Medgenics 2009 Interim Results
September 30 2009 - 3:35AM
Business Wire
Medgenics (AIM:MEDG) (AIM:MEDU) is pleased to announce its
unaudited half-yearly results for the six months ended 30 June
2009.
Highlights for the period
- Phase I/II safety and efficacy
clinical trial with EPODURE demonstrating positive results.
- A Phase I/II clinical trial in
the low dosage cohort has documented safety and efficacy of EPODURE
as a sustained anaemia therapy lasting up to 11 months from a
single treatment in kidney disease patients.
- Unprecedented milestones reached
by Phase I/II patient: 12 months without an erythropoietin (EPO)
injection, 11 months of anaemia relief from a single treatment of
Biopump.
- Advanced discussions underway
with several major Pharmaceutical companies regarding possible
investments in both new and existing Biopump protein
applications.
Financial Summary (unaudited)
- Award of $1.3 million through
Israeli government grant.
- Completion of fund raising
totalling $570,000 in convertible debentures and approximately
$408,000 in warrant exercise programme.
- Net loss after tax for the six
month period of $2.23 million (2008: $2.97 million) primarily as a
result of furthering the Phase I/II clinical trial of EPODURE.
- R&D costs for the six month
period of $0.99 million (2008: $1.63 million) and general and
administrative costs of $1.2 million (2008: $1.39 million).
- Cash, cash equivalents and
short-term investments at 30 June 2009 of $0.05 million (at 30 June
2008: $1.74 million).
- Medgenics continues to seek
further funding to renew patient recruitment.
Dr. Andrew Pearlman, Chief Executive Officer of Medgenics,
said:
“During the first half of 2009 Medgenics has drawn growing
encouragement from the continuing positive results of the Biopump
anaemia study. EPODURE has demonstrated months of continuous
treatment in nearly all the patients, with one who will shortly be
celebrating an unprecedented full year of sustained protein therapy
from a single administration. Besides demonstrating the potential
of EPODURE as an anaemia treatment, we believe these results also
provide powerful proof of the broader concept of Biopump as a
method of sustained protein therapy. We are pleased by the
significant progress with potential partners and institutional
investors which gives us great hope that this will yield concrete
results in the coming months. The raising of nearly $1 million of
additional operating funds through the issuance of convertible
debentures and warrant exercises was also an important development.
Meanwhile, the Company continues its focused efforts to raise
additional funds in the coming months to enable it to support its
existing operations, expand the clinical trial and its other
operations and to realize the potential of the great opportunities
it now has."
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