Medgenics (AIM:MEDG) (AIM:MEDU) is pleased to announce its unaudited half-yearly results for the six months ended 30 June 2009.
Highlights for the period
- Phase I/II safety and efficacy clinical trial with EPODURE demonstrating positive results.
- A Phase I/II clinical trial in the low dosage cohort has documented safety and efficacy of EPODURE as a sustained anaemia therapy lasting up to 11 months from a single treatment in kidney disease patients.
- Unprecedented milestones reached by Phase I/II patient: 12 months without an erythropoietin (EPO) injection, 11 months of anaemia relief from a single treatment of Biopump.
- Advanced discussions underway with several major Pharmaceutical companies regarding possible investments in both new and existing Biopump protein applications.
Financial Summary (unaudited)
- Award of $1.3 million through Israeli government grant.
- Completion of fund raising totalling $570,000 in convertible debentures and approximately $408,000 in warrant exercise programme.
- Net loss after tax for the six month period of $2.23 million (2008: $2.97 million) primarily as a result of furthering the Phase I/II clinical trial of EPODURE.
- R&D costs for the six month period of $0.99 million (2008: $1.63 million) and general and administrative costs of $1.2 million (2008: $1.39 million).
- Cash, cash equivalents and short-term investments at 30 June 2009 of $0.05 million (at 30 June 2008: $1.74 million).
- Medgenics continues to seek further funding to renew patient recruitment.
Dr. Andrew Pearlman, Chief Executive Officer of Medgenics, said: