Alseres Pharmaceuticals Inc. (ALSE, Financial) filed Quarterly Report for the period ended 2009-06-30.
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 $22.83 million; its shares were traded at around $1.064 .
Research and development expenses were $892,520 during the three months ended June 30, 2009 as compared with $3,630,292 during the three months ended June 30, 2008. The decrease in the 2009 period was primarily attributable to our decision to scale back operations specifically resulting in (i) lower costs of approximately $1,960,000 associated with our nerve repair program, primarily related to Cethrin clinical costs including our Phase I/IIa trial and suspended preparations for our Phase IIb trial; (ii) lower compensation and related costs of approximately $463,000 primarily related to lower headcount and lower stock-compensation expense and (iii) lower costs of approximately $286,000 associated with our molecular imaging program primarily related to decreased Altropane clinical costs. Subject to our ability to raise additional capital, we are currently planning for an increase in our research and development expenses over the next twelve months although there may be significant fluctuations on a quarterly basis. This expected increase is primarily related to higher Altropane clinical costs. Our working capital constraints may limit our planned expenditures.
Research and development expenses were $2,720,535 during the six months ended June 30, 2009 as compared with $6,289,266 during the six months ended June 30, 2008. The decrease in the 2009 period was primarily attributable to our decision to scale back operations specifically resulting in (i) lower costs of approximately $2,800,000 associated with our nerve repair program, primarily related to Cethrin clinical costs including our Phase I/IIa trial and suspended preparations for our Phase IIb trial; (ii) lower compensation and related costs of approximately $422,000 primarily related to lower headcount and (iii) lower costs of approximately $280,000 associated with our molecular imaging program primarily related to decreased Altropane clinical costs.
General and administrative expenses were $3,063,068 during the six months ended June 30, 2009 as compared with $4,203,239 during the six months ended June 30, 2008. The decrease in the 2009 period was primarily related to (i) lower compensation and related costs of approximately $445,000 primarily related to decreased headcount; (ii) lower commercialization and communication costs of approximately $253,000 (iii) lower legal, patent and consulting costs of approximately $290,000 primarily related to slowdowns in operations and resolution of the dispute with BioAxone.
Net cash used for operating activities, primarily related to our net loss, totaled $5,052,526 during the six months ended June 30, 2009 as compared to $8,829,132 during the six months ended June 30, 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 $41,721 during the six months ended June 30, 2009 as compared to $1,292,514 during the six months ended June 30, 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 $4,974,812 during the six months ended June 30, 2009 as compared to $10,002,541 during the six months ended June 30, 2008. The decrease during the 2009 period primarily reflects the decrease in promissory notes payable issued in the 2009 period.
As of June 30, 2009, we have experienced total net losses since inception of approximately $190,862,000, stockholders deficit of approximately $44,642,000 and a net working capital deficit of approximately $4,969,000. The cash and cash equivalents available at June 30, 2009 will not provide sufficient working capital to meet our anticipated expenditures for the next twelve months. At August 12, 2009, we had cash and cash equivalents of approximately $308,000 which combined with additional operating capital committed by our lead investor and 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 September 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 $22.83 million; its shares were traded at around $1.064 .
Highlight of Business Operations:
As of June 30, 2009, we have experienced total net losses since inception of approximately $190,862,000, stockholders deficit of approximately $44,642,000 and a net working capital deficit of approximately $4,969,000. The cash and cash equivalents available at June 30, 2009 will not provide sufficient working capital to meet our anticipated expenditures for the next twelve months. We believe that the approximate $308,000 in cash and cash equivalents available at August 12, 2009 combined with additional operating capital committed from its lead investor and its 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 September 2009. We must immediately raise additional funds in order to continue operations.Research and development expenses were $892,520 during the three months ended June 30, 2009 as compared with $3,630,292 during the three months ended June 30, 2008. The decrease in the 2009 period was primarily attributable to our decision to scale back operations specifically resulting in (i) lower costs of approximately $1,960,000 associated with our nerve repair program, primarily related to Cethrin clinical costs including our Phase I/IIa trial and suspended preparations for our Phase IIb trial; (ii) lower compensation and related costs of approximately $463,000 primarily related to lower headcount and lower stock-compensation expense and (iii) lower costs of approximately $286,000 associated with our molecular imaging program primarily related to decreased Altropane clinical costs. Subject to our ability to raise additional capital, we are currently planning for an increase in our research and development expenses over the next twelve months although there may be significant fluctuations on a quarterly basis. This expected increase is primarily related to higher Altropane clinical costs. Our working capital constraints may limit our planned expenditures.
Research and development expenses were $2,720,535 during the six months ended June 30, 2009 as compared with $6,289,266 during the six months ended June 30, 2008. The decrease in the 2009 period was primarily attributable to our decision to scale back operations specifically resulting in (i) lower costs of approximately $2,800,000 associated with our nerve repair program, primarily related to Cethrin clinical costs including our Phase I/IIa trial and suspended preparations for our Phase IIb trial; (ii) lower compensation and related costs of approximately $422,000 primarily related to lower headcount and (iii) lower costs of approximately $280,000 associated with our molecular imaging program primarily related to decreased Altropane clinical costs.
General and administrative expenses were $3,063,068 during the six months ended June 30, 2009 as compared with $4,203,239 during the six months ended June 30, 2008. The decrease in the 2009 period was primarily related to (i) lower compensation and related costs of approximately $445,000 primarily related to decreased headcount; (ii) lower commercialization and communication costs of approximately $253,000 (iii) lower legal, patent and consulting costs of approximately $290,000 primarily related to slowdowns in operations and resolution of the dispute with BioAxone.
Net cash used for operating activities, primarily related to our net loss, totaled $5,052,526 during the six months ended June 30, 2009 as compared to $8,829,132 during the six months ended June 30, 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 $41,721 during the six months ended June 30, 2009 as compared to $1,292,514 during the six months ended June 30, 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 $4,974,812 during the six months ended June 30, 2009 as compared to $10,002,541 during the six months ended June 30, 2008. The decrease during the 2009 period primarily reflects the decrease in promissory notes payable issued in the 2009 period.
As of June 30, 2009, we have experienced total net losses since inception of approximately $190,862,000, stockholders deficit of approximately $44,642,000 and a net working capital deficit of approximately $4,969,000. The cash and cash equivalents available at June 30, 2009 will not provide sufficient working capital to meet our anticipated expenditures for the next twelve months. At August 12, 2009, we had cash and cash equivalents of approximately $308,000 which combined with additional operating capital committed by our lead investor and 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 September 2009. We must immediately raise additional funds in order to continue operations.
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