On Friday, Shares of Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP), remained flat at $2.05.
Corbus Pharmaceuticals Holdings, declared its financial results for the quarter ended June 30, 2015.
The Company also offered an update on its corporate progress and the clinical status for its investigational drug Resunab, a novel oral drug that resolves chronic inflammation and fibrotic processes. Resunab is presently in a Phase 2 clinical study in skin-predominant dermatomyositis and is planned to commence Phase 2 clinical trials for the treatment of cystic fibrosis (“CF”) and diffuse cutaneous systemic sclerosis during the third quarter.
Summary of Financial Results for Second Quarter 2015
For the three months ended June 30, 2015, the Company stated a net loss of about $2,563,000, or a net loss per diluted share of $0.10, contrast to a net loss of about $505,000 or a net loss per diluted share of $0.02 for the three months ended June 30, 2014. For the six months ended June 30, 2015, the Company stated a net loss of about $4,098,000 or a net loss per diluted share of $0.16, contrast to a net loss of about $621,000 or a net loss per diluted share of $0.04 for the three months ended June 30, 2014. The enhance in the net loss for the three and six months ended June 30, 2015 is attributable to a ramp up of the Company’s operations to support the forthcoming clinical trials in scleroderma and cystic fibrosis and the costs associated with being a public company.
For the six months ended June 30, 2015, the Company received about $4.4 million from the exercise of warrants. In May 2015, the Company received a $1,250,000 milestone payment from the Cystic Fibrosis Foundation. The Company ended the quarter with about $9,243,153 of cash and cash equivalents.
Further, in July 2015 the Company issued a call notice for the redemption of certain outstanding warrants issued to investors from April 2014 through May 2014. On August 26, 2015, all Investor Warrants that are not exercised will be redeemed at a price of $0.0001 per Investor Warrant. The redemption of the remaining warrants is predictable to total up to $6.2 million of additional gross proceeds if all of the warrants are exercised.
Corbus Pharmaceuticals Holdings, Inc., a clinical stage pharmaceutical company, focuses on the development and commercialization of novel therapeutics to treat rare life-threatening inflammatory and fibrotic diseases.
Shares of Lattice Semiconductor (NASDAQ:LSCC), inclined 1.84% to $3.87, during its last trading session.
Lattice Semiconductor Corporation declared that it is planned to present at Jefferies Semiconductors, Hardware & Communications Infrastructure Summit taking place on Wednesday, August 26 at the Four Seasons in Chicago. During the conference, Joe Bedewi, Corporate Vice President and Chief Financial Officer, and Glen Hawk, Corporate Vice President and Chief Marketing Officer, will be presenting.
Lattice Semiconductor Corporation designs, develops, and markets programmable logic products and related software in Asia, Europe, and the Americas. It offers products based on field programmable gate arrays (FPGAs) and complex programmable logic devices (CPLDs) architectures.
At the end of Friday’s trade, Shares of Triangle Petroleum Corporation (NYSEMKT:TPLM), lost -0.33% to $3.01.
Triangle Petroleum Corporation has planned the release of its second quarter fiscal year 2016 financial results for after the close of trading on Tuesday, September 8, 2015.
Triangle will host a conference call and webcast on Wednesday, September 9, 2015 at 8:30 AM MT (10:30 AM ET) to provide an operational update and talk about the financial results of Triangle’s second quarter fiscal year 2016, followed right away by a question and answer session. Triangle anticipates to file its quarterly report on Form 10-Q and issue a press release providing an operational update and financial results preceding to the conference call.
Triangle Petroleum Corporation, an independent energy company, explores for, develops, and produces oil and natural gas resources primarily in the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana. The company operates through Exploration and Production, and Oilfield Services segments.
Finally, BioScrip Inc (NASDAQ:BIOS), ended its last trade with 2.22% gain, and closed at $1.84.
BioScrip, declared 2015 second quarter financial results. Second quarter revenue from ongoing operations was $262.4 million and the net loss from ongoing operations was $243.2 million, or $3.60 loss per diluted share, which comprises a $238.0 million pre-tax goodwill impairment charge resulting from a decline in the Company’s common stock price and related market capitalization, in addition to an $8.6 million incremental pre-tax bad debt charge predominately attributable to aged accounts receivable balances over 365 days old.
Company Highlights During and Subsequent to the Second Quarter:
- Total revenue raised by $15.2 million, or 6.2%, contrast to the preceding year period. Revenue from the Infusion Services segment raised to $247.0 million, reflecting 7.1% growth year-over-year, driven by revenue growth in our core infusion business;
- Gross profit from ongoing operations was $66.0 million, or 25.1% of revenue, contrast to $65.4 million, or 26.4% of revenue, in the preceding year period;
- Merged Adjusted EBITDA was a loss of $2.5 million, a $13.5 million decrease contrast to Adjusted EBITDA of $11.0 million in the preceding year period. The decrease was primarily due to a lower gross margin revenue mix shift in addition to the enhance of contractual and bad debt expense; and
- In a separate press release, the Company also declared recently that it is implementing a financial improvement plan to reduce its cost structure and enhance its financial flexibility to drive shareholder value as a pure play infusion services provider.
BioScrip, Inc. provides home infusion and other home care services, and pharmacy benefit administration (PBM) services in the United States. It operates in two segments, Infusion Services and PBM Services.
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