RepliCel Reports 2013 Annual Financial Results
18 Março 2014 - 9:00AM
Marketwired
RepliCel Reports 2013 Annual Financial Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 18, 2014) -
RepliCel Life Sciences Inc. (TSX-VENTURE:RP)(OTCQB:REPCF), a
clinical stage regenerative medicine company focused on the
development of autologous cell therapies, today reported financial
results for the year ended December 31, 2013.
"2013 was a significant year of technology growth for the
company," said David Hall, CEO of RepliCel. "We expanded our
pipeline to include a fibroblast platform based on our core
competency around hair follicle mesenchymal cells. This includes a
phase 2 trial for chronic tendinosis and a phase 1 trial for aging
and sun damaged skin. In addition to the development of these
autologous cell therapies, RepliCel has also developed a second
generation dermal injector device to support its RCH-01 and RCS-01
products."
Gemma Fetterley, VP Finance commented, "During 2013 we were very
pleased to complete our company's first non-dilutive geographic
commercial license on our RCH-01 hair loss technology with Shiseido
Company, Limited in the amount of $34 million including a $4.1
million upfront payment. The Company plans to seek out new
geographic licensing opportunities on RCH-01 and our other
technologies as we advance into and through the clinical regulatory
process. RepliCel exited 2013 with $2.0 million in cash to support
on-going research and development."
2013 Year End Financial
Results (CDN $)
Net loss for the year ended December 31, 2013 was $28,572 or
$nil per share compared to a net loss of $3,363,175 or $0.08 per
share for the comparable year ended 2012.
Revenue for the year ended December 31, 2013, was $4,120,400,
attributed to completion of a Collaboration and Technology
Development Transfer Agreement with Shiseido Company, Limited.
There was no revenue from operations for the year ended December
31, 2012.
Research and Development expenses totaled $1,561,963 for the
year ended December 31, 2013 compared to $1,065,075 for the year
ended December 31, 2012. The increase was the result of advancing
the pre-clinical work for RCT-01, development of the RCI-02
injector device prototype, improvements in the cell replication
process for RCH-01 in preparation for our submission to regulatory
authorities and incremental expenditure on intellectual
property.
General and administrative expenses totalled $2,175,209 for the
year ended December 31, 2013 compared to $3,408,894 for the year
ended December 31, 2012. The decrease is primarily attributable to
a decline in marketing and investor relations activities, and a
reduction in stock based compensation which resulted from the
forfeiture of options held by certain employees and consultants
during the year.
RepliCel held $2.0 million of cash and cash equivalents as at
December 31, 2013. This compares to cash and cash equivalents of
$0.4 million at December 31, 2012.
Notice Regarding
Forward-Looking Statements
This press release contains projections and forward-looking
statements, as that term is defined under applicable securities
laws. Statements in this press release, which are not purely
historical, are forward-looking statements that relate to the
approval and commercialization of the Company's hair restoration
process, the Company's development of its Achilles tendon
technology and the expected commencement of the Company's Phase 2
clinical trial for its tendon technology. These statements are only
predictions and involve known and unknown risks which may cause
actual results and the Company's plans and objectives to differ
materially from those expressed in the forward-looking information,
including: negative results from the Company's clinical trials; the
effects of government regulation on the Company's business; risks
associated with the Company's ability to obtain and protect rights
to its intellectual property; risks and uncertainties associated
with the Company's ability to raise additional capital; and other
factors beyond the Company's control. Although the Company believes
that the expectations reflected in the forward-looking statements
are reasonable, it cannot guarantee future results, levels of
activity or performance. Further, any forward-looking statement
speaks only as of the date on which such statement is made, and,
except as required by applicable law, the Company undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which such statement is
made or to reflect the occurrence of unanticipated events. New
factors emerge from time to time, and it is not possible for
management to predict all of such factors and to assess in advance
the impact of such factors on the Company's business or the extent
to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statement. Readers should consult all of the
information set forth herein and should also refer to the risk
factor disclosure outlined in the Company's annual report on Form
20-F for the fiscal year ended December 31, 2013 and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission on EDGAR at www.sec.gov and with the British Columbia
Securities Commission on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
REPLICEL LIFE SCIENCES INC. |
|
AUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS |
|
|
|
|
|
Year ended |
|
|
|
|
|
|
|
December 31, 2013 |
|
December 31, 2012 |
|
Revenue |
|
|
|
|
|
|
|
Licensing fees |
$ |
4,120,400 |
|
$ |
- |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Research and development |
|
1,561,963 |
|
|
1,065,075 |
|
|
General and administrative |
|
2,175,209 |
|
|
3,408,894 |
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
383,228 |
|
|
(4,473,969 |
) |
Other items: |
|
|
|
|
|
|
|
Change in fair value of warrants denominated in a foreign
currency |
|
(140,182 |
) |
|
1,116,445 |
|
|
Foreign exchange loss |
|
(10,361 |
) |
|
(5,651 |
) |
|
Scientific research and development credit |
|
150,783 |
|
|
- |
|
|
Income tax |
|
(412,040 |
) |
|
- |
|
Total comprehensive loss |
$ |
(28,572 |
) |
$ |
(3,363,175 |
) |
Basic and diluted loss per share |
$ |
0 |
|
$ |
0.08 |
|
Weighted average shares outstanding |
|
45,246,932 |
|
|
42,680,615 |
|
|
AUDITED SELECTED CONSOLIDATED BALANCE SHEET DATA |
|
|
|
|
December 31, |
December 31, |
|
2013 |
2012 |
|
|
|
|
|
Cash and cash equivalents |
$ |
958,005 |
$ |
384,286 |
Total current assets |
|
2,029,077 |
|
483,893 |
Working capital |
|
1,659,722 |
|
67,768 |
Total
assets |
|
2,052,401 |
|
505,488 |
Total
shareholders' equity |
|
1,474,659 |
|
21,158 |
RepliCel Life Sciences Inc.David M. HallChief Executive
Officer604-248-8696RepliCel Life Sciences Inc.Tammey GeorgeDirector
of Communications604-248-8696tg@replicel.comINVESTOR CONTACT:
Westwicke Partners, LLCRobert H. UhlManaging Director(858)
356-5932robert.uhl@westwicke.com
RepliCel Life Sciences (CE) (USOTC:REPCF)
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