Market Overview

Biostage Reports Third Quarter 2019 Financial Results

Share:

HOLLISTON, Mass., Nov. 12, 2019 /PRNewswire/ -- Biostage, Inc. (OTCQB:BSTG), a bioengineering company developing next-generation esophageal implants, today announced its financial results for the three and nine months ended September 30, 2019.

BSTG Logo (PRNewsfoto/Biostage, Inc.)

View full release with investor resources, link to webcast, downloadable financial tables, images and more.

Key Takeaways

  • Submitted Investigational New Drug (IND) application in October for lead product candidate Cellspan Esophageal Implant for treatment of esophageal conditions.
  • Received approximately $1.2 million from the exercise of warrants, extending the Company's finances and demonstrating investor confidence in the Company's technology.
  • Biostage, subject to FDA approval, will begin clinical trials.

About Biostage, Inc.

Biostage is a bioengineering company that is developing next-generation esophageal implants. The Company's Cellspan technology combines a proprietary, biocompatible scaffold with a patient's own cells to create an esophageal implant that could potentially be used to treat pediatric esophageal atresia and other conditions that affect the esophagus. The Company's esophageal implant leverages the body's inherent capacity to heal itself as it is a "living tube" that facilitates regeneration of esophageal tissue and triggers a positive host response resulting in a tissue-engineered neo-conduit that restores continuity of the esophagus. These implants have the potential to dramatically improve the quality of life for children and adults. At Biostage, we believe the future of medicine has been inside us all along.

For more information, please visit www.biostage.com and connect with the Company on Twitter and LinkedIn.

Forward-Looking Statements

Some of the statements in this press release are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements in this press release include, but are not limited to, statements relating to our financing activities; development expectations and regulatory approval of any of the Company's products, including those utilizing its Cellspan and Cellframe™ technology, by the U.S. Food and Drug Administration, the European Medicines Agency or otherwise, which expectations or approvals may not be achieved or obtained on a timely basis or at all; or success with respect to any collaborations, clinical trials and other development and commercialization efforts of the Company's products, including those utilizing its Cellspan and Cellframe technology, which such success may not be achieved or obtained on a timely basis or at all. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including, among other things, the Company's inability to obtain needed funds in the immediate future; the Company's ability to obtain and maintain regulatory approval for its products; plus other factors described under the heading "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 or described in the Company's other public filings. The Company's results may also be affected by factors of which the Company is not currently aware. The forward-looking statements in this press release speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.

Investor Relations Contact

Peter Chakoutis
Vice President of Finance
774-233-7300
pchakoutis@biostage.com

 

 

BIOSTAGE, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share data)




September 30,

2019



December 31,

2018


ASSETS



(Unaudited) 






Current assets:









Cash


$

1,098



$

1,305


Restricted cash



50




50


Grant receivable



136




176


Prepaid expenses and other current assets



248




623


Total current assets



1,532




2,154


Property, plant and equipment, net



432




479


Right-of-use assets



95




-


Total non-current assets



527




479


Total assets


$

2,059



$

2,633











LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:









Accounts payable


$

270



$

160


View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com