Pulse Biosciences Quarterly Investor Conference Call
Investor conference call today at 1:30 p.m. PST / 4:30 p.m. EST
Pulse Biosciences, Inc. (NASDAQ: PLSE), a medical technology company developing a proprietary therapeutic tissue treatment based
on its Nano-Pulse Stimulation (NPS) platform, today reports recent corporate developments and financial results for the quarter
ended September 30, 2017.
Recent Developments
- Completed a $30 million private placement. During the quarter ended September 30, 2017, the
Company closed a $30 million private placement with Robert W. Duggan, pursuant to which the Company sold
2,000,000 shares of unregistered common stock at a price of $15.02 per share. No warrants were issued, and no
investment banking or placement fees were incurred.
- Appointed four new directors to its Board of Directors. On November 2, the Company appointed
directors Ken Clark, Bob Duggan, Dr. Thomas Fogarty and Manmeet S. Soni to its Board of Directors. Bob Duggan has been appointed
Chairman of the Board.
- Translational canine oral melanoma veterinary study enrolls and treats five canine patients.
The Company completed enrollment and treatment of the planned initial five animals in its translational veterinary study of NPS
in canine oral melanoma. Follow-up visits on these initial animals are expected to be completed by year-end.
- Completion of patient treatments in seborrheic keratosis (SK) clinical trial achieved during the
third quarter. The Company continued to make progress in its multi-center study of NPS for the treatment of seborrheic
keratosis by completing patient treatments during the third quarter. Follow-up visits remain on track to be completed in
2017.
- PulseTx TM Nano-Pulse Stimulation System 510(k) submission work in
progress. In response to the FDA’s request for additional data relating to the Company’s PulseTx System 510(k) submission for
soft tissue ablation, significant progress is being made. The Company plans to submit a 510(k) application with requested data
during the first quarter of 2018.
“We continue to make meaningful progress toward our goal of delivering NPS as a novel therapeutic option that could represent a
significant improvement over current treatment modalities in oncology and other indications,” said Darrin Uecker, President and
Chief Executive Officer of Pulse Biosciences. “In our animal lab work we continue to generate data informing us as to the potential
range, reach and impact of our technology in treating lesions and tumors as well as in stimulating the immune system via our unique
Nano-Pulse Stimulation therapy.”
Financial Highlights
Cash and investments totaled $42.0 million at September 30, 2017, compared to $16.4 million at December 31, 2016,
reflects the proceeds from the $30 million financing completed in September. Cash use for the three- and nine-month periods ended
September 30, 2017 totaled $3.2 million and $9.2 million, respectively.
Operating expenses for the three-month period ended September 30, 2017, totaled $7.5 million, compared to $6.2 million
for the three-month period ended June 30, 2017, and $2.8 million for the three-month period ended September 30, 2016. Operating
expenses for the three-month period ended September 30, 2017, include non-cash stock-based compensation of $3.4 million, compared
to $2.8 million for the quarter ended June 30, 2017 and $0.2 million for the quarter ended September 30, 2016.
Conference Call Details
Pulse Biosciences’ Darrin Uecker, President and Chief Executive Officer, and other senior executives will host the investor call
on November 7, 2017, at 1:30 p.m. PST / 4:30 p.m. EST. The telephone dial-in number for the call is (844) 494-0190 (U.S. toll-free)
or (508) 637-5580 (international) using Conference ID 1522560. Listeners will also be able to access the call via webcast available
on the Investors section of the Company’s website at www.pulsebiosciences.com.
About Pulse Biosciences
Pulse Biosciences is a medical technology company developing a therapeutic tissue treatment platform based on Nano-Pulse
Stimulation (NPS), a proprietary high-speed cell signaling technology. NPS is a non-thermal, precise, focal drug-free tissue
treatment technology that directly affects the cell membrane and intracellular structures to stimulate unique behaviors in cells.
NPS can initiate a cell death process. That process provides a means for the treatment of tissue cells with minimal inflammatory
response. This has the potential to improve healing outcomes. This process may also contribute to the replacement of treated tissue
cells with healthy new tissue cells. In cancerous lesions, NPS has been shown in preclinical models to induce immunogenic cell
death (ICD) exposing the unique antigens of the treated cells to the immune system, resulting in the generation of cytotoxic
T-cells and the mounting of an adaptive immune response targeted against those cells. Pulse Biosciences is investigating a
variety of applications for its technology that exploits the technology’s unique biologic effect. More information is available at
www.pulsebiosciences.com.
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things,
statements relating to Pulse Biosciences’ expectations regarding regulatory clearance and the timing of FDA filings or approvals,
the mechanism of action of NPS treatments, current and planned future clinical studies, other matters related to its pipeline of
product candidates, future financial performance and other future events. These statements are not historical facts but rather are
based on Pulse Biosciences’ current expectations, estimates, and projections regarding Pulse Biosciences’ business, operations and
other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,”
“continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” and other similar or related expressions are used
to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place
undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are
difficult or impossible to predict and, in some cases, beyond Pulse Biosciences’ control. Actual results may differ materially from
those in the forward-looking statements as a result of a number of factors, including those described in Pulse Biosciences’ filings
with the Securities and Exchange Commission. Pulse Biosciences undertakes no obligation to revise or update information in this
release to reflect events or circumstances in the future, even if new information becomes available.
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PULSE BIOSCIENCES, INC. |
Condensed Consolidated Balance Sheets |
(Unaudited) |
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September 30, |
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December 31, |
(in thousands)
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2017 |
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2016 |
ASSETS |
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Current assets: |
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Cash and investments |
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$ |
42,041 |
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$ |
16,395 |
Prepaid expenses and other current assets |
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512 |
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268 |
Total current assets |
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42,553 |
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16,663 |
Leasehold improvements and equipment, net of |
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Accumulated depreciation |
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2,635 |
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317 |
Intangible assets, net of accumulated amortization |
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6,044 |
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6,543 |
Goodwill |
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2,791 |
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2,791 |
Other assets |
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101 |
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- |
Total assets |
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$ |
54,124 |
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$ |
26,314 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
914 |
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$ |
265 |
Accrued expenses |
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1,168 |
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751 |
Deferred rent, current |
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392 |
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- |
Total current liabilities |
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2,474 |
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1,016 |
Long term liabilities: |
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Deferred rent |
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1,715 |
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- |
Total liabilities |
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4,189
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1,016
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Stockholders’ equity: |
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Common stock |
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79,407 |
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37,911 |
Accumulated other comprehensive loss |
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(2) |
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(7) |
Accumulated deficit |
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(29,470) |
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(12,606) |
Total stockholders’ equity |
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49,935 |
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25,298 |
Total liabilities and stockholders’ equity |
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$ |
54,124 |
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$ |
26,314 |
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PULSE BIOSCIENCES, INC. |
Condensed Consolidated Statements of Operations |
(Unaudited) |
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Three-Month Periods Ended |
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September 30, |
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June 30, |
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September 30, |
(in thousands, except per share amounts)
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2017 |
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2017 |
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2016 |
Revenue |
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$ |
— |
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$ |
— |
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$ |
— |
Operating expenses: |
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General and administrative |
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4,159 |
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3,772 |
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893 |
Research and development |
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3,200 |
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2,282 |
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1,739 |
Amortization of intangible assets |
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166 |
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167 |
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166 |
Total operating expenses |
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7,525 |
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6,221 |
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2,798 |
Other income: |
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Interest income |
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39 |
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41 |
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31 |
Total other income |
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39 |
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41 |
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31 |
Net loss |
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$ |
(7,486) |
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$ |
(6,180) |
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$ |
(2,767) |
Net loss per share: |
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Basic and diluted net loss per share |
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$ |
(0.52) |
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$ |
(0.43) |
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$ |
(0.21) |
Weighted average shares used to compute net loss per common share — basic and
diluted |
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14,381 |
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14,233 |
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13,315 |
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PULSE BIOSCIENCES, INC. |
Condensed Consolidated Statements of Operations |
(Unaudited) |
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Nine-Month Periods Ended |
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September 30, |
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September 30, |
(in thousands, except per share amounts)
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2017 |
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2016 |
Revenue |
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$ |
— |
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$ |
— |
Operating expenses: |
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General and administrative |
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9,151 |
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2,063 |
Research and development |
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7,333 |
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4,182 |
Amortization of intangible assets |
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499 |
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499 |
Total operating expenses |
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16,983 |
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6,744 |
Other income: |
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Interest income |
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119 |
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35 |
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119 |
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35 |
Net loss |
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$ |
(16,864) |
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$ |
(6,709) |
Net loss per share: |
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Basic and diluted net loss per share |
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$ |
(1.19) |
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$ |
(0.66) |
Weighted average shares used to compute net loss per common share — basic and
diluted |
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14,141 |
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10,235 |
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Pulse Biosciences, Inc.
Investors:
Brian Dow
Sr. Vice President and Chief Financial Officer
IR@pulsebiosciences.com
or
The Trout Group
Mike Zanoni, 646-378-2924
mzanoni@troutgroup.com
or
Media:
Sam Brown, Inc.
Christy Curran, 615-414-8668
christycurran@sambrown.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20171107006773/en/