoration company earned this recognition after ...
(Date:11/24/2015)... ... 2015 , ... Autism Speaks, the world’s leading autism science and advocacy organization, ... the generosity of people around the world. On December 1, supporters can make an ... and share the personal stories behind those gifts. , Just as Black Friday ...
(Date:11/24/2015)... ... ... Don Peck’s mother wondered if she was a descendant of Samuel Fuller, a passenger on ... search for information, Don and his aunt discovered that she was not, in fact, related ... was Don’s father who was descended from not one, but four passengers on the famed ...
(Date:11/24/2015)... ... November 24, 2015 , ... Dehydration, defined as a loss ... to perspiration in the hot sun, and heat stroke and death will quickly follow. ... radio host Sharon Kleyne. Every cell, system and structure requires water to function properly. ...
(Date:11/24/2015)... ... November 24, 2015 , ... The ... OSHA Training Institute Education Center in Northern California, is calling on retail employers ... sales events. As the volume of sales and shoppers rapidly expands, retailers ...
Breaking Medicine News(10 mins):