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Press Release

ASLAN PHARMACEUTICALS REPORTS SECOND QUARTER 2018 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

ASLAN PHARMACEUTICALS
Posted on: 07 Aug 18

Singapore, 6 August 2018 – ASLAN Pharmaceuticals (NASDAQ:ASLN, TPEx:6497), a clinical-stage biopharmaceutical company targeting cancers that are both highly prevalent in Asia and orphan indications in the United States and Europe, today reported financial results for the quarter ended 30 June 2018 and provided an update on its clinical activities.

 

Dr Carl Firth, Chief Executive Officer, ASLAN Pharmaceuticals, said: “Our successful financing and listing on NASDAQ during the second quarter places us in a strong financial position to accelerate the development of our pipeline of candidates that address unmet medical needs. We are preparing to initiate a phase 1 trial for ASLAN004 for the treatment of atopic dermatitis. The focus is on achieving our milestones, and we look forward to sharing new data from our global late-stage clinical trials for varlitinib later this year.”

 

Second quarter 2018 and recent business highlights

  • Completed successful IPO in the US that raised gross proceeds of US$42.2 million and began trading on NASDAQ in May 2018
  • Presented study design of ongoing global pivotal clinical trial of varlitinib, the TREatmEnT OPPortunity (TREETOPP) study, at the 2018 American Society of Clinical Oncology Meeting in June. Study on track to report topline data in 2019
  • Presented new phase 1b data on varlitinib in combination with paclitaxel in advanced solid tumours at the 2018 American Society of Clinical Oncology Meeting
  • Filed Clinical Trial Authorisation with Singapore’s Health Sciences Authority to initiate first-in-man studies for ASLAN004

Anticipated upcoming milestones

  • Topline China pivotal trial data on varlitinib as second line treatment for biliary tract cancer in late 2018
  • Topline global phase 2 data on varlitinib in gastric cancer in second half of 2018
  • Interim phase 1/2 data on varlitinib as first line treatment for biliary tract cancer in late 2018
  • Interim phase 2 data on ASLAN003 in acute myeloid leukaemia (AML) in second half of 2018
  • Topline global pivotal trial (TREETOPP) data on varlitinib as second line treatment for biliary tract cancer in 2019

Second quarter 2018 financial highlights

  • Cash used in operations for the quarter ended 30 June 2018 was US$10.0 million compared to US$9.0 million in the same period in 2017
  • Research and development expense was US$8.3 million and general and administrative expense was US$3.1 million for the second quarter of 2018, compared to US$7.0 million and US$1.9 million respectively in the same period in 2017
  • Staggered upfront payments of US$12 million in the first quarter and US$11 million in the second quarter of 2018 to Array BioPharma for full exclusive global rights of varlitinib were recorded as intangible assets 
  • Net loss for the second quarter of 2018 was US$11.0 million compared to a net loss of US$9.2 million for the second quarter of 2017 
  • Cash, cash equivalents and short-term investments totaled US$45.0 million as of 30 June 2018, which includes proceeds from the US public offering completed in May 2018, compared to US$69.7 million as of 30 June 2017

 

 

ASLAN Pharmaceuticals Limited
Consolidated balance sheet1
(US dollars, unaudited)

 

 

  30 June 2018                30 June 2017

 

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

Cash and cash equivalents

 

    $ 44,952,396

 

 

 

    $ 69,748,020

 

Prepayments

 

            198,043

 

 

 

              66,849

 

Total current assets

 

       45,150,439

 

 

 

       69,814,869

 

NON-CURRENT ASSETS

 

 

 

 

 

 

 

Property, plant and equipment

 

            369,906

 

 

 

            530,600

 

Intangible assets

 

       23,083,850

 

 

 

              79,045

 

Refundable deposits

 

            191,739

 

 

 

            176,495

 

Total non-current assets

 

       23,645,495

 

 

 

            786,140

 

TOTAL

 

    $ 68,795,934

 

 

 

    $ 70,601,009

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Trade payables

 

    $   3,354,095

 

 

 

    $   3,136,648

 

Other payables

 

         2,388,089

 

 

 

            721,187

 

Total current liabilities

 

         5,742,184

 

 

 

         3,857,835

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

 

Long-term borrowings

 

         9,715,329

 

 

 

         8,958,431

 

Other non-current liabilities

 

            486,000

 

 

 

                         -

 

Total non-current liabilities

 

       10,201,329

 

 

 

         8,958,431

 

    Total liabilities

 

       15,943,513

 

 

 

       12,816,266

 

EQUITY

 

 

 

 

 

 

 

Ordinary shares

 

       51,587,993

 

 

 

       41,514,016

 

Capital surplus

 

    111,334,877

 

 

 

       84,055,013

 

Accumulated deficits

 

   (110,070,449 )

 

 

 

    (67,784,286 )

 

Total equity

 

       52,852,421

 

 

 

       57,784,743

 

TOTAL

 

    $ 68,795,934

 

 

 

    $ 70,601,009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASLAN Pharmaceuticals Limited
Consolidated statements of comprehensive income1
(US dollars, unaudited)

 

 

 

 

 

   Three Months Ended 30 June

   Six Months Ended 30 June

 

        2018

        2017

      2018

      2017

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

General and administrative

   $ (3,064,060)

   $ (1,926,397)

   $ (5,871,931)

   $ (3,825,459)

Research and development

   (8,322,539)

   (7,024,547)

   (13,945,341)

   (13,000,134)

Total operating expenses

   (11,386,599)

   (8,950,944)

   (19,817,272)

   (16,825,593)

LOSS FROM OPERATIONS

   (11,386,599)

   (8,950,944)

   (19,817,272)

   (16,825,593)

 

NON-OPERATING INCOME AND EXPENSES

 

 

 

 

Other gains and losses

     465,166

   (180,429 )

     264,287

   (362,654 )

Finance costs

   (112,186 )

   (103,443 )

   (224,461 )

   (204,756 )

 

TOTAL NON-OPERATING INCOME      AND EXPENSES

   352,980

   (283,872 )

       39,826

   (567,410 )

LOSS BEFORE INCOME TAX

   (11,033,619)

   (9,234,816)

   (19,777,446)

   (17,393,003)

INCOME TAX EXPENSE

       (9,742 )

                 -

       (9,742 )

                 -

NET LOSS FOR THE PERIOD

   (11,043,361)

   (9,234,816)

   (19,787,188)

   (17,393,003)

 

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

  $ (11,043,361)

   $ (9,234,816)

  $ (19,787,188)

  $ (17,393,003)

LOSS PER SHARE

 

 

 

 

Basic

  $      (0.07 )

$       (0.08)

$      (0.14)

$      (0.15)

               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Financial statements in US dollars are prepared by the company

 

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 07/08/2018

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