OvaScience Reports Fourth Quarter and Year End 2013 Financial Results
“In 2013, we laid the foundation for the planned international launch of
AUGMENTSM, advanced development of new fertility treatments
and strengthened our management team,” said
2013 and Recent Highlights
Prepared for AUGMENT Launch
Developed AUGMENT Centers of Excellence (ACE) program to bring AUGMENT to patients in IVF clinics in at least four international regions in 2014. The Company expects to provide at least 40 to 60 AUGMENT cycles and to begin transitioning ACE clinics to commercial centers by year end.
Broadened Spectrum of Potential Fertility Treatments
Announced a new product, OvaPrime, which is being developed to boost a woman’s ovarian egg reserve. OvaPrime involves isolating a woman’s egg precursor cells (EggPCSM) and delivering them back into her ovaries prior to the standard IVF procedure. Additional development and product optimization are underway in anticipation of a commercial launch in 2015.
Advanced OvaTure Research
Intrexonto accelerate preclinical development of OvaTure. By applying its industrialized high throughput screening, cell biology, cGMP and regulatory capabilities, Intrexonaims to deliver a preclinical data package to OvaSciencewithin two years.
Enhanced Leadership, Board of Directors and Advisors
Arthur Tzianabos, former head of research and early development at Shire, joined OvaScienceas Chief Scientific Officer, while David Sternwho was head of the global fertility franchise at EMD Serono, became Executive Vice President of Global Commercial Operations. New appointees to the OvaScience Board of Directors included Harald Stock, Ph.D., of the Getinge Group, Mary Fisher, President/CEO of Colorescience, and Marc Kozin, former President North America, L.E.K. Consulting. OvaSciencealso expanded its network of scientific and clinical advisors.
Strengthened and Leveraged Intellectual Property
Building on its core Composition of Matter patent for EggPCs,
OvaSciencewas issued three new patents covering its technology platform and related products. On February 18, 2014, the Company was issued a U.S. patent covering methods for isolating EggPCs, and together with two other recently issued U.S. patents related to AUGMENT, patent protection is extended through at least 2032.
Formed a Joint Venture with
Intrexon, called OvaXon, to leverage intellectual property related to OvaScience’s EggPC technology platform. By applying Intrexon’s gene editing capabilities to EggPCs, OvaXon aims to prevent inherited diseases in humans and explore nearer term opportunities in animal health.
Fourth Quarter and Full Year 2013 Financial Results
Net loss for the three months ended
December 31, 2013was $11.0 million, or ($0.64)per share, as compared to net loss of $4.2 million, or ($0.33)per share, for the three months ended December 31, 2012. Net loss for the year ended December 31, 2013was $29.0 million, or ($1.80)per share, as compared to net loss of $13.5 million, or ($2.33)per share, for the year ended December 31, 2012. The increase for the quarter and the year was due to a one-time charge of $4.7 millionfor a technology access fee related to the Company’s collaboration with Intrexon, as well as higher personnel costs, including stock-based compensation. Under the collaboration agreement, the Company issued $2.5 millionof common stock to Intrexonin December 2013, and will pay the remainder in cash in December 2014.
Research and development expense for the three months ended
December 31, 2013was $7.3 million, compared to $2.4 millionfor the same period in 2012. Research and development expense for the year ended December 31, 2013was $15.8 million, compared to $6.3 millionfor the same period in 2012. The increase for the quarter and the year was due to the $4.7 milliontechnology access fee upon entering into a collaboration agreement with Intrexon, as well as higher personnel costs, including stock-based compensation expense.
General and administrative expense for the three months ended
December 31, 2013was $3.7 million, as compared to $1.8 millionfor the same period in 2012. General and administrative expense for the year ended December 31, 2013was $13.3 million, as compared to $7.2 millionfor the same period in 2012. The increase for the quarter and the year was primarily due to higher personnel costs, including stock-based compensation.
This press release includes forward-looking statements about the
prospects for the Company’s technology in addressing female infertility,
the Company’s strategy, future plans and prospects, and the development
and commercialization of the Company’s product candidates, including
statements relating to the Company’s planned international launch of
AUGMENT in 2014 in at least 4 regions, the Company’s planned development
and 2015 launch of OvaPrime, the Company’s expectations of completing 40
to 60 cycles of AUGMENT in 2014 and beginning to transition ACE clinics
to commercial centers by the end of 2014, Intrexon’s aim to deliver a
preclinical data package to
- Financial Tables to Follow -
As of December 31,
|Cash and cash equivalents||$||18,078||$||14,776|
|Prepaid expenses and other current assets||650||574|
|Total current assets||45,077||31,965|
|Property and equipment, net||880||756|
|Investment in OvaXon||1,500||-|
|Liabilities and stockholders’ equity|
|Total current liabilities||5,774||2,086|
|Other non-current liabilities||70||7|
|Total stockholders’ equity||41,701||30,721|
|Total liabilities and stockholders’ equity||$||47,545||$||32,814|
(A development stage company)
|Three Months Ended||Year Ended,|
|December 31,||December 31,|
|Research and development||$||7,284||$||2,431||$||15,802||$||6,323|
|General and administrative||3,729||1,778||13,332||7,206|
|Total operating expenses||11,013||4,209||29,134||13,529|
|Loss from operations||(11,013)||(4,209)||(29,134)||(13,529)|
|Net loss applicable to common stockholders||$||(11,000)||$||(4,192)||$||(29,044)||$||(13,510)|
Net loss per share applicable to common
Weighted average number of common
Theresa McNeely, 617-299-7356
EVP, Strategic Corporate Communications