Here are five key notes:
1. The group incurred $6.35 million in losses to date and as of June 30, the group reported shareholders’ equity of $11.4 million and cash of $12.5 million. The company expects to incur further losses in the coming quarters while in the pre-revenue stage in the development of ReActiv8.
2. The company reported research and development costs at $1.2 million during the first half of the year. Clinical and regulatory expenses related to the ongoing ReActiv8 –A Clinical Trial and regulatory activities were $2.3 million.
3. Operating expenses were $6.3 million during the first half of the year. Cash on hand was totaled at $12.5 million and operating cash flows for the period ended June 30 were $5.7 million.
4. The company closed debt financing for up to $15 million on Aug. 24, 2015. The secured debt facility is non-dilutive to existing shareholders and is provided by IPF Partners.
5. Positive clinical results for the ReActive8-A Clinical Trial were announced recently. In July and August, the company was issued three new U.S. patents.
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