SINGAPORE, March 22, 2019 (GLOBE NEWSWIRE) -- ASLAN Pharmaceuticals (Nasdaq:ASLN, TPEx:6497), a clinical-stage oncology-focused biopharmaceutical company developing novel therapeutics for global markets, today reported financial results for the quarter and full year ended 31 December 2018 and provided an update on its clinical activities.
Dr Carl Firth, Chief Executive Officer, ASLAN Pharmaceuticals, said: “Our accomplishments in 2018 have positioned ASLAN for the achievement of key milestones in the coming year. We completed recruitment for our pivotal study testing varlitinib in biliary tract cancer ahead of schedule and have recently seen activity in neoadjuvant breast cancer in an investigator initiated study. We have started dosing the fourth cohort in our phase 2 trial testing ASLAN003 in acute myeloid leukaemia, and have seen further evidence of activity from the third cohort since we last published data in December 2018. We expect to dose our last patient in the single ascending dose study of ASLAN004 before the end of March and move into a multiple ascending dose study in atopic dermatitis patients in the second half of 2019.”
Fourth quarter 2018 and recent business highlights
Clinical development
Varlitinib
ASLAN003
ASLAN004
Corporate updates
Anticipated upcoming milestones
Fourth quarter 2018 financial highlights
Full Year 2018 financial highlights
ASLAN Pharmaceuticals Limited Consolidated Balance Sheet1 (in US dollars, unaudited) | ||||||||
December 31, 2017 | December 31, 2018 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 50,573,211 | $ | 28,908,901 | ||||
Prepayments | 71,946 | 183,599 | ||||||
NON-CURRENT ASSETS | ||||||||
Financial assets at fair value through profit or loss | - | 60,004 | ||||||
Financial assets at fair value through other comprehensive income | - | 187,244 | ||||||
Property, plant and equipment | 443,566 | 288,418 | ||||||
Intangible assets | 84,052 | 23,080,592 | ||||||
Refundable deposits | 160,947 | 172,080 | ||||||
Total non-current assets | 688,565 | 23,788,338 | ||||||
TOTAL ASSETS | $ | 51,333,722 | $ | 52,880,838 | ||||
EQUITY AND LIABILITIES | ||||||||
CURRENT LIABILITIES | ||||||||
Trade payables | $ | 3,898,291 | $ | 5,315,737 | ||||
Other payables | 2,080,544 | 2,682,661 | ||||||
Total current liabilities | 5,978,835 | 7,998,398 | ||||||
NON-CURRENT LIABILITIES | ||||||||
Long-term borrowings | 9,679,451 | 13,974,794 | ||||||
Other non-current liabilities | 162,000 | 289,613 | ||||||
Total non-current liabilities | 9,841,451 | 14,264,407 | ||||||
Total liabilities | 15,820,286 | 22,262,805 | ||||||
EQUITY | ||||||||
Ordinary shares | 41,514,016 | 51,627,219 | ||||||
Capital surplus | 84,282,681 | 111,459,672 | ||||||
Accumulated deficits | (90,283,261 | ) | (132,468,858 | ) | ||||
Total equity | 35,513,436 | 30,618,033 | ||||||
TOTAL EQUITY AND LIABILITIES | $ | 51,333,722 | $ | 52,880,838 | ||||
ASLAN Pharmaceuticals Limited Consolidated Statements of Comprehensive Income1 (in US dollars, unaudited) | ||||||||||||||||
For the Three Months Ended December 31 | For the Twelve Months Ended December 31 | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
OPERATING EXPENSES | ||||||||||||||||
General and administrative | $ | (1,900,675 | ) | $ | (2,694,766 | ) | $ | (10,513,707 | ) | $ | (8,758,710 | ) | ||||
Research and development | (9,203,972 | ) | (11,744,291 | ) | (31,834,364 | ) | (30,381,016 | ) | ||||||||
Total operating expenses | (11,104,647 | ) | (14,439,057 | ) | (42,348,071 | ) | (39,139,726 | ) | ||||||||
LOSS FROM OPERATIONS | (11,104,647 | ) | (14,439,057 | ) | (42,348,071 | ) | (39,139,726 | ) | ||||||||
NON-OPERATING INCOME AND EXPENSES | ||||||||||||||||
Interest income | 28,636 | 86,095 | 268,330 | 363,137 | ||||||||||||
Other income | - | - | 187,244 | - | ||||||||||||
Other gains and losses | 42,708 | (70,996 | ) | 213,243 | (698,691 | ) | ||||||||||
Finance costs | (158,537 | ) | (106,369 | ) | (491,904 | ) | (416,698 | ) | ||||||||
Total non-operating income and expenses | (87,193 | ) | (91,270 | ) | 176,913 | (752,252 | ) | |||||||||
LOSS BEFORE INCOME TAX | (11,191,840 | ) | (14,530,327 | ) | (42,171,158 | ) | (39,891,978 | ) | ||||||||
INCOME TAX EXPENSE | - | - | (14,439 | ) | - | |||||||||||
NET LOSS FOR THE PERIOD | (11,191,840 | ) | (14,530,327 | ) | (42,185,597 | ) | (39,891,978 | ) | ||||||||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | $ | (11,191,840 | ) | $ | (14,530,327 | ) | $ | (42,185,597 | ) | $ | (39,891,978 | ) | ||||
LOSS PER SHARE | ||||||||||||||||
Basic | $ | (0.07 | ) | $ | (0.11 | ) | $ | (0.28 | ) | $ | (0.32 | ) | ||||
1 Financial statements in US dollars are prepared by the company
Media and IR contacts
Emma Thompson Spurwing Communications Tel: +65 6751 2021 Email: ASLAN@spurwingcomms.com | Robert Uhl Westwicke Partners Tel: +1 858 356 5932 Email: robert.uhl@westwicke.com |
About ASLAN Pharmaceuticals
ASLAN Pharmaceuticals (Nasdaq:ASLN, TPEx:6497) is a clinical-stage oncology-focused biopharmaceutical company developing novel therapeutics for global markets. ASLAN targets diseases that are both highly prevalent in Asia and orphan indications in the United States and Europe. Led by a senior management team with extensive experience in global and regional development and commercialisation, ASLAN is headquartered in Singapore and has offices in Taiwan and China. ASLAN’s portfolio is comprised of three product candidates which target validated growth pathways applied to new patient segments, novel immune checkpoints and novel cancer metabolic pathways. ASLAN’s partners include Array BioPharma, Bristol-Myers Squibb, Almirall and CSL. For additional information please visit www.aslanpharma.com.
Forward looking statements
This release and the accompanying financial information, if any, contains forward-looking statements. These statements are based on the current beliefs and expectations of the management of ASLAN Pharmaceuticals Limited and/or its affiliates (the "Company"). These forward-looking statements may include, but are not limited to, statements regarding the Company’s business strategy, the Company’s plans to develop and commercialise its product candidates, the safety and efficacy of the Company’s product candidates, the Company’s plans and expected timing with respect to regulatory filings and approvals, and the size and growth potential of the markets for the Company’s product candidates. The Company’s estimates, projections and other forward-looking statements are based on management's current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and inherently involve significant known and unknown risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation the risk factors described in the Company’s US Securities and Exchange Commission filings and reports (Commission File No. 001-38475), including the Company’s prospectus dated May 8, 2018 filed with the US Securities and Exchange Commission on such date.
All statements other than statements of historical fact are forward-looking statements. The words “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements. Estimates, projections and other forward-looking statements speak only as of the date they were made, and, except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection or forward-looking statement.