IRVINE, Calif., March 6, 2014 (GLOBE NEWSWIRE) -- AtheroNova Inc. (OTCBB:AHRO), a biotech company focused on the research and development of compounds to safely regress atherosclerotic plaque and improve lipid profiles in humans, today announced its financial results for the year-ended December 31, 2013 and is providing a corporate update on operations and progress on lead candidate AHRO-001.
FY 2013 Financial Results:
-
Total operating expenses for the year ended December 31, 2013 were $7.2 million, compared to $3.6 million in the same period of 2012.
-
Net loss attributable to common shareholders for the year ended December 31, 2013 was $7.8 million, or $0.20 per basic and diluted share. This compares to a net loss of $2.6 million, or $0.09 per basic and diluted share in the same period of 2012.
- As of December 31, 2013, the Company had cash & cash equivalents of approximately $0.2 million.
2013 Corporate Highlights:
-
Commenced first-in-human clinical trial program with CardioNova, the Company's development partner for the Russian market.
-
Completed dosing of Phase 1 clinical study of AHRO-001in healthy volunteers with mild dyslipidemia.
-
Commenced domestic toxicology program at a cGMP and GLP-accredited facility.
-
Continued to expand patent portfolio to include additional bile acids for treatment of lipid-related diseases.
- Strengthened Scientific Advisory Board with the addition of Drs. John Kastelein and Erik Stroes, both noted cardiovascular researchers and luminaries in the field.
"We are maintaining our focus on our lead candidate, AHRO-001, as a treatment for atherosclerotic plaque and are pleased with the progress achieved in 2013," said Thomas Gardner, AtheroNova's Chairman and Chief Executive Officer. "We continue to build momentum as we accelerate AtheroNova's clinical and non-clinical development programs. We accomplished an important milestone in the initiation of our clinical trials in Russia with our partner, CardioNova, and expect that the data generated will support our clinical trial plans for the coming year; including additional studies in Russia, filing our IND, and commencing pilot studies in the US and other lipid research facilities. We have designed a very aggressive plan for 2014 and anticipate achieving a number of significant value points to enhance shareholder value."
"We are truly pleased with the accomplishments of AtheroNova with our conservative spending and novel funding," added Mark Selawski, the Company's Chief Financial Officer. "As we take advantage of new opportunities in drug development and Intellectual Property, our expenditures will increase; however, we will continue our dedication to the cost efficiencies that we have established on behalf of our shareholders."
About AtheroNova
AtheroNova Inc. is a biotechnology company focused on the discovery, research, development and licensing of novel compounds to safely reduce or regress atherosclerotic plaque deposits and improve lipid profiles in humans. In addition to its lead compound AHRO-001, AtheroNova plans to develop multiple applications for its patented and patents-pending therapies in market sectors that include: Cardiovascular Disease, Stroke and Peripheral Artery Disease, all of which have been linked to atherosclerosis. Atherosclerosis and its related pharmaceutical expenses for these indications cost consumers more than $41 billion annually in the United States alone. For more information, please visit www.AtheroNova.com.
Forward-Looking Statements
This news release includes "forward-looking statements". These statements are based upon the current beliefs and expectations of AtheroNova's management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Risks and uncertainties include but are not limited to, general industry conditions and competition; significant fluctuations in expenses associated with clinical trials, failure to secure additional financing, the inability to complete regulatory filings with the Food and Drug Administration, general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; AtheroNova's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of AtheroNova's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions. Examples of forward-looking statements in this release include statements related to data produced by the subject clinical study and the Company's clinical development plan.
AtheroNova undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in AtheroNova's 2013 Annual Report on Form 10-K and the company's other filings with the Securities and Exchange Commission (SEC) available at the SEC's Internet site (www.sec.gov).
| AtheroNova Inc. | |||
| Statement of Operations | |||
| (In thousands, except per share amounts) | |||
| Year ended | |||
| December 31, | |||
| 2013 | 2012 | ||
| Research and development | $ 4,399 | $ 986 | |
| General and administrative | 2,815 | 2,652 | |
| Total operating expenses | 7,214 | 3,638 | |
| Interest expense | 602 | 871 | |
| Non-cash derivative (gains)/loss, net | ---- | (1,872) | |
| Other (income)/expense | (1) | (1) | |
| Net loss attributable to holders of Common Stock | $ (7,815) | $ (2,636) | |
| Net basic and diluted loss per share | $ (0.20) | $ (0.09) | |
| Weighted average number of shares used in computing basic and diluted net loss per share | 39,730,289 | 30,635,249 | |
| AtheroNova Inc. | ||
| Balance Sheet Data | ||
| (In thousands) | ||
| December 31, | December 31, | |
| ASSETS | 2013 | 2012 |
| Current assets: | ||
| Cash and cash equivalents | $ 266 | $ 2,744 |
| Prepaid expenses | 23 | 18 |
| Total current assets | 289 | 2,762 |
| Equipment, Net | 7 | 8 |
| Deposits and other assets | 13 | 24 |
| Total assets | $ 309 | $ 2,794 |
| LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY) | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $ 812 | $ 603 |
| Interest payable | 76 | 37 |
| Current portion of 2.5% Senior notes, net of discount | 390 | ---- |
| Total Current liabilities | 1,278 | 640 |
| 2.5% Senior notes, net of discount | 363 | 361 |
| Research and development costs payable in common stock | 1,171 | ---- |
| Shareholders' equity (deficiency): | ||
| Common stock | 4 | 4 |
| Additional paid-in capital | 19,523 | 16,004 |
| Deficit accumulated during the development stage | (22,030) | (14,215) |
| Total shareholders' equity (deficiency) | (2,503) | 1,793 |
| Total liabilities and shareholders' equity (deficiency) | $ 309 | $ 2,794 |