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Abeona Therapeutics Reports Second Quarter 2017 Financial Results and Recent Business Highlights

NEW YORK and CLEVELAND, Aug. 15, 2017 (GLOBE NEWSWIRE) -- Abeona Therapeutics Inc. (ABEO), a leading clinical-stage biopharmaceutical company focused on developing novel gene therapies for life-threatening rare diseases, announced financial results for the second quarter and recent business highlights. The Company will provide investors an update on ongoing business activities and an overview of its 2Q17 financials on Tuesday, August 22nd, at 10:00 am (Eastern). Interested parties are invited to participate in the call by dialing 877-269-7756 (toll free domestic) or 201-689-7817 (international).

“We made a lot of progress during the second quarter, and the feedback received from the FDA to accelerate our EB-101 program to a pivotal Phase 3 trial supports the potential of this gene therapy program. The strengths of our clinical programs were also underscored by the achievement of additional regulatory designations for our gene therapy programs and the recent appointment of key executives within the Company,” stated Timothy J. Miller, Ph.D., President and CEO.

2nd Quarter Summary Financial Results:

Cash position: Cash, cash equivalents and marketable securities as of June 30, 2017 were $58.3 million, compared to $63.2 million as of March 31, 2017. Net cash used in operating activities in the six months ended June 30, 2017 was $10.8 million as compared to $5.6 million in the same period in 2016.

Revenues: Revenues were $217 thousand for the second quarter of 2017, compared to $214 thousand in the second quarter of 2016. Revenues consisted of a combination of royalties from marketed products, primarily MuGard®, and recognition of deferred revenues related to upfront payments from early license agreements.

Loss per share: Loss per share was $0.21 for the second quarter of 2017, compared to a loss per share of $0.20 in the comparable period in 2016.

Abeona Recent Highlights:
July 25, 2017: Announced appointment of Juan Ruiz, Ph.D., M.D., as Chief Medical Officer

July 18, 2017: Received guidance from FDA to commence pivotal Phase 3 for EB-101 gene therapy for patients with Epidermolysis Bullosa (EB)

June 29, 2017: Received FDA Orphan Drug Designation for ABO-201 Juvenile Batten disease gene therapy program