On Tuesday, Shares of Edge Therapeutics, Inc. (NASDAQ:EDGE)lost-3.21% to $8.14. The share price is trading in a range of 8.02 - 8.65 (Price in Dollars). The stock exchanged hands with 111,250shares contrast to its average daily volume of 124,548shares.Edge Therapeuticsdeclared financial results and highlights for the three months ended March 31, 2016.
“The additional NEWTON data we presented in the first quarter showed that patients treated with EG-1962 had a reduction in the need for rescue therapy and practiced shorter ICU and hospital length of stay (LOS), which is supportive of the promising efficacy seen to date. We believe the reduction in ICU and hospital LOS may also have a noteworthypharmaco-economic impact,” said Brian A. Leuthner, Edge’s President and Chief Executive Officer. “Further, NEWTON 2 – our pivotal Phase 3 study of EG-1962 – is on track to enroll its first patient in mid-2016.”
Financial Results
Cash Position: Cash, cash equivalents and marketable securities as of March 31, 2016 were $119.90 million, contrast with $130.20 million at December 31, 2015.
Research & Development (R&D) Expenses: R&D expenses were $5.30 million for the three months ended March 31, 2016, contrast to $2.90 million in the same period in 2015. The increase in R&D expense was mainly because of raised spending on clinical activities as EG-1962 accomplished its North American Phase 1/2 NEWTON trial, prepared for its pivotal Phase 3 trial, raised personnel-related R&D expenses supporting the advancement of Edge’s other programs, and accrued expenses associated with the preclinical development of EG-1964.
General & Administrative (G&A) Expenses: General and administrative expenses were $3.70 million for the three months ended March 31, 2016 contrast to $1.30 million in the same period in 2015. The increase in G&A expenses was mostly because of personnel-related costs and professional fees to support public company operations.
Net Loss: Net loss was $9.20 million for the three months ended March 31, 2016 contrast to net loss of $4.50 million for the same period of 2015.
