Le Lézard
Classified in: Ebola virus, Health, Business
Subjects: ERN, CCA, ERP

Aethlon Medical Announces Fiscal 2018 Third Quarter Results


SAN DIEGO, Feb. 1, 2018 /PRNewswire/ -- Aethlon Medical, Inc. (Nasdaq: AEMD), a therapeutic technology company focused on unmet needs in global health and biodefense, today announced results for its fiscal third quarter ended December 31, 2017.

Recent Corporate Developments

Subsequent to the previously reported quarter, the Company:

Third Quarter Financial Results

At December 31, 2017, the Company had a cash balance of approximately $5.6 million. The Company also raised approximately $1.4 million over the month of January 2018 through a combination of cash from warrant exercises and sales under the Company's At-The-Market financing agreement.

During the December 2017 quarter, the Company recorded $74,813 in revenues under its contract with the National Cancer Institute.  The Company did not have any government contract revenue in the December 2016 quarter.

Consolidated operating expenses for both the three month periods ended December 31, 2017 and 2016 were approximately $1.24 million as increases in payroll and related expenses of approximately $28,000 and in professional fees of approximately $22,000 were largely offset by a decrease in general and administrative expenses of approximately $47,000.

The $28,000 increase in payroll and related expenses was due to a $17,000 increase in stock-based compensation and to an $11,000 increase in cash-based payroll and related expenses due to bonuses given to the Company's support and scientific staff.

The $22,000 increase in the Company's professional fees was due to increases various professional fees, including accounting and legal fees, which were partially offset decreases in scientific consulting expenses and business development expenses.

The $47,000 decrease in general and administrative expenses was primarily due to decreases in clinical trial expenses and in the cost of lab supplies. 

The Company had other expense of approximately $56,000 in the third quarter of fiscal 2018 compared to other income of approximately $22,000 in the prior year period.

The net loss was approximately $1,215,000, or $(0.08) per share for the December 2017 quarter compared to a net loss of approximately $1,206,000, or $(0.15) for the December 2016 quarter.

The unaudited condensed consolidated balance sheet for December 31, 2017 and the unaudited condensed consolidated statements of operations for the three and nine month periods ended December 31, 2017 and 2016 follow at the end of this release.

Conference Call

Aethlon will hold a conference call for investors today, Thursday, February 1, 2018 at 1:30 p.m. PT (4:30 p.m. ET). To listen to the call by phone, interested parties within the U.S. should call 1-844-836-8741 and international callers should call 1-412-317-5442. All callers should ask for the Aethlon Medical Inc., conference call. The conference call will also be available through a live webcast at www.aethlonmedical.com. Details for the webcast may be found on the Company's IR events page at http://ir.aethlonmedical.com.

A webcast replay from today's call will also be available from the Investor Relations section of www.aethlonmedical.com approximately one hour after the call and will be available for up to three months.

About Aethlon Medical

Aethlon Medical is focused on addressing unmet needs in global health and biodefense. The Aethlon Hemopurifier® is a first-in-class therapeutic device designed to address life-threatening viral infections.  The United States Food and Drug Administration (FDA) has designated the Hemopurifier® as a Breakthrough Device related to the treatment of life-threatening viruses that are not addressed with approved therapies.

In collaboration with leading government and non-government research institutes, Aethlon has validated the ability of the Hemopurifier® to capture a broad-spectrum of pandemic influenza viruses, mosquito-borne viruses and deadly hemorrhagic viruses.  Based on its use to treat Ebola virus, the Hemopurifier® was named a "Top 25 Invention" and one of the "Eleven Most Remarkable Advances in Healthcare," by TIME Magazine.

Aethlon is also investigating the potential therapeutic use of the Hemopurifier® to reduce the presence of tumor-derived exosomes, which contribute to immune-suppression and the spread of metastasis in cancer patients.  Additionally, Aethlon is the majority owner of Exosome Sciences, Inc. (ESI), which is focused on the discovery of exosomal biomarkers to diagnose and monitor cancer and neurological disorders, including Alzheimer's disease (AD) and Chronic Traumatic Encephalopathy (CTE).  Additional information can be found online at www.AethlonMedical.com and www.ExosomeSciences.com.  You can also connect with us on Twitter, LinkedIn, Facebook and Google+.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "will," "projections," "estimate," or similar expressions constitute forward-looking statements. Such forward-looking statements are subject to significant risks and uncertainties and actual results may differ materially from the results anticipated in the forward-looking statements. Factors that may contribute to such differences include, without limitation, the Company's ability to maintain its listing on the Nasdaq Capital Market, or any other national securities exchange, that the Company or its subsidiary will not be able to commercialize its products, that the FDA will not approve the initiation or continuation of the Company's clinical programs or provide market clearance of the Company's products, the Company's ability to raise capital when needed, the Company's ability to complete the development of its planned products, the Company's ability to manufacture its products either internally or through outside companies, the impact of government regulations, patent protection on the Company's proprietary technology, the ability of the Company to meet the milestones contemplated in its contract with DARPA, product liability exposure, uncertainty of market acceptance, competition, technological change, and other risk factors. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. Additional factors that could cause results to differ materially from those anticipated in forward-looking statements can be found under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended March 31, 2017, and in the Company's other filings with the Securities and Exchange Commission. Except as may be required by law, the Company does not intend, nor does it undertake any duty, to update this information to reflect future events or circumstances.

Contacts:

Jim Frakes, CFO
[email protected]
858-459-7800 extension 3300

Investor Relations:
John Marco
CORE IR
516 222 2560
[email protected]

 

AETHLON MEDICAL, INC.

Condensed Consolidated Balance Sheet











ASSETS



December 31, 2017


March 31, 2017



(unaudited)


(unaudited)

CURRENT ASSETS





Cash

$5,610,799


$1,559,701


Prepaid expenses

14,537


37,551






TOTAL CURRENT ASSETS

5,625,336


1,597,252







Property and equipment, net

32,398


29,223


Patents, net

78,123


84,996


Other assets

14,897


14,897






TOTAL NONCURRENT ASSETS

125,418


129,116







TOTAL ASSETS

$5,750,754


$1,726,368











LIABILITIES AND STOCKHOLDERS' EQUITY






CURRENT LIABILITIES





Accounts payable 

211,406


484,423


Due to related parties

64,466


57,866


Other current liabilities

60,534


69,467






TOTAL CURRENT LIABILITIES

336,406


611,756






NONCURRENT LIABILITIES





Convertible notes payable, non-current portion, net

810,866


519,200

TOTAL NONCURRENT LIABILITIES

810,866


519,200






TOTAL LIABILITIES

1,147,272


1,130,956






COMMITMENTS AND CONTINGENCIES









STOCKHOLDERS' EQUITY










Common stock, par value of $0.001, 30,000,000 shares authorized; 15,367,658 and 8,797,086 shares issued and outstanding as of December 31, 2017 and March 31, 2017, respectively

15,368


8,796


Additional paid-in capital

102,820,906


94,445,739


Accumulated deficit

(98,138,853)


(93,778,156)






TOTAL STOCKHOLDERS' (DEFICIT) EQUITY BEFORE NONCONTROLLING INTERESTS

4,697,421


676,379






Noncontrolling interests

(93,939)


(80,967)






TOTAL STOCKHOLDERS' (DEFICIT) EQUITY

4,603,482


595,412







TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY

$5,750,754


$1,726,368

 

AETHLON MEDICAL, INC.

Condensed Consolidated Statements of Operations

For the three and nine month periods ended December 31, 2017 and 2016










Three Months


Three Months


Nine Months


Nine Months


Ended 12/31/17


Ended 12/31/16


Ended 12/31/17


Ended 12/31/16


(unaudited)


(unaudited)


(unaudited)


(unaudited)









Government contract income

$                 74,813


$                           -


$                 74,813


$               392,073

  Total revenues

74,813


-


74,813


392,073









OPERATING EXPENSES








Professional fees

439,117


416,866


1,165,318


1,495,597

Payroll and related

663,245


635,698


1,911,553


2,793,888

General and administrative

136,078


182,982


557,991


696,662

  Total operating expenses

1,238,440


1,235,546


3,634,862


4,986,147









OPERATING LOSS

(1,163,627)


(1,235,546)


(3,560,049)


(4,594,074)









OTHER (INCOME) EXPENSE








Loss on share for warrant exchanges

-


-


130,214


-

(Gain) Loss on debt extinguishment

-


(58,691)


376,909


558,198

Warrant repricing expense

-


-


-


345,841

Interest and other debt expenses

55,912


36,565


306,495


115,308


55,912


(22,126)


813,618


1,019,347









NET LOSS BEFORE NONCONTROLLING INTERESTS

$(1,219,539)


$(1,213,420)


$(4,373,667)


$(5,613,421)









Loss attributable to noncontrolling interests

(4,532)


(7,689)


(12,972)


(23,088)









NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS

$(1,215,007)


$(1,205,731)


$(4,360,695)


$(5,590,333)









Basic and diluted net loss available to 








  common stockholders per share

$              (0.08)


$              (0.15)


$              (0.40)


$              (0.72)









Weighted average number of common








  shares outstanding

14,950,701


7,927,031


10,927,106


7,768,682

 

SOURCE Aethlon Medical, Inc.


These press releases may also interest you

at 18:30
Striking Teamsters at pharmaceutical giant Cencora (formerly known as AmerisourceBergen) rallied today outside the company's Sacramento distribution center. The 124 warehouse workers are members of Teamsters Local 150 and have been on strike since...

at 18:00
Bridge Biotherapeutics (KQ288330), a South Korean clinical-stage biotech company developing novel drugs for cancer, fibrosis, and inflammation, announced a research collaboration with Dr. Jessica M. Konen's Lab at Emory University School of Medicine....

at 17:58
More than 200 workers at American Medical Response (AMR) in Springfield and Greenfield have voted overwhelmingly to join Teamsters Local 404....

at 17:54
The American Association of Kidney Patients (AAKP), the largest and oldest independent kidney patient organization in the nation, is celebrating National Doctors Day by highlighting three top kidney medical experts and authors known for their...

at 17:20
Adicet Bio, Inc. , a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, today announced it granted an inducement award on March 28, 2024. One individual was...

at 17:15
Paladin Labs Inc., a subsidiary of Endo International plc , today announced Health Canada's approval of WAKIX® (pitolisant hydrochloride tablets) for the treatment of excessive daytime sleepiness (EDS) or cataplexy in pediatric patients aged 6 years...



News published on and distributed by: