Bioblast Pharma Reports First Quarter 2017 Financial Results

TEL AVIV, Israel, May 26, 2017 (GLOBE NEWSWIRE) — Bioblast Pharma Ltd. (Nasdaq:ORPN), a clinical-stage, orphan disease-focused biotechnology company, today announced financial results for the first quarter ended March 31, 2017.

First Quarter 2017 Financial Results and Cash Position

  • R&D Expenses: Research and development expenses were $1.1 million for the quarter ended March 31, 2017, compared to $1.9 million for the same period in 2016. The decrease was primarily related to reduced clinical trial related activities, specifically as our planned Phase 2b clinical study in Ocular Pharyngeal Muscular Dystrophy (OPMD) patients has not yet been initiated; the decrease in costs was slightly offset by increased preclinical activities related to required toxicity studies.
  • Pre-Commercial Expenses: Pre-commercial expenses were $0.4 million for the quarter ended March 31, 2017, compared to $0.8 million for the same period in 2016.
  • G&A Expenses: General and administrative expenses were $1.1 million for the quarter ended March 31, 2017, compared to $1.9 million for the same period in 2016. The decrease was primarily related to downsizing of the management team, which took effect primarily in the second quarter of 2016, offset by costs related to a terminated securities offering announced on April 6, 2017.
  • Net Loss: For the quarter ended March 31, 2017, net loss attributable to holders of ordinary shares was ($2.7) million, or ($0.16) per basic and diluted share, as compared to a net loss of ($4.6) million, or ($0.32) per share, for the same period in 2016.
  • Cash Position: Cash, cash equivalents and short-term bank deposits as of March 31, 2017, were $7.1 million, compared to $9.9 million as of December 31, 2016, primarily reflecting our first quarter operating expenditures. Additional funding beyond our existing cash resources will be required to entirely cover the cost of the Phase 2b clinical study and the underlying expenses of our operations while the study is ongoing. Should we be unable to obtain the additional funding required to continue our clinical activity, we may need to reduce our activities and to explore strategic alternatives until we have sufficient resources.

About Bioblast

Bioblast Pharma is a clinical-stage biotechnology company committed to developing clinically meaningful therapies for patients with rare and ultra-rare genetic diseases with a lead drug candidate, trehalose 90mg/mL solution, in Phase 2 development.  Bioblast was founded in 2012 and is traded on the NASDAQ under the symbol “ORPN.” For more information, please visit our website, www.BioblastPharma.com, the content of which is not incorporated herein by reference.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, we are using forward looking statements when we discuss plans to conduct a Phase 2b clinical study, the design and timing of such study, and the company’s expected need for additional funding or possible need to reduce activities or pursue other alternatives. In addition, historic results of scientific research and clinical and preclinical trials do not guarantee that the conclusions of future research or trials will suggest similar conclusions or those historic results referred to in this press release will be interpreted in a similar way in light of additional research and clinical and preclinical trial results. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Because such statements deal with future events and are based on Bioblast Pharma Ltd.’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Bioblast Pharma could differ materially from those described in or implied by the statements in this press release, including those discussed under the heading “Risk Factors” in Bioblast Pharma’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on February 24, 2017, and in any subsequent filings with the SEC. Except as otherwise required by law, Bioblast Pharma disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.

 
Bioblast Pharma Ltd.
 
Consolidated Statement of Operations
 
(U.S. dollars in thousands, except share and per share amounts)
 
  Three Months Ended
  March 31
    2017       2016  
  (Unaudited)   (Unaudited)
       
Research and development $ 1,099     $ 1,858  
Pre-commercialization   406       772  
General and administrative   1,135       1,862  
Total operating expenses   2,640       4,492  
Loss from operations   (2,640 )     (4,492 )
       
Financial income, net   8       27  
       
Loss before taxes on income   (2,632 )     (4,465 )
       
Taxes on income   40       129  
       
Net loss $ (2,672 )   $ (4,594 )
       
Net loss attributable to Ordinary shareholders $ (2,672 )   $ (4,594 )
       
Net loss per share attributable to Ordinary shareholders – basic and diluted $ (0.16 )   $ (0.32 )
       
Weighted average number of Ordinary shares outstanding – basic and diluted   16,391,770       14,467,984  
       

Bioblast Pharma Ltd. 
 
Consolidated Balance Sheet Data
 
(U.S. dollars in thousands, except share amounts)
 
  March 31, 2017   December 31, 2016
  (Unaudited)   (Audited)
ASSETS      
CURRENT ASSETS:      
Cash and cash equivalents $ 4,100     $ 6,871  
Short-term bank deposits   3,017       3,007  
Receivables and prepaid expenses   682       663  
Total current assets   7,799       10,541  
               
LONG-TERM ASSETS:              
Long-term assets   19       18  
Property and equipment, net   68       71  
Total long-term assets   87       89  
               
TOTAL ASSETS $ 7,886     $ 10,630  
               
LIABILITIES AND SHAREHOLDERS’ EQUITY              
CURRENT LIABILITIES:              
Trade payables $ 543     $ 700  
Other accounts payable   1,075       1,231  
Total current liabilities   1,618       1,931  
               
               
LONG-TERM LIABILITIES          
               
SHAREHOLDERS’ EQUITY:              
Ordinary shares of NIS 0.01 par value – 50,000,000 shares authorized at March 31, 2017 and December 31, 2016; 16,391,770 issued and outstanding shares at March 31, 2017 and December 31, 2016   45       45  
Additional paid-in capital   48,704       48,463  
Accumulated deficit   (42,481 )     (39,809 )
Total stockholders’ equity   6,268       8,699  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 7,886     $ 10,630  
       

Bioblast Pharma Ltd.
 
Consolidated Cash Flow Data
 
(U.S. dollars in thousands)
 
  Three Months Ended
  March 31
    2017       2016  
  (Unaudited)   (Unaudited)
Cash flows from operating activities      
Net loss $ (2,672 )   $ (4,594 )
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and disposal of property and equipment   5       6  
Share based compensation   241       751  
Interest on short-term deposit   (10 )     (34 )
Changes in operating assets and liabilities:      
Decrease (increase) in receivables and prepaid expenses   (22 )     338  
Decrease (increase) in long-term assets   2       (25 )
Decrease in trade payables   (157 )     (506 )
Increase (decrease) in other accounts payable   (156 )     61  
Increase in long-term liabilities         55  
       
Net cash used in operating activities   (2,769 )     (3,948 )
       
Cash flow from investing activities      
       
Purchase of property and equipment   (2 )     (8 )
Net cash used in investing activities   (2 )     (8 )
       
Cash flow from financing activities      
       
Issuance of shares and warrants, net         6,196  
Net cash provided by financing activities         6,196  
       
Increase (decrease) in cash and cash equivalents   (2,771 )     2,240  
Cash and cash equivalents, beginning of the year   6,871       7,286  
       
Cash and cash equivalents, end of the year $ 4,100     $ 9,526  
       
Supplemental Non-Cash Financing Activities:      
Issuance expenses yet to be paid as of March 31,2016 $     $ 107  
       
Supplemental disclosure of cash flow information:      
Cash paid for  taxes $     $ 104  
       

 

INVESTOR CONTACT:
Matthew P. Duffy
Managing Director
LifeSci Advisors, LLC
Telephone:  212-915-0685
Matthew@LifeSciAdvisors.com

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QC Holdings, Inc. Reports First Quarter 2017 Results

OVERLAND PARK, Kan., May 26, 2017 (GLOBE NEWSWIRE) — QC Holdings, Inc. (OTC PINK:QCCO) reported net income of $365,000 and revenues of $23.4 million for the quarter ended March 31, 2017. Net income totaled $1.2 million and revenues totaled $31.7 million for the quarter ended March 31, 2016.

Each quarter includes severance charges of approximately $200,000.

The decline in revenues during 2017 compared to 2016 was attributable to the third quarter 2016 store swap transaction, whereby the company acquired 33 branches operated in Illinois, Kansas, Missouri and Utah and sold its 98 branches operated in Alabama, Arizona, California, Mississippi and Ohio. Loan loss rates were lower in 2017 versus 2016 due to recoveries in the business-to-business portfolio and better-than-expected collections in the branches that were closed.

About QC Holdings, Inc.
Headquartered in Overland Park, Kansas, QC Holdings, Inc. is a leading provider of consumer loans in the United States and Canada. In the United States, QC offers various products, including single-pay, installment and title loans, check cashing, debit cards and money transfer services, through 267 branches in 14 states at March 31, 2017. In Canada, the company, through its subsidiary Direct Credit Holdings Inc., is engaged in short-term, consumer internet lending in various provinces.

Forward Looking Statement Disclaimer:  This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the company’s current expectations and are subject to a number of risks and uncertainties, which could cause actual results to differ materially from those forward-looking statements. These risks include (1) changes in laws or regulations or governmental interpretations of existing laws and regulations governing consumer protection or short-term lending practices, (2) uncertainties relating to the interpretation, application and promulgation of regulations under the Dodd-Frank Wall Street Reform and Consumer Protection Act, including the impact of proposed rulemaking by the Consumer Financial Protection Bureau (CFPB), (3) ballot referendum initiatives by industry opponents to cap the rates and fees that can be charged to customers, (4) uncertainties related to the examination process by the CFPB and indirect rulemaking through the examination process, (5) litigation or regulatory action directed towards us or the short-term consumer loan industry, (6) volatility in our earnings, primarily as a result of fluctuations in loan loss experience and closures of branches, (7) risks associated with our dependence on cash management banking services and the Automated Clearing House for loan collections, (8) negative media reports and public perception of the short-term consumer loan industry and the impact on federal and state legislatures and federal and state regulators, (9) changes in our key management personnel, (10) risks associated with owning and managing non-U.S. businesses, and (11) other various risks. QC will not update any forward-looking statements made in this press release to reflect future events or developments.

 (Financial and Statistical Information Follows)

 
QC Holdings, Inc.
Consolidated Condensed Statements of Income
(in thousands, except per share amounts)
(Unaudited)
 
 
  Quarter Ended
March 31,
      2016     2017
Revenues        
Consumer loan interest and fees   $ 29,209   $ 21,157
Other     2,464     2,261
Total revenues     31,673     23,418
Provision for losses     7,242     3,270
Operating expenses     15,873     12,554
Gross profit     8,558     7,594
Corporate and Regional expenses     6,530     6,269
Other expense, net     113     819
Income from continuing operations before income taxes     1,915     506
Provision for income taxes     693     141
Net income   $ 1,222   $ 365
         
Income per share:        
Basic        
Net income   $ 0.07   $ 0.02
         
Diluted        
Net income   $ 0.07   $ 0.02
Weighted average number of common shares outstanding:        
Basic     17,333     17,333
Diluted     17,333     17,333

 
QC Holdings, Inc.
Consolidated Condensed Balance Sheets
(in thousands)
 
 
  December 31,
2016
  March 31,
2017

ASSETS         (Unaudited)
Current assets      
Cash and cash equivalents $ 16,660   $ 25,862
Restricted cash   1,865     1,866
Loans receivable, less allowance for losses of $9,836 at December 31, 2016 and $7,537 at March 31, 2017   32,586     25,848
Other current assets   6,500     3,923
Total current assets   57,611     57,499
Non-current loans receivable, less allowance for losses of $623 at December 31, 2016 and $331 at March 31, 2017   1,664     916
Property and equipment, net   6,039     5,997
Other assets, net   8,041     7,870
Total assets $ 73,355   $ 72,282
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities      
Accounts payable and other current liabilities $ 10,420   $ 9,420
Revolving credit facility   2,250     2,250
Subordinated debt   7,736     7,812
Total current liabilities   20,406     19,482
       
Non-current liabilities   3,361     2,871
Total liabilities   23,767     22,353
       
Stockholders’ equity   49,588     49,929
Total liabilities and stockholders’ equity $ 73,355   $ 72,282

 

 
QC Holdings, Inc.
Consolidated Condensed Statements of Cash Flows
(in thousands)
(Unaudited)
 
 
  Quarter Ended
March 31, 2016
    Quarter Ended
March 31, 2017
             
Operating activities:      
Net income $ 1,222     $ 365  
Adjustments to reconcile net income to net cash   9,514       4,202  
Changes in assets and liabilities   (3,695 )     5,441  
Net operating   7,041       10,008  
       
Investing activities:      
Capital expenditures   (466 )     (838 )
Other   30       1  
Net investing   (436 )     (837 )
       
Financing activities:      
Net repayment of borrowings   (6,250 )    
Net financing   (6,250 )      
       
Effect of exchange rate changes on cash and cash equivalents   208       31  
       
Net increase in cash and cash equivalents   563       9,202  
Cash and cash equivalents at beginning of year   16,115       16,660  
Cash and cash equivalents at end of period $ 16,678     $ 25,862  
       

Contact:                                                                                                                
Douglas E. Nickerson  (913-234-5154)                                                         
Chief Financial Officer

Enablence Technologies Inc. Announces Filing of its Results for the Third Quarter Ended March 31, 2017

OTTAWA, May 26, 2017 (GLOBE NEWSWIRE) — Enablence Technologies Inc. (“Enablence” or the “Company”) (TSXV:ENA), a leading supplier of optical components and subsystems for access, metro and long-haul markets, announced today it has filed its financial results for the third quarter ended March 31, 2017.  Additional information concerning the Company, including its unaudited consolidated financial statements and its Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) for the third quarter ended March 31, 2017 can be found at www.sedar.com.

About Enablence Technologies Inc.
Enablence is a publicly traded company that designs, manufactures and sells optical components and subsystems to a global customer base. It utilizes its patented technologies, including planar lightwave circuit (“PLC”) intellectual property, in the production of an array of photonic components and broadband subsystems that deliver a key portion of the infrastructure for current and next-generation telecommunication systems. The Company’s product lines address all three segments of optical networks: access – connecting homes and businesses to the network; metro – communication rings within large cities; and long-haul – linking cities and continents.  For more information, visit www.enablence.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact: 
Enablence Technologies Inc. 
+1 613 656-2850 ext. 3

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