"2014 was an important year for Bellerophon as we established our business, following the spinoff from
"In
"Additionally, following our successful IPO earlier this year, we now have a strong balance sheet, with cash to complete our ongoing clinical trial for BCM and to fund the first trial in our planned Phase 3 clinical program for INOpulse for PAH," Mr. Peacock concluded.
Other Recent Highlights
-
Hired
Martin Dekker as Vice President for Device Engineering and Dr.Deborah Quinn as Vice President and Medical Lead for the INOpulse programs. -
Entered into an agreement with
Flextronics International for the manufacture and service of the INOpulse Mark2 device, the company's next-generation pulsatile nitric oxide delivery device, to be used in the upcoming INOpulse clinical development programs. -
Raised
$60.0 million of gross proceeds and$55.8 million of net proceeds, after underwriting discounts and before expenses, from the sale of 5,000,000 shares of common stock in an initial public offering. Post-offering, the company has 12,905,326 shares of common stock outstanding.
Full Year 2014 Financial Results
For the year ended
Research and development expenses for fiscal 2014 decreased to
General and administrative expense for fiscal 2014 was
Financial Highlights
As of
About Bellerophon
Forward-looking Statements
Any statements in this press release about our future expectations, plans and prospects, including statements about clinical development of our product candidates and expectations regarding the sufficiency of our cash balance to fund clinical trials, operating expenses and capital expenditures, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," 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 uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials and the results of such trials, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials will be indicative of the results of later clinical trials, expectations for regulatory approvals, availability of funding sufficient for our foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" section of our most recent filings with the
Bellerophon Therapeutics | ||
Results of Operations | ||
(in thousands) |
December 31, 2014 |
December 31, 2013 |
Research and development expenses: | ||
BCM | $13,660 | $17,266 |
PAH | 11,319 | 8,099 |
PH-COPD | 3,026 | 8,420 |
Clinical programs | 28,005 | 33,785 |
Research and development infrastructure | 11,675 | 14,000 |
INOpulse engineering | 6,298 | 5,200 |
Total research and development expenses | 45,978 | 52,985 |
General and administrative | 13,775 | 9,013 |
Total operating expenses | 59,753 | 61,998 |
Other income | ||
Interest income | (79) | — |
Net loss and comprehensive loss | $(59,674) | $(61,998) |
Bellerophon Therapeutics | ||
Consolidated Balance Sheet Data | ||
(in thousands) |
December 31, 2014 |
December 31, 2013 |
Assets | ||
Current assets: | ||
Cash and cash equivalents | $16,815 | $— |
Restricted cash | 9,264 | — |
Prepaid expenses and other current assets | 1,602 | 1,552 |
Total current assets | 27,681 | 1,552 |
Restricted cash, non‑current | 1,548 | — |
Deferred transaction costs | 2,466 | — |
Property and equipment, net | 1,696 | 2,084 |
Total assets | $33,391 | $3,636 |
Liabilities and members' equity and invested equity (deficit) | ||
Current liabilities: | ||
Accounts payable | $376 | $1,368 |
Accrued research and development | 6,666 | 7,591 |
Accrued expenses | 2,751 | 3,194 |
Due to Ikaria, Inc. | 661 | — |
Other current liabilities | — | 1,839 |
Total current liabilities | 10,454 | 13,992 |
Allocated portion of Ikaria special dividend payable | — | 4,273 |
Other liabilities | — | 1,108 |
Total liabilities | 10,454 | 19,373 |
Members' equity: | ||
Members' equity | 77,156 | — |
Accumulated deficit | (54,219) | — |
Total members' equity | 22,937 | — |
Invested equity (deficit): | ||
Investment by Ikaria, Inc. | — | 160,778 |
Accumulated deficit | — | (176,515) |
Total invested deficit | — | (15,737) |
Total liabilities and members' equity and invested equity (deficit) | $33,391 | $3,636 |
CONTACT: At Bellerophon:Manesh Naidu , Chief Business Officer (908) 574-4770At Rx Communications Group :Paula Schwartz (Investors) (917) 322-2216Eric Goldman (Media) (917) 322-2563 egoldman@RxIR.com