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Neuralstem Reports Second Quarter 2017 Fiscal Results and Provides Clinical and Business Update

GERMANTOWN, Md., Aug. 08, 2017 (GLOBE NEWSWIRE) -- Neuralstem, Inc. (NASDAQ:CUR), a biopharmaceutical company focused on the development of nervous system therapies based on its neural stem cell technology, reported its financial results for the  three and six month periods ended June 30, 2017.             

“Our recent financing of six million dollars has further extended the company’s cash runway to sufficiently support operations and investigation of the mechanism of action,” commented Rich Daly, Chairman and CEO.  “We are encouraged by the emerging clinical profile of NSI-189.  We are continuing to evaluate the full Phase 2 MDD data set and will provide corporate strategy update in the fourth quarter of this year.”

Recent Clinical & Business Highlights

  • On August 2, 2017, Neuralstem was awarded a Small Business Innovation Research (SBIR) grant by the National Institutes of Health (NIH) to evaluate in preclinical studies the potential of NSI-189, a novel small molecule compound, for the prevention and treatment of diabetic neuropathy.  The award of approximately $1 million will be paid over a two-year period.
     
  • On July 25, 2017, we announced top-line results from our exploratory Phase 2 clinical trial examining the efficacy of NSI-189 at 40 mg once daily (QD) and 40 mg twice daily (BID) compared to placebo for the treatment of major depressive disorder (MDD).  The study, which utilized the two-staged sequential parallel comparison design (SPCD), did not meet its primary efficacy endpoint of a statistically significant reduction in depression symptoms on the Montgomery-Asberg Depression Rating Scale (MADRS).  However, the 40 mg QD dose was directionally positive on the MADRS.
     
  • Of two secondary efficacy endpoints in the Phase 2 MDD trial results analyzed so far, the patient-rated Symptoms of Depression Questionnaire (SDQ) achieved statistical significance (p=0.044) with NSI-189 40 mg QD compared to placebo in the overall SPCD analysis.  Results were also directionally positive on the Hamilton Depression Rating Scale (HAM-D17) at both doses.  Both the 40 mg QD and 40 mg BID doses were well-tolerated with no serious adverse events reported.  The company will continue to evaluate the Phase 2 MDD data and provide a full update in the fourth quarter of 2017.
     
  • In June 2017, Neuralstem (NASDAQ:CUR) was added to the Russell Microcap® Index as part of the FTSE’s annual reconstitution of its family of U.S. indexes.  The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. 
     
  • On August 1, 2017, we closed a public offering of 3,000,000 shares of common stock and 2,250,000 common stock purchase warrants at a public purchase price of $2.00 per share and accompanying warrant.  We received gross proceeds of $6.0 million and approximately $5.4 million of net proceeds from this offering.
     
  • From March through July 2017, we received approximately $3,238,000 upon the exercise of 996,156 common stock purchase warrants issued in our May 2016 registered offering at an exercise price of $3.25 per share. We expect that our existing cash and cash equivalents will be sufficient to enable us to fund our anticipated level of operations based on our current operating plans, into the fourth quarter of 2018.

Financial Results for the Second Quarter Ended June 30, 2017

Cash Position and Liquidity:  We had cash, cash equivalents and short-term investments balances of approximately $11.4 million as at June 30, 2017, compared to $16.7 million at March 31, 2017.  The decrease resulted from use of cash to fund our NSI-189 clinical programs and ongoing operations and the repayment in full of our long-term debt.

On August 1, 2017, we closed a public offering of 3,000,000 shares of common stock and 2,250,000 common stock purchase warrants at a public purchase price of $2.00 per share and accompanying warrant.  We received gross proceeds of $6.0 million and approximately $5.4 million of net proceeds from this offering. 

Net Loss:  In the quarter ended June 30, 2017, we reported a net loss of approximately $4.6 million or $0.39 per share, compared to a loss of approximately $3.9 million or $0.47 per share on a split adjusted basis in the quarter ended June 30, 2016. Our operating loss in the quarter ended June 30, 2017 was approximately $4.2 million, compared to a loss of approximately $3.8 million in the quarter ended June 30, 2016.

For the six months ended June 30, 2017, we reported a net loss of approximately $12.2 million or $1.06 per share, compared to a loss of approximately $10.5 million or $1.37 per share on a split adjusted basis in the six months ended June 30, 2016. Our operating loss in the six months ended June 30, 2017 was approximately $8.5 million, compared to a loss of approximately $10.1 million in the six months ended June 30, 2016.

R&D Expenses: The increase of approximately $110,000 or 4% in research and development expenses for the three months ended June 30, 2017 compared to the comparable period of 2016 was primarily attributable to $420,000 increase in clinical trial costs associated with our ongoing Phase 2 MMD study, $170,000 increase in non-cash stock based compensation expense partially offset by a $480,000 decrease in in personnel related costs, internal and external research expenditures and other expenses associated with our May 2016 restructuring.

The decrease of approximately $53,000 or 1% in research and development expenses for the six months ended June 30, 2017 compared to the comparable period of 2016 was primarily attributable to a $2.0 million reduction in employment costs, internal and external research expenditures associated with our May 2016 restructuring almost entirely offset by an increase in clinical trial costs associated with our ongoing Phase 2 MDD study.

G&A Expenses:  The increase of approximately $274,000 or 20% in general and administrative expenses for the three months ended June 30, 2017 compared to the comparable period of 2016 was primarily attributable to a $530,000 increase in personnel related expenses due to severances partially offset by $340,000 decrease in non-cash stock based compensation expense.

The decrease of approximately $1,565,000 or 35% in general and administrative expenses for the six months ended June 30, 2017 compared to the comparable period of 2016 was primarily attributable to personnel related savings associated with our May, 2016 restructuring partially offset by current period severance expenses.

Neuralstem, Inc.
       
Unaudited Condensed Consolidated Balance Sheets
       
  June 30,
 2017
  December 31,
2016
       
ASSETS      
CURRENT ASSETS      
Cash and cash equivalents $   6,442,484     $   15,194,949  
Short-term investments     5,000,000         5,000,000  
Trade and other receivables     5,345         10,491  
Current portion of related party receivable, net of discount     -        53,081  
Prepaid expenses     239,309         646,195  
Total current assets     11,687,138         20,904,716  
       
Property and equipment, net     219,382         269,557  
Patents, net     945,066         990,153  
Related party receivable, net of discount and current portion     402,965         424,240  
Other assets   13,696       15,662  
Total assets $   13,268,247     $   22,604,328  
       
LIABILITIES AND STOCKHOLDERS' EQUITY      
CURRENT LIABILITIES      
Accounts payable and accrued expenses $   2,235,908     $   2,343,936  
Accrued bonuses         852,963  
Current portion of long-term debt, net of fees and discount     -        3,705,787  
Other current liabilities   67,992       430,738  
Total current liabilities   2,303,900       7,333,424  
       
Derivative instruments   3,267,408       3,921,917  
Other long-term liabilities     4,136        18,209  
Total liabilities    5,575,444        11,273,550  
       
Commitments and contingencies (Note 6)      
       
STOCKHOLDERS' EQUITY      
Convertible preferred stock, 7,000,000 shares authorized, $0.01 par value; 1,000,000  shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively     10,000        10,000  
Common stock, $0.01 par value; 300 million shares authorized, 12,012,877 and 11,032,858 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively     120,129         110,329  
Additional paid-in capital     212,809,063         204,239,837  
Accumulated other comprehensive income     3,350         3,905  
Accumulated deficit    (205,249,739 )     (193,033,293 )
Total stockholders' equity     7,692,803         11,330,778  
Total liabilities and stockholders' equity   $   13,268,247         $   22,604,328  
       

/EIN News/ --

Neuralstem, Inc.  
 
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss  
         
  Three Months Ended June 30,   Six Months Ended June 30,  
    2017       2016       2017       2016    
                 
Revenues $   2,500     $   2,500     $   5,000     $   5,000    
                 
Operating expenses:                
Research and development expenses     2,585,079         2,474,629         5,487,165         5,540,219    
General and administrative expenses     1,635,652         1,362,140         2,968,073         4,532,662    
Total operating expenses     4,220,731         3,836,769         8,455,238         10,072,881    
Operating loss     (4,218,231 )       (3,834,269 )       (8,450,238 )       (10,067,881 )  
                 
Other income (expense):                
Interest income   14,013       13,433       34,896       24,569    
Interest expense     (15,728 )       (322,407 )       (154,460 )       (708,913 )  
Change in fair value of derivative instruments     (341,611 )       757,275         (3,082,925 )       757,275    
Fees related to issuance of derivative instruments, warrant inducement and other expenses     (87,635 )       (466,541 )       (563,719 )       (463,342 )  
Total other income (expense)     (430,961 )      (18,240 )       (3,766,208 )       (390,411 )  
                 
Net loss $   (4,649,192 )   $   (3,852,509 )   $   (12,216,446 )   $   (10,458,292 )  
                 
Net loss per share - basic and diluted $   (0.39 )   $   (0.47 )   $   (1.06 )   $   (1.37 )  
                 
Weighted average common shares outstanding - basic and diluted     11,906,334         8,141,198         11,525,730         7,606,725    
                 
Comprehensive loss:                
Net loss $   (4,649,192 )   $   (3,852,509 )   $   (12,216,446 )   $   (10,458,292 )  
Foreign currency translation adjustment    (384 )     3,268        (555 )     1,495    
Comprehensive loss   $   (4,649,576 )       $   (3,849,241 )       $   (12,217,001 )       $   (10,456,797 )  


About Neuralstem

Neuralstem is a clinical-stage biopharmaceutical company developing novel treatments for nervous system diseases of high unmet medical need.  NSI-189 is a small molecule in clinical development for major depressive disorder (MDD) and in preclinical development for Angelman’s syndrome, irradiation-induced cognitive impairment, Type 1 and Type 2 diabetes and stroke.

NSI-566 is a stem cell therapy being tested for treatment of paralysis in stroke, chronic spinal cord injury (cSCI) and Amyotrophic Lateral Sclerosis (ALS).  Neuralstem’s diversified portfolio of product candidates is based on its proprietary neural stem cell technology. 

Cautionary Statement Regarding Forward Looking Information

This news release contains “forward-looking statements” made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and may often be identified by words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Specific risks and uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements include risks inherent in the development and commercialization of potential products, uncertainty of clinical trial results or regulatory approvals or clearances, need for future capital, dependence upon collaborators and maintenance of our intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in Neuralstem’s periodic reports, including the Annual Report on Form 10-K for the year ended December 31, 2016, and filed with the Securities and Exchange Commission (SEC) on March 31, 2016, Form 10-Q for the period ended June 30, 2016, and in other reports filed with the SEC.

Contact:

Danielle Spangler 
Neuralstem, Director of Investor Relations
301.366.1481
dspangler@neuralstem.com

Kimberly Minarovich 
Argot Partners, Investor Relations
212-600-1902 
kimberly@argotpartners.com

Lori Rosen
LDR Communications
Public Relations
917.553.6808
lori@ldrcommunications.com

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