Eleven Biotherapeutics
August 12, 2016
PDF
Add to Briefcase

Eleven Biotherapeutics Reports Second Quarter 2016 Financial Results and Provides Strategic Update

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Eleven Biotherapeutics, Inc. (NASDAQ: EBIO), a biopharmaceutical company discovering and developing protein therapeutics to treat diseases of the eye, today reported financial results for the second quarter ended June 30, 2016 and provided a review of recent business highlights.

"We look forward to closing our licensing deal with Roche, contingent upon the approval of our stockholders at our upcoming stockholder meeting," said Abbie Celniker, Ph.D., President and Chief Executive Officer of Eleven Biotherapeutics.

Recent Business Highlights and Strategic Update:

Second Quarter 2016 Financial Results:

About EBI-031

Eleven Biotherapeutics' most advanced preclinical product candidate is EBI-031 for treatment of diabetic macular edema, or DME, and uveitis. EBI-031 was designed and engineered for intravitreal delivery using Eleven's AMP-Rx platform. EBI-031 is a potent blocker of both free IL-6 and IL-6 complexed to the soluble IL-6 receptor (IL-6R). Eleven's IND became effective in July 2016 for the purpose of conducting clinical trials of EBI-031 in DME and uveitis.

About Eleven Biotherapeutics

Eleven Biotherapeutics, Inc. is a preclinical-stage biopharmaceutical company with a proprietary protein engineering platform, called AMP-Rx, that it applies to the discovery and development of protein therapeutics to treat diseases of the eye. Eleven's therapeutic approach is based on the role of cytokines in diseases of the eye, the Company's understanding of the structural biology of cytokines and the Company's ability to rationally design and engineer proteins to modulate the effects of cytokines. Cytokines are cell signaling molecules found in the body that can have important inflammatory effects. For more information please refer to the Company's website www.elevenbio.com.

Cautionary Note on Forward-Looking Statements

Any statements in this press release about future expectations, plans and prospects for the Company, including statements about the potential effectiveness of the license agreement with Roche or receipt of payments thereunder, the future rights and obligations of the parties under the license agreement, the Company's strategy, future operations, advancement or maturation of its product candidates and product pipeline, clinical development of the Company's product candidates, including expectations regarding timing of regulatory submissions and initiation of clinical trials, regulatory requirements for initiation of clinical trials and registration of product candidates, the review of its strategic alternatives and the outcome of such review, the completion and results of potential strategic transactions, the sufficiency of its cash resources and other statements containing the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the occurrence of any event, change or other circumstances that could give rise to the termination of the license agreement, the outcome of any legal proceedings that could be instituted against the Company or its directors related to the license agreement, the inability to consummate the transactions contemplated by the license agreement due to the failure to obtain the requisite approval of the Company's stockholders, the uncertainties inherent in the initiation and conduct of clinical trials, availability and timing of data from clinical trials, whether results of early clinical trials or preclinical studies will be indicative of the results of future trials, the adequacy of any clinical models, uncertainties associated with regulatory review of clinical trials and applications for marketing approvals and other factors discussed in the "Risk Factors" section of the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2016 as filed with the Securities and Exchange Commission and other reports on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date hereof.

 
ELEVEN BIOTHERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
           
 
Three Months Ended June 30,     Six Months Ended June 30,

2016

2015

2016

2015

 
Total revenue $ 277 $ 114 $ 506 $ 358
Operating expenses:
Research and development 3,298 6,269 7,930 11,507
General and administrative   3,471     2,247         5,618     4,850  
Total operating expenses   6,769     8,516         13,548     16,357  
Loss from operations (6,492 ) (8,402 ) (13,042 ) (15,999 )
Other income (expense), net   1     1,496         (1,023 )   2,569  
Net loss $ (6,491 ) $ (6,906 )     $ (14,065 ) $ (13,430 )

Net loss per share applicable to common stockholders—
basic and diluted

$ (0.33 ) $ (0.36 ) $ (0.71 ) $ (0.72 )
Weighted-average number of common shares used in net loss per
share applicable to common stockholders—basic and diluted
19,874 19,087 19,756 18,532
 
     
ELEVEN BIOTHRAPEUTICS, INC.
CONDENSED BALANCE SHEETS
(unaudited)
(in thousands)
 
June 30,
2016
December 31,
2015
 
Assets
Current assets:
Cash and cash equivalents $ 8,484 $ 36,079
Prepaid expenses and other current assets   350     232  
Total current assets 8,834 36,311
Property and equipment, net 314 407
Restricted cash 119 94
Other assets   -     13  
 
Total assets $ 9,267   $ 36,825  
 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 1,855 $ 1,246
Accrued expenses 1,153 1,794
Notes payable, current portion - 4,134
Deferred revenue   -     406  
Total current liabilities 3,008 7,580
Other liabilities 73 423
Notes payable, net of current portion - 9,763
Warrant liability 13 115
 
Stockholders' equity:
Common stock 20 20
Additional paid-in capital 145,420 144,126
Accumulated deficit   (139,267 )   (125,202 )
Total stockholders' equity   6,173     18,944  
 
Total liabilities and stockholders' equity $ 9,267   $ 36,825  
 

Eleven Biotherapeutics
John McCabe, 617-858-0907

Source: Eleven Biotherapeutics, Inc.

News Provided by Acquire Media