Conference call today at 1:30 p.m. PDT /
4:30 p.m. EDT
Pulse Biosciences, Inc. (Nasdaq: PLSE), a medical technology
company developing a proprietary therapeutic tissue treatment based
on its Nano-Pulse Stimulation platform today reports recent
corporate developments and financial results for the fiscal quarter
and year ended December 31, 2017.
Recent Developments
- Successfully completed patient
treatments and primary follow-up in the Company’s first clinical
study evaluating Nano-Pulse Stimulation for the treatment of a
benign skin condition, Seborrheic Keratosis (SK). The study
resulted in the successful delivery of 472 NPS applications
involving 58 patients and 174 SK lesions, with ZERO ADVERSE EVENTS
reported. The data adds to the mounting evidence regarding the
safety and ease with which patients can be treated with NPS for
skin-based lesions. The study data is scheduled for presentation in
a scientific symposium at the 38th American Society for Laser
Medicine and Surgery (ASLMS) Conference on Energy-Based Medicine
& Science being held April 13-15 in Dallas, Texas. The data
will be made available in a press release issued in conjunction
with the scientific presentation.
- An additional study “A dose-response
study of a novel non-thermal method of selectively modifying
cellular structure in skin with low energy nanosecond electrical
stimulation” was also accepted for presentation at the ASLMS
Conference and awarded “BEST OF SESSION” honors by ASLMS.
- Completed enrollment and follow-up on
five animals in the company’s investigational feasibility study
evaluating NPS for the treatment of late stage oral melanoma in
canines.
- Published “Nano-Pulse Stimulation
induces immunogenic cell death in human papillomavirus-transformed
tumors and initiates an adaptive immune response” in the
peer-reviewed journal, PLOS One.
“2017 was a transformational year for Pulse Biosciences as we
completed patient treatments and follow-up in our first skin lesion
study, advanced our oncology program with preclinical publications
and an investigational feasibility study in veterinary medicine,
welcomed four new board members, and secured the financing
necessary to advance our proprietary technologies,” said Darrin
Uecker, President and Chief Executive Officer. “We are well
positioned to make significant advancements in 2018 and are most
pleased with our successful SK study and look forward to sharing
the results of the study in April.”
Financial Highlights
Cash, cash equivalents, and investments totaled
$38.1 million at December 31, 2017, compared to
$16.4 million at December 31, 2016, reflects the proceeds
from the $30.0 million financing completed in
September of 2017, as well as the Company’s February 2017
financing. Cash use totaled $3.9 million for the fourth
quarter of 2017 and $13.1 million for 2017. 2018 Cash use is
currently anticipated to total $20 million.
Operating expenses for the quarter ended
December 31, 2017, totaled $8.8 million, compared to
$7.5 million for the quarter ended September 30, 2017,
and $2.8 million for the quarter ended December 31, 2016.
The operating expenses for the quarter ended December 31, 2017
included non-cash stock-based compensation of $4.5 million,
compared to $3.4 million for the quarter ended
September 30, 2017 and $0.2 million for the quarter ended
December 31, 2016.
Conference Call Details
Pulse Biosciences’ Darrin Uecker, President and Chief Executive
Officer, and other senior executives will host the investor call on
March 16, 2018, at 1:30 p.m. PDT / 4:30 p.m. EDT. The telephone
dial-in number for the call is (844) 494-0190 (U.S. toll-free) or
(508) 637-5580 (international) using Conference ID 1487908.
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 clinical stage electroceutical, an
electrical energy based therapeutic company pursuing commercial
applications of its proprietary Nano-Pulse Stimulation (NPS)
technology. NPS is a non-thermal, precise, focal, drug-free tissue
treatment technology utilizing nanosecond (billionth of a second)
range pulsed electric fields that directly affect the cell membrane
and intracellular structures and initiates programmed cell death in
treated cells. The unique ability of NPS to initiate cell death has
the potential to significantly benefit patients in a wide variety
of medical applications including applications in immuno-oncology
and dermatology, and other potential applications we may pursue in
the future. The initiation of programmed cell death by NPS results
in a minimal inflammatory response, which improves healing outcomes
and supports the replacement of treated tissue cells with healthy
tissue cells. In cancerous lesions, NPS has been shown in
preclinical models to induce immunogenic cell death (ICD), which
exposes the unique antigens of the treated cells to the immune
system and enrolls immune system cells, such as cytotoxic T-cells
to mount an adaptive immune response. Pulse Biosciences is
investigating a variety of applications for its technology that
exploits the technology’s unique biologic effect, including
immuno-oncology and dermatology. 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. Consolidated Balance
Sheets (Unaudited) December 31,
December 31,
(in
thousands)
2017 2016 ASSETS Current assets: Cash and
investments $ 38,069 $ 16,395 Prepaid expenses and other current
assets 412 268 Total current assets
38,481 16,663 Leasehold improvements and equipment, net of
Accumulated depreciation 2,570 317 Intangible assets, net of
accumulated amortization 5,878 6,543 Goodwill 2,791 2,791 Other
assets 101 - Total assets $ 49,821
$ 26,314
LIABILITIES AND STOCKHOLDERS’
EQUITY Current liabilities: Accounts payable $ 782 $ 265
Accrued expenses 1,034 751 Deferred rent, current 397
- Total current liabilities 2,213 1,016 Long term
liabilities: Deferred rent 1,613 -
Total liabilities 3,826 1,016
Stockholders’ equity: Common stock 84,219 37,911 Accumulated other
comprehensive loss (51 ) (7 ) Accumulated deficit (38,173 )
(12,606 ) Total stockholders’ equity 45,995
25,298 Total liabilities and stockholders’ equity $
49,821 $ 26,314
PULSE BIOSCIENCES,
INC. Condensed Consolidated Statements of Operations
(Unaudited) Three-Month Periods Ended
December 31, September 30, December
31,
(in thousands,
except per share amounts)
2017 2017 2016 Revenue $ — $ — $
— Operating expenses: General and administrative 5,801 4,434
1,027 Research and development 2,864 2,925 1,649 Amortization of
intangible assets 166 166 167
Total operating expenses 8,831 7,525
2,843 Other income: Interest income 128
39 34 Total other income
128 39 34 Net loss $ (8,703 ) $
(7,486 ) $ (2,809 ) Net loss per share: Basic and diluted net loss
per share $ (0.53 ) $ (0.52 ) $ (0.21 ) Weighted average shares
used to compute net loss per common share — basic and diluted
16,574 14,381 13,315
PULSE BIOSCIENCES, INC. Condensed
Consolidated Statements of Operations (Unaudited)
Years Ended December 31, December
31,
(in thousands,
except per share amounts)
2017 2016 Revenue $ — $ — Operating
expenses: General and administrative 15,503 3,415 Research and
development 9,646 5,506 Amortization of intangible assets
665 665 Total operating expenses 25,814
9,586 Other income: Interest income 247
68 247 68 Net loss
$ (25,567 ) $ (9,518 ) Net loss per share: Basic and diluted net
loss per share $ (1.73 ) $ (0.86 ) Weighted average shares used to
compute net loss per common share — basic and diluted 14,754
11,009
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version on businesswire.com: http://www.businesswire.com/news/home/20180316005821/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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