Neuralstem reports productive second quarter Of 2018

KUALA LUMPUR, Aug 16 (Bernama) -- Neuralstem Inc -- has reported a productive second quarter of 2018.

This is “as we continue to advance our pipeline of innovative neural stem cell and small molecule therapies,” said interim chief executive officer of Neuralstem, Jim Scully.

Neuralstem is a biopharmaceutical company focused on the development of nervous system therapies --  reported its business update and financials results for the second quarter ended June 30, 2018.

Neuralstem updates its stem cell therapy candidate (NSI-566) has entered into Phase 2 trial in ischemic stroke, its small molecule NSI-189’s potential treatment applications for Angelman Syndrome and Alzheimer’s Disease as well as appointment of Jim Scully as interim chief executive officer and William Oldaker as chairman of the board.

Neuralstem reported that its cash and investments was US$7.1 million (RM 29.11 million) at June 30 compared to US$9.7 million (RM 39.77 million) at March 31 which the decrease reflects a US$0.6 million (RM 2.46 million) loss for the period adjusted for certain non-cash items. (1US$ = RM 4.10).

Also reported is the operating loss for the second quarter was US$2.0 million (RM 8.2 million) compared to a loss of US$4.2 million (RM 17. 22 million) for the comparable period of 2017, a statement said.

The decrease in operating loss was primarily related to decreases in clinical trial and related costs due to the completion of the NSI-189 Phase 2 clinical trial, decreases in personnel, facility and related expenses due to ongoing corporate restructuring and cost reduction efforts.

The net loss for the second quarter was US$0.6 million (RM 2.46 million) or US$0.04 (RM 0.16) per share (basic), compared to a loss of US$4.6 million (RM 18.86 million) or US$0.39 (RM 1.60) per share (basic) for the comparable period of 2017.

The financial result also reported the US$1.0 million (RM 4.10 million) research and development expenses for the quarter ended June 30 which represents 61 per cent decrease over the comparable period of 2017.

It was primarily attributable to decrease in personnel and facility expenses, clinical trial and related costs as well as decrease in non-cash share-based compensation expense along with reimbursements under a National Institute of Health (NIH) grant.

The reports includes the US$1.3 million (RM 5.33 million) general and administrative expenses which represents 23 per cent decrease over the comparable period of 2017 primarily attributable to decrease in payroll and related expenses and non-cash share-based compensation expense as well as increase in tax and insurance expenses

-- BERNAMA