Mr. Jason Flowerday reports
3D SIGNATURES INC. REPORTS SECOND QUARTER 2017 FINANCIAL RESULTS
3D Signatures Inc. has provided its operational and financial results for its fiscal second quarter ended Dec. 31, 2016.
Second quarter corporate highlights
On Oct. 19, 2016, 3DS announced its participation in PRECISE, a major clinical trial for prostate cancer diagnosis and management.
On Oct. 27, 2016, the company introduced its business advisory board (BAB), consisting of internationally renowned senior biotech executives.
On Nov. 14, 2016, 3DS introduced its clinical and scientific advisory board (CSAB), comprising world-renowned physicians and researchers.
On Dec. 7, 2016, the company announced that preliminary results of an important collaborative initiative with Institut Universitaire de Cardiologie et de Pneumologie De Quebec were presented at 17th World Conference on Lung Cancer. The preliminary results demonstrated that 3DS's technology was able to distinguish between the two respective types of deadly lung cancer.
On Dec. 9, 2016, 3DS announced the appointment of Helen Stevenson to its board of directors. The company also announced that Dr. Ian Smith stepped down from its board of directors and will join its CSAB.
On Dec. 16, 2016, 3DS announced the closing of a private placement for 5,187,618 units sold at a price per unit of 75 cents for total gross proceeds to the company of $3,890,714, including the partial exercise of an overallotment option. On Dec. 22, 2016, 3DS announced that it had issued an additional 215,300 units pursuant to the second tranche of the private placement, which were sold at 75 cents per unit for gross proceeds to the company of $161,475 pursuant to the partial exercise of the overallotment option.
3DS completed the first of five stages of the validation program for its Hodgkin's lymphoma test, Telo-HL, powered by the company's proprietary TeloView software platform.
"We have mapped out an aggressive agenda for 2017, with our primary goal being to advance the TeloView platform toward commercialization," said Jason Flowerday, chief executive officer of 3D Signatures. "Importantly, the private placement completed during the fiscal second quarter provided us with the financial resources needed to initiate the Telo-HL validation program and, at the same time, begin final preparations to move our prostate cancer test, Telo-PC, into its own validation program. We look forward to updating our stakeholders as we progress."
Summary second quarter results
For the three months ended Dec. 31, 2016, the company reported a net loss of $1,606,593, or three-cent loss per common share, as compared with a net loss of $337,821, or one-cent loss per common share, for the three months ended Dec. 31, 2015. The increase is primarily due to increases in salaries, wages, benefits and stock-based compensation as a result of the company's hiring of additional employees, as well as the appointment of new board, BAB and CSAB members, to support its global growth strategy. Additional increases in professional fees and investor relations costs are the result of 3DS becoming a publicly traded company in September, 2016.
As at Dec. 31, 2016, the company's cash amounted to $3,613,370. In addition, subsequent to Dec. 31, 2016, 3DS completed the third and final tranche of its private placement for gross proceeds of $447,800.
The company's financial statements and management's discussion and analysis are available on SEDAR.
About 3D Signatures Inc.
3DS is a personalized medicine company with a proprietary software platform based on the three-dimensional analysis of chromosomal signatures. The technology is well developed and supported by 22 clinical studies on over 2,000 patients on 13 different cancers and Alzheimer's disease. Depending on the desired application, this platform technology can measure the stage of disease, rate of progression of disease, drug efficacy and drug toxicity. The technology is designed to predict the course of disease and to personalize treatment for the individual patient.
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