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Thursday, 9 May 2013
Medgenics looks to "value creating" milestones in 2013
Medgenics (LON:MEDG) aims to achieve "value creating" milestones in the rest of 2013, it said, releasing first quarter results.
The company is developing Biopump technology, which uses patients' won tissue to treat a range of chronic diseases including hepatitis and hemophilia.
"During the first quarter we achieved important milestones that strengthened our position in key areas and advanced our strategic and clinical goals," said chief executive and president Andrew Pearlman.
In the period to March 31, the firm raised gross proceeds of around $32 million, reported interim clinical results from its Phase IIa anemia trial in patients with end-stage renal disease and bolstered its board with Joseph J. Grano, Jr - former chairman and chief executive of UBS Financial Services.
Gross research and development (R&D) expenses for the first quarter of 2013 increased to US $2.03 million from US$1.59 million for same period in 2012.
The net loss stood at US$3.68 million compared with a net loss of $2.71 million in the comparable 2012 period.
In the quarter, it used US$2.80 million in net cash to fund operating activities, compared with US$2.36 million for the three months last year.