News Buzz – Neuroderm Ltd( NASDAQ:NDRM)
On Thursday, Neuroderm Ltd( NASDAQ:NDRM) relocated in red zone with decline of -2.23%. The company has a one year low of $13.46 and a one year high of $30.45. During the last trading session the minimum price at which share is traded was $25.40 and peak price of the day was $26.90.
NeuroDerm Ltd. (NDRM), a clinical stage pharmaceutical company developing drug-device combinations for central nervous system (CNS) disorders, today declared financial results for the fourth quarter and 2016 fiscal year ended December 31, 2016, and has filed its annual report on Form 20-F for the fiscal year ended December 31, 2016 with the U.S. Securities and Exchange Commission (the SEC).
Financial Results for the Quarter Ended December 31, 2016:
Research and development expenses, net were $9.50M in the three months ended December 31, 2016 contrast to $4.10M in the same period in 2015. The increase was mainly because of a boost in subcontractors and materials, mainly from the Company’s ongoing clinical trials.
General and administrative expenses were $1.70M in the three months ended December 31, 2016 contrast to $2.0M in the same period in 2015. The decrease was mainly because of a decrease in share-based compensation expenses.
The Company stated a net loss of $11.10M in the three months ended December 31, 2016 contrast to $6.70M for the same period in 2015. The increase in net loss was mainly because of the increase in research and development expenses, net, which was partially offset by a decrease in financial expenses as a result of a change in our functional currency, from New Israel Shekel to the U.S. dollar, effective January 1, 2016.
Financial Results for the Fiscal Year Ended December 31, 2016:
Research and development expenses, net, were $27.0M for the year ended December 31, 2016 contrast to $12.80M for the year ended December 31, 2015. The increase was mainly because of a boost in subcontractors and materials, mainly from ongoing clinical trials and a boost in Payroll and related expenses.
General and administrative expenses were $6.10M for the year ended December 31, 2016 contrast to $5.20M for the year ended December 31, 2015. The increase was mainly because of a boost in Payroll and related expenses.
The Company stated a net loss of $32.50M for the year ended December 31, 2016 contrast to $15.60M for the same period in 2015. The increase in net loss was mainly because of the increase in research and development expenses, net, and a decrease in financial income as a result of a change in our functional currency, from New Israel Shekel to the U.S. dollar, effective January 1, 2016.
As of December 31, 2016, the Company had cash and cash equivalents and short-term bank deposits totaling $152.20M.
“We are pleased to have achieved multiple value creating clinical and corporate milestones in the past 12 months and are making further progress toward our aim of making important new therapies available to patients with Parkinson’s disease,” said Oded Lieberman, PhD, CEO of NeuroDerm. “With positive results in our phase 2 efficacy trial of ND0612 in patients with advanced Parkinson’s disease and productive meetings with U.S. and EU regulatory authorities, we believe that we are well positioned to execute our development programs for ND0612 lead product candidates, and further advance ND0701, our apomorphine liquid formulation, in 2017. We remain on track to submit regulatory applications for ND0612 in the U.S. and EU in 2018, and look forward to initiating our follow-on PK study for ND0701 in the second half of this year.”
NDRM has market capitalization of $687.53 Million. The Company has 26.34 million shares outstanding.