Company Update (NASDAQ:KBIO): KaloBios Pharmaceuticals Inc Reports First Quarter 2015 Financial Results
KaloBios Pharmaceuticals Inc (Nasdaq:KBIO) reported its financial results for the first quarter of 2015.
Net loss for the quarter ended March 31, 2015 was $9.6 million or $0.29 per common share, as compared to $10.4 million or$0.32 per common share for the same period in 2014.
Research and development (R&D) expenses were $5.9 million for the quarter ended March 31, 2015, as compared to $7.7 million for the same quarter in 2014. The decrease in R&D expense was primarily due to decreased clinical trial activity compared with the prior period, largely as a result of the completion of the KB003 Phase 2 study in patients with severe asthma in the first quarter of 2014. General and administrative (G&A) expenses were $3.4 million for the first quarter of 2015, compared to $2.5 million for the first quarter of 2014. The increase in G&A expenses was primarily due to costs incurred as a result of restructuring activities and due to the retirement of our former Chief Executive Officer, both of which occurred in the first quarter of 2015.
As of March 31, 2015, KaloBios had cash, cash equivalents and investments totaling $30.2 million.
“During the first quarter of 2015, we have continued to focus on advancing our oncology portfolio,” said Herb Cross, KaloBios’ Chief Financial Officer and Interim CEO. “In addition to accelerating enrollment in the Phase 2 expansion study of KB004 in myelodysplastic syndrome and myelofibrosis, we are continuing to evaluate additional potential oncology indications for KB004 where EphA3 is expressed. We are also working towards progressing KB003, our anti-GM-CSF antibody, into the clinic later this year in chronic myelomonocytic leukemia, an orphan oncology indication. With a number of potential oncology indications under evaluation in addition to those already in the clinic, we are excited about continuing to strengthen our focus in oncology.” (Original Source)
Shares of KaloBios Pharmaceuticals Inc closed last Friday at $0.50. KBIO has a 1-year high of $2.45 and a 1-year low of $0.36. The stock’s 50-day moving average is $0.52 and its 200-day moving average is $0.99.
KaloBios Pharmaceuticals Inc is a biopharmaceutical company. The Company is engaged in the development of monoclonal antibody therapeutics for diseases that burdens the society and to patients and their families.