Investor conference call today at 1:30 p.m.
PST / 4:30 p.m. EST
Pulse Biosciences, Inc. (NASDAQ: PLSE), a medical technology
company developing a proprietary therapeutic tissue treatment based
on its Nano-Pulse Stimulation (NPS) platform, today reports recent
corporate developments and financial results for the quarter ended
September 30, 2017.
Recent Developments
- Completed a $30 million private
placement. During the quarter ended September 30, 2017, the
Company closed a $30 million private placement with Robert W.
Duggan, pursuant to which the Company sold
2,000,000 shares of unregistered common stock at a price
of $15.02 per share. No warrants were issued, and no investment
banking or placement fees were incurred.
- Appointed four new directors to its
Board of Directors. On November 2, the Company appointed
directors Ken Clark, Bob Duggan, Dr. Thomas Fogarty and Manmeet S.
Soni to its Board of Directors. Bob Duggan has been appointed
Chairman of the Board.
- Translational canine oral melanoma
veterinary study enrolls and treats five canine patients. The
Company completed enrollment and treatment of the planned initial
five animals in its translational veterinary study of NPS in canine
oral melanoma. Follow-up visits on these initial animals are
expected to be completed by year-end.
- Completion of patient treatments in
seborrheic keratosis (SK) clinical trial achieved during the third
quarter. The Company continued to make progress in its
multi-center study of NPS for the treatment of seborrheic keratosis
by completing patient treatments during the third quarter.
Follow-up visits remain on track to be completed in 2017.
- PulseTxTM Nano-Pulse
Stimulation System 510(k) submission work in progress. In
response to the FDA’s request for additional data relating to the
Company’s PulseTx System 510(k) submission for soft tissue
ablation, significant progress is being made. The Company plans to
submit a 510(k) application with requested data during the first
quarter of 2018.
“We continue to make meaningful progress toward our goal of
delivering NPS as a novel therapeutic option that could represent a
significant improvement over current treatment modalities in
oncology and other indications,” said Darrin Uecker, President and
Chief Executive Officer of Pulse Biosciences. “In our animal lab
work we continue to generate data informing us as to the potential
range, reach and impact of our technology in treating lesions and
tumors as well as in stimulating the immune system via our unique
Nano-Pulse Stimulation therapy.”
Financial Highlights
Cash and investments totaled $42.0 million at September
30, 2017, compared to $16.4 million at December 31, 2016, reflects
the proceeds from the $30 million financing completed in September.
Cash use for the three- and nine-month periods ended September 30,
2017 totaled $3.2 million and $9.2 million, respectively.
Operating expenses for the three-month period ended
September 30, 2017, totaled $7.5 million, compared to $6.2 million
for the three-month period ended June 30, 2017, and $2.8 million
for the three-month period ended September 30, 2016. Operating
expenses for the three-month period ended September 30, 2017,
include non-cash stock-based compensation of $3.4 million, compared
to $2.8 million for the quarter ended June 30, 2017 and $0.2
million for the quarter ended September 30, 2016.
Conference Call Details
Pulse Biosciences’ Darrin Uecker, President and Chief Executive
Officer, and other senior executives will host the investor call on
November 7, 2017, at 1:30 p.m. PST / 4:30 p.m. EST. The telephone
dial-in number for the call is (844) 494-0190 (U.S. toll-free) or
(508) 637-5580 (international) using Conference ID 1522560.
Listeners will also be able to access the call via webcast
available on the Investors section of the Company’s website at
www.pulsebiosciences.com.
About Pulse Biosciences
Pulse Biosciences is a medical technology company developing a
therapeutic tissue treatment platform based on Nano-Pulse
Stimulation (NPS), a proprietary high-speed cell signaling
technology. NPS is a non-thermal, precise, focal drug-free tissue
treatment technology that directly affects the cell membrane and
intracellular structures to stimulate unique behaviors in cells.
NPS can initiate a cell death process. That process provides a
means for the treatment of tissue cells with minimal inflammatory
response. This has the potential to improve healing outcomes. This
process may also contribute to the replacement of treated tissue
cells with healthy new tissue cells. In cancerous lesions, NPS has
been shown in preclinical models to induce immunogenic cell death
(ICD) exposing the unique antigens of the treated cells to the
immune system, resulting in the generation of cytotoxic T-cells and
the mounting of an adaptive immune response targeted against those
cells. Pulse Biosciences is investigating a variety of
applications for its technology that exploits the technology’s
unique biologic effect. More information is available at
www.pulsebiosciences.com.
Forward-Looking Statements
All statements in this press release that are not historical are
forward-looking statements, including, among other things,
statements relating to Pulse Biosciences’ expectations regarding
regulatory clearance and the timing of FDA filings or approvals,
the mechanism of action of NPS treatments, current and planned
future clinical studies, other matters related to its pipeline of
product candidates, future financial performance and other future
events. These statements are not historical facts but rather are
based on Pulse Biosciences’ current expectations, estimates, and
projections regarding Pulse Biosciences’ business, operations and
other similar or related factors. Words such as “may,” “will,”
“could,” “would,” “should,” “anticipate,” “predict,” “potential,”
“continue,” “expects,” “intends,” “plans,” “projects,” “believes,”
“estimates,” and other similar or related expressions are used to
identify these forward-looking statements, although not all
forward-looking statements contain these words. You should not
place undue reliance on forward-looking statements because they
involve known and unknown risks, uncertainties, and assumptions
that are difficult or impossible to predict and, in some cases,
beyond Pulse Biosciences’ control. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described in Pulse
Biosciences’ filings with the Securities and Exchange Commission.
Pulse Biosciences undertakes no obligation to revise or update
information in this release to reflect events or circumstances in
the future, even if new information becomes available.
PULSE BIOSCIENCES, INC. Condensed
Consolidated Balance Sheets (Unaudited)
September 30, December 31,
(in
thousands)
2017 2016 ASSETS Current assets: Cash and
investments $ 42,041 $ 16,395 Prepaid expenses and other current
assets 512 268 Total current assets 42,553 16,663 Leasehold
improvements and equipment, net of Accumulated depreciation 2,635
317 Intangible assets, net of accumulated amortization 6,044 6,543
Goodwill 2,791 2,791 Other assets 101 - Total assets $ 54,124 $
26,314
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable $ 914 $ 265 Accrued expenses 1,168
751 Deferred rent, current 392 - Total current liabilities 2,474
1,016 Long term liabilities: Deferred rent 1,715 - Total
liabilities
4,189
1,016
Stockholders’ equity: Common stock 79,407 37,911 Accumulated other
comprehensive loss (2) (7) Accumulated deficit (29,470) (12,606)
Total stockholders’ equity 49,935 25,298 Total liabilities and
stockholders’ equity $ 54,124 $ 26,314
PULSE BIOSCIENCES, INC. Condensed Consolidated Statements
of Operations (Unaudited) Three-Month Periods
Ended September 30, June 30, September 30,
(in thousands,
except per share amounts)
2017 2017 2016 Revenue $ — $ — $ — Operating
expenses: General and administrative 4,159 3,772 893 Research and
development 3,200 2,282 1,739 Amortization of intangible assets
166 167 166 Total operating expenses
7,525 6,221 2,798 Other income: Interest income
39 41 31 Total other income 39
41 31 Net loss $ (7,486) $ (6,180) $ (2,767) Net loss per
share: Basic and diluted net loss per share $ (0.52) $ (0.43) $
(0.21) Weighted average shares used to compute net loss per common
share — basic and diluted 14,381 14,233 13,315
PULSE BIOSCIENCES, INC. Condensed
Consolidated Statements of Operations (Unaudited)
Nine-Month Periods Ended September 30, September
30,
(in thousands,
except per share amounts)
2017 2016 Revenue $ — $ — Operating expenses: General
and administrative 9,151 2,063 Research and development 7,333 4,182
Amortization of intangible assets 499 499 Total
operating expenses 16,983 6,744 Other income:
Interest income 119 35 119 35 Net loss
$ (16,864) $ (6,709) Net loss per share: Basic and diluted net loss
per share $ (1.19) $ (0.66) Weighted average shares used to compute
net loss per common share — basic and diluted 14,141
10,235
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version on businesswire.com: http://www.businesswire.com/news/home/20171107006773/en/
Pulse Biosciences, Inc.Investors:Brian DowSr. Vice President and
Chief Financial OfficerIR@pulsebiosciences.comorThe Trout GroupMike
Zanoni, 646-378-2924mzanoni@troutgroup.comorMedia:Sam Brown,
Inc.Christy Curran, 615-414-8668christycurran@sambrown.com
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