Neuralstem Inc (NASDAQ:CUR) issued its financial report for the three month periods closed September 30, 2017. Rich Daly, the Chairman and CEO, expressed that they continue to assess the full Phase II data set for NSI-189 to decide the optimal advancement course in MDD and for other problems, including Angelman’s Syndrome after highly promising preclinical report in that setting. They project to offer a detailed update on their corporate plan, including regulatory and development plans, after their post-Phase II meeting with the U.S. FDA in 1H2018.
Daly added that their recent financing has extended the firm’s cash runway to adequately advance continued research on NSI-189 and to boost operations. They are thrilled by the growing clinical profile of NSI-189 and anticipate to showcasing additional clinical report at the American College of Neuropsychopharmacology this month.
For the quarter closed September 30, 2017, investments and cash came at $14.1 million versus $11.4 million at the close of June 30, 2017. This jump is following proceeds of $5.4 million, from a public offering of warrants and common stock. On August 1, 2017, the firm completed a public offering of 3 million shares of common stock and 2.25 million common stock purchase warrants at a purchase price of $2 a share and accompanying warrant. Neuralstem reported that gross proceeds were $6 million and around $5.4 million, net.
In Q3 2017, operating loss came at 2.6 million versus a loss of $4.9 million for the comparable period of 2016. The drop in operating loss for Q3 2017 was mainly due to a drop in clinical study expenses linked to the completion of the Phase II clinical study of NSI-189 in MDD together with underway cost reduction and corporate restructuring initiatives.
Operating loss for the first three quarters closed September 30, 2017 came at $11 million versus a loss of $15 million for the comparable period of 2016. The decline in operating loss was mainly due to ongoing cost reduction and corporate restructuring initiatives partially offset by jump in clinical study expenses as the firm completed the Phase II clinical study of NSI-189.