Alseres Pharmaceuticals Inc. (ALSE, Financial) filed Quarterly Report for the period ended 2009-03-31.
BOSTON LIFE SCIENCES INC. is a development stage biotechnology company engaged in the research and development of novel therapeutic and diagnostic products to treat chronic debilitating diseases such as cancer central nervous system disorders and autoimmune diseases. Alseres Pharmaceuticals Inc. has a market cap of $18.44 million; its shares were traded at around $1.064 .
Our net loss and net loss attributable to common stockholders was $4,348,356 during the three months ended March 31, 2009 as compared with $5,325,938 during the three months ended March 31, 2008. Net loss attributable to common stockholders totaled $0.19 per share for the 2009 period as compared to $0.26 per share for the 2008 period. The decrease in net loss in the 2009 period was primarily due to lower operating expenses. The decrease in net loss attributable to common stockholders on a per share basis in the 2009 period was primarily due to the decrease in net loss in 2009 and an increase in weighted average shares outstanding of approximately 1,906,000 shares in 2009, which was primarily the result of the common stock issuances in November 2008 and January 2009.
General and administrative expenses were $1,970,122 during the three months ended March 31, 2009 as compared with $2,244,371 during the three months ended March 31, 2008. The decrease in the 2009 period was primarily related to lower legal, patent and consulting costs of approximately $323,000 primarily related to our nerve repair program, and lower commercialization and communication costs of approximately $99,000. The decrease was partially offset by higher compensation and related costs of approximately $215,000 primarily related to higher stock-compensation expense as a result of the stock option modifications during the 2009 period. We currently anticipate that our general and administrative expenses will decrease over the next twelve months primarily related to reduced headcount, although there may be significant fluctuations on a quarterly basis.
Interest expense was $618,551 during the three months ended March 31, 2009 as compared with $459,418 during the three months ended March 31, 2008. The increase in the 2009 period was primarily attributable to the issuance of $10,000,000 in convertible promissory notes during 2008, which bear interest at the rate of 5% per annum.
Net cash used for operating activities, primarily related to our net loss, totaled $2,588,309 during the three months ended March 31, 2009 as compared to $4,246,587 during the three months ended March 31, 2008. The decrease in cash used during the 2009 period is primarily related to the decrease in net loss and an increase in non-cash related stock-compensation expense during the 2009 period. Net cash provided by investing activities totaled $41,798 during the three months ended March 31, 2009 as compared to $1,252,461 during the three months ended March 31, 2008. The decrease in cash provided by investing activities is primarily associated with the sale of marketable securities used to fund operations during the 2008 period. Net cash provided by financing activities totaled $2,974,812 during the three months ended March 31, 2009 as compared to $5,002,541 during the three months ended March 31, 2008. The decrease during the 2009 period primarily reflects the decrease in promissory notes payable issued in the 2009 period.
As of March 31, 2009, we have experienced total net losses since inception of approximately $188,248,000, stockholders deficit of approximately $42,049,000 and a net working capital deficit of approximately $5,025,000. The cash and cash equivalents available at March 31, 2009 will not provide sufficient working capital to meet our anticipated expenditures for the next twelve months. At May 12, 2009, we had cash and cash equivalents of approximately $1,025,000 which combined with our ability to control certain costs, including those related to clinical trial programs, preclinical activities, and certain general and administrative expenses will enable us to meet our anticipated cash expenditures into June 2009. We must immediately raise additional funds in order to continue operations.
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BOSTON LIFE SCIENCES INC. is a development stage biotechnology company engaged in the research and development of novel therapeutic and diagnostic products to treat chronic debilitating diseases such as cancer central nervous system disorders and autoimmune diseases. Alseres Pharmaceuticals Inc. has a market cap of $18.44 million; its shares were traded at around $1.064 .
Highlight of Business Operations:
As of March 31, 2009, we have experienced total net losses since inception of approximately $188,248,000, stockholders deficit of approximately $42,049,000 and a net working capital deficit of approximately $5,025,000. The cash and cash equivalents available at March 31, 2009 will not provide sufficient working capital to meet our anticipated expenditures for the next twelve months. The Company believes that the approximate $1,025,000 in cash and cash equivalents available at May 12, 2009 combined with its ability to control certain costs, including those related to clinical trial programs, preclinical activities, and certain general and administrative expenses will enableOur net loss and net loss attributable to common stockholders was $4,348,356 during the three months ended March 31, 2009 as compared with $5,325,938 during the three months ended March 31, 2008. Net loss attributable to common stockholders totaled $0.19 per share for the 2009 period as compared to $0.26 per share for the 2008 period. The decrease in net loss in the 2009 period was primarily due to lower operating expenses. The decrease in net loss attributable to common stockholders on a per share basis in the 2009 period was primarily due to the decrease in net loss in 2009 and an increase in weighted average shares outstanding of approximately 1,906,000 shares in 2009, which was primarily the result of the common stock issuances in November 2008 and January 2009.
General and administrative expenses were $1,970,122 during the three months ended March 31, 2009 as compared with $2,244,371 during the three months ended March 31, 2008. The decrease in the 2009 period was primarily related to lower legal, patent and consulting costs of approximately $323,000 primarily related to our nerve repair program, and lower commercialization and communication costs of approximately $99,000. The decrease was partially offset by higher compensation and related costs of approximately $215,000 primarily related to higher stock-compensation expense as a result of the stock option modifications during the 2009 period. We currently anticipate that our general and administrative expenses will decrease over the next twelve months primarily related to reduced headcount, although there may be significant fluctuations on a quarterly basis.
Interest expense was $618,551 during the three months ended March 31, 2009 as compared with $459,418 during the three months ended March 31, 2008. The increase in the 2009 period was primarily attributable to the issuance of $10,000,000 in convertible promissory notes during 2008, which bear interest at the rate of 5% per annum.
Net cash used for operating activities, primarily related to our net loss, totaled $2,588,309 during the three months ended March 31, 2009 as compared to $4,246,587 during the three months ended March 31, 2008. The decrease in cash used during the 2009 period is primarily related to the decrease in net loss and an increase in non-cash related stock-compensation expense during the 2009 period. Net cash provided by investing activities totaled $41,798 during the three months ended March 31, 2009 as compared to $1,252,461 during the three months ended March 31, 2008. The decrease in cash provided by investing activities is primarily associated with the sale of marketable securities used to fund operations during the 2008 period. Net cash provided by financing activities totaled $2,974,812 during the three months ended March 31, 2009 as compared to $5,002,541 during the three months ended March 31, 2008. The decrease during the 2009 period primarily reflects the decrease in promissory notes payable issued in the 2009 period.
As of March 31, 2009, we have experienced total net losses since inception of approximately $188,248,000, stockholders deficit of approximately $42,049,000 and a net working capital deficit of approximately $5,025,000. The cash and cash equivalents available at March 31, 2009 will not provide sufficient working capital to meet our anticipated expenditures for the next twelve months. At May 12, 2009, we had cash and cash equivalents of approximately $1,025,000 which combined with our ability to control certain costs, including those related to clinical trial programs, preclinical activities, and certain general and administrative expenses will enable us to meet our anticipated cash expenditures into June 2009. We must immediately raise additional funds in order to continue operations.
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