Investor 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 (NPS) platform today reports recent
corporate developments and financial results for the quarter ended
June 30, 2017.
Recent Developments
- Initiation of clinical study in
patients with Seborrheic Keratosis. Patient enrollment and
treatment is underway in the Company’s first clinical study
investigating NPS for the treatment of Seborrheic Keratosis (SK), a
benign skin lesion impacting over 80 million patients in the United
States.
- PulseTxTM System
510(k) under review. The PulseTx system is an NPS platform
comprised of a tunable nanosecond pulse generator and accompanying
tissue applicators. The FDA 510(k) submission made during
the first quarter remains in the review process.
“We continue to make meaningful and expedient progress toward
our goal of delivering NPS as a novel therapeutic option that could
represent a significant improvement over current treatments in a
variety of indications,” said Darrin Uecker, President and Chief
Executive Officer of Pulse Biosciences. “Following the initiation
of our first indication study applying the NPS technology for the
treatment of SK lesions, we remain confident in NPS’ potential to
deliver a treatment benefit to patients and clinicians across a
variety of dermatologic conditions.”
Financial Highlights
Cash, cash equivalents, and investments totaled $15.4
million at June 30, 2017, compared to $16.4 million at December 31,
2016, including net cash use during 2017 totaling $6.0 million, and
$3.5 million for the second quarter of 2017.
Operating expenses for the quarter ended June 30, 2017,
totaled $6.2 million, compared to $3.2 million for the quarter
ended March 31, 2017, and $2.3 million for the quarter ended June
30, 2016. The operating expenses for the quarter ended June 30,
2017, include non-cash stock-based compensation of $2.8 million,
compared to $0.3 million for the quarter ended March 31, 2017, and
$0.2 million for the quarter ended June 30, 2016.
Conference Call Details
Pulse Biosciences’ Darrin Uecker, President and Chief Executive
Officer, and other senior executives will host the investor and
analyst call on July 27, 2017, 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
52323044. 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, a proprietary cell signaling technology. Nano-Pulse
Stimulation 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 allows for the treatment
of tissue cells with 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)
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, including immuno-oncology, dermatology, and
veterinary medicine. 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) June
30, December 31,
(in
thousands)
2017 2016 ASSETS Current assets: Cash and
investments $ 15,399 $ 16,395 Prepaid expenses and other current
assets 717 268 Total current assets 16,116 16,663
Leasehold improvements and equipment, net of Accumulated
depreciation 2,730 317 Intangible assets, net of accumulated
amortization 6,210 6,543 Goodwill 2,791 2,791 Other assets 101
- Total assets $ 27,948 $ 26,314
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Accounts payable $ 851 $ 265 Accrued expenses 818 751 Deferred
rent, current 303 - Total current liabilities 1,972
1,016 Long term liabilities: Deferred rent 1,816 -
Total liabilities 3,788 1,016 Stockholders’ equity:
Common stock 46,150 37,911 Accumulated other comprehensive loss (6
) (7 ) Accumulated deficit (21,984 ) (12,606 ) Total stockholders’
equity 24,160 25,298 Total liabilities and
stockholders’ equity $ 27,948 $ 26,314
PULSE BIOSCIENCES, INC. Condensed Consolidated Statements
of Operations (Unaudited) Three-Month Periods
Ended June 30, March 31, June
30,
(in thousands,
except per share amounts)
2017 2017 2016 Revenue $ — $ — $
— Operating expenses: General and administrative 3,772 1,220
642 Research and development 2,282 1,851 1,453 Amortization of
intangible assets 167 166 166
Total operating expenses 6,221 3,237
2,261 Other income: Interest income 41
39 3 Total other income
41 39 3 Net loss $ (6,180 ) $
(3,198 ) $ (2,258 ) Net loss per share: Basic and diluted net loss
per share $ (0.43 ) $ (0.23 ) $ (0.23 ) Weighted average shares
used to compute net loss per common share — basic and diluted
14,233 13,803 9,791
PULSE BIOSCIENCES, INC. Condensed Consolidated
Statements of Operations (Unaudited) Six-Month
Periods Ended June 30, June 30,
(in thousands,
except per share amounts)
2017 2016 Revenue $ — $ — Operating
expenses: General and administrative 4,992 1,170 Research and
development 4,133 2,443 Amortization of intangible assets
333 332 Total operating expenses 9,458
3,945 Other income: Interest income 80
3 80 3 Net loss $
(9,378 ) $ (3,942 ) Net loss per share: Basic and diluted net loss
per share $ (0.67 ) $ (0.45 ) Weighted average shares used to
compute net loss per common share — basic and diluted 14,019
8,678
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version on businesswire.com: http://www.businesswire.com/news/home/20170727006491/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.Hannah Hurdle, 805-601-5331hannahhurdle@sambrown.com
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