Alseres Pharmaceuticals Inc. (ALSE, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $8.42 million; its shares were traded at around $1.064 .
Research and development expenses were $720,505 during the three months ended September 30, 2009 as compared with $2,818,398 during the three months ended September 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 $1,161,000 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 costs of approximately $464,000 associated with our molecular imaging program primarily related to decreased Altropane clinical costs and (iii) lower compensation and related costs of approximately $402,000 primarily related to lower headcount and lower stock-compensation expense. 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 $3,441,041 during the nine months ended September 30, 2009 as compared with $9,107,664 during the nine months ended September 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 $3,961,000 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 costs of approximately $744,000 associated with our molecular imaging program primarily related to decreased Altropane clinical costs and (iii) lower compensation and related costs of approximately $818,000 primarily related to lower headcount.
General and administrative expenses were $3,768,972 during the nine months ended September 30, 2009 as compared with $5,906,849 during the nine months ended September 30, 2008. The decrease in the 2009 period was primarily related to (i) lower compensation and related costs of approximately $1,183,000 primarily related to decreased headcount; (ii) lower commercialization and communication costs of approximately $400,000 (iii) lower legal, patent and consulting costs of approximately $294,000 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 $6,814,358 during the nine months ended September 30, 2009 as compared to $12,683,116 during the nine months ended September 30, 2008. The decrease in cash used during the 2009 period is primarily related to the decrease in net loss. Net cash provided by investing activities totaled $60,751 during the nine months ended September 30, 2009 as compared to $1,082,845 during the nine months ended September 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 $6,874,812 during the nine months ended September 30, 2009 as compared to $10,002,541 during the nine months ended September 30, 2008. The decrease during the 2009 period primarily reflects the decrease in promissory notes payable issued in the 2009 period partially offset by the issuance of preferred stock.
As of September 30, 2009, we have experienced total net losses since inception of approximately $192,922,000, stockholders deficit of approximately $46,714,000 and a net working capital deficit of approximately $4,450,000. The cash and cash equivalents available at September 30, 2009 will not provide sufficient working capital to meet our anticipated expenditures for the next twelve months. At November 12 2009, we had cash and cash equivalents of approximately $483,000 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 December 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 $8.42 million; its shares were traded at around $1.064 .
Highlight of Business Operations:
As of September 30, 2009, we have experienced total net losses since inception of approximately $192,922,000, stockholders deficit of approximately $46,714,000 and a net working capital deficit of approximately $4,450,000. The cash and cash equivalents available at September 30, 2009 will not provide sufficient working capital to meet our anticipated expenditures for the next twelve months. We believe that the approximate $483,000 in cash and cash equivalents available at November 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 December 2009. We must immediately raise additional funds in order to continue operations.Research and development expenses were $720,505 during the three months ended September 30, 2009 as compared with $2,818,398 during the three months ended September 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 $1,161,000 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 costs of approximately $464,000 associated with our molecular imaging program primarily related to decreased Altropane clinical costs and (iii) lower compensation and related costs of approximately $402,000 primarily related to lower headcount and lower stock-compensation expense. 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 $3,441,041 during the nine months ended September 30, 2009 as compared with $9,107,664 during the nine months ended September 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 $3,961,000 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 costs of approximately $744,000 associated with our molecular imaging program primarily related to decreased Altropane clinical costs and (iii) lower compensation and related costs of approximately $818,000 primarily related to lower headcount.
General and administrative expenses were $3,768,972 during the nine months ended September 30, 2009 as compared with $5,906,849 during the nine months ended September 30, 2008. The decrease in the 2009 period was primarily related to (i) lower compensation and related costs of approximately $1,183,000 primarily related to decreased headcount; (ii) lower commercialization and communication costs of approximately $400,000 (iii) lower legal, patent and consulting costs of approximately $294,000 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 $6,814,358 during the nine months ended September 30, 2009 as compared to $12,683,116 during the nine months ended September 30, 2008. The decrease in cash used during the 2009 period is primarily related to the decrease in net loss. Net cash provided by investing activities totaled $60,751 during the nine months ended September 30, 2009 as compared to $1,082,845 during the nine months ended September 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 $6,874,812 during the nine months ended September 30, 2009 as compared to $10,002,541 during the nine months ended September 30, 2008. The decrease during the 2009 period primarily reflects the decrease in promissory notes payable issued in the 2009 period partially offset by the issuance of preferred stock.
As of September 30, 2009, we have experienced total net losses since inception of approximately $192,922,000, stockholders deficit of approximately $46,714,000 and a net working capital deficit of approximately $4,450,000. The cash and cash equivalents available at September 30, 2009 will not provide sufficient working capital to meet our anticipated expenditures for the next twelve months. At November 12 2009, we had cash and cash equivalents of approximately $483,000 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 December 2009. We must immediately raise additional funds in order to continue operations.
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