Verseon Corporation (“Verseon” or the “Company”)
Verseon (AIM:VSN), a technology-based pharmaceutical company, today announces its Final Results and the publication of its Annual Report and Accounts for the year ended December 31, 2016. The report and accounts can be downloaded here.
Adityo Prakash, CEO of Verseon Corporation, commented: Verseon has made substantial progress during 2016. We have presented comprehensive preclinical data demonstrating the unique properties of our class of anticoagulation drug candidates, leading to the nomination of the first in a series of development candidates. Verseon is in the process of fulfilling the regulatory safety and manufacturing requirements to start clinical trials for our candidate. Our diabetic macular edema candidates have demonstrated good potency and permeability into the eye. We are currently conducting further preclinical studies and expect to present data in 2017.
In order to support our growing pipeline, we continue to hire highly qualified individuals and have grown our team considerably. In 2016, we have advanced all our current drug programs and laid the foundation for accelerating future growth. We are excited as we enter 2017 with significant momentum.
Financial highlightsResults for the year ended December 31, 2016:
- Total assets on the balance sheet stood at $69.6 million, compared to $85.7 million at the end of 2015.
- Cash, cash equivalents, and short term investments stood at $46.9 million, compared to $74.7 million at the end of 2015.
- Property and equipment totaled $22.3 million, compared to $9.8 million at the end of 2015.
- Research and development expenses were $11.5 million, compared to $4.5 million in 2015, primarily attributable to an acceleration of the Company’s drug programs.
- General and administrative expenses were $5.8 million, compared to $5.2 million in 2015.
- Non-cash expenses include stock based compensation of $0.8 million, compared to $1.4 million in 2015, and also a currency exchange loss of $2.6 million, compared to a gain of $1.9 million in 2015.
- Net loss was $19.5 million or $0.13 per basic share, compared to a net loss of $7.7 million or $0.06 per basic share in 2015.
- Verseon has nominated the first development candidate in its class of direct thrombin inhibitors and expects to commence clinical trials in 2017.
- Preclinical studies show that Verseon’s first development candidate has low renal clearance, a highly desirable property especially for patients with impaired kidney function.
- The class of Verseon inhibitors preserve platelet function, a feature that distinguishes them from available anticoagulants and provides a rationale for their low bleeding liability.
- Presentations at key international scientific and industry conferences have generated significant interest in Verseon’s anticoagulation candidates.
- Verseon is advancing several families of novel plasma kallikrein inhibitors with good activity and selectivity through preclinical efficacy and formulation studies.
- The Company’s drug candidates show favorable permeability into the eye in ex vivo experiments, an important prerequisite for topical delivery.
- The Company has developed anticancer drug candidates with improved potency and good efficacy in multiple cancer cell lines.
- Verseon has expanded its lab capabilities with chemical and bioanalytical equipment and continues to design and implement highly sophisticated assays and preclinical models for each of its programs.
- The buildout of Verseon’s new facility, which will combine administrative and research functions in a single location, is nearing completion. The Company expects to take full advantage of the facility in mid 2017.
- In 2016, the Verseon team nearly doubled, with more than half of the Company’s employees holding PhDs.
- Verseon continue to strengthen the intellectual property protection for its programs in key markets. In January 2017, the US Patent and Trademark Office issued two new patents for the Company’s serine protease inhibitors.
Verseon Corporation (www.verseon.com, AIM: VSN) is a technology-based pharmaceutical company that employs its proprietary, computational drug discovery platform to develop novel therapeutics that are unlikely to be found using conventional methods. The Company is applying its platform to a growing drug pipeline and currently has three active drug programs in the areas of anticoagulation, diabetic macular edema, and oncology.
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