CohBar, Inc. Announces Second Quarter 2015 Financial Results

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MENLO PARK, Calif.--(BUSINESS WIRE)-- CohBar, Inc. (OTCQX: CWBR and TSX-V: COB.U), an innovative biotechnology company focused on developing mitochondria-based therapeutics (MBTs) to treat diseases associated with aging, today reported financial results for the three months ended June 30, 2015.

“We took significant steps this quarter that enhance our ability to create potential breakthrough therapeutics including expanding our team of highly experienced scientists and completing the transition to our new lab facility,” said Jon Stern, CohBar CEO. “We’re already seeing increased productivity as a result of these and other efforts during the quarter toward our goal of selecting the best mitochondria-based therapeutic candidate for preclinical activities and clinical trials.”

Second Quarter Business Highlights and Developments:

  • Shares Begin Trading on the OTCQX Best Marketplace. CohBar’s shares began trading on the OTCQX in the U.S. under the symbol “CWBR”. Trading on the OTCQX provides U.S. investors with the opportunity to acquire CohBar shares, which had previously only been readily available in the Canadian marketplace. It also expands CohBar’s market reach and audience to support future capital needs as it continues to advance its research and development programs within the new arena of mitochondria-based therapeutics.
  • CohBar Menlo Park Lab. The Company completed its transition from its former lab in Pasadena, CA and began conducting research in its new expanded laboratory facility in Menlo Park, CA. The new lab, strategically located in Silicon Valley, enables the Company to attract top scientific talent as it continues to grow and enhance its drug discovery and development activities.
  • Key Addition to CohBar’s Scientific Team. CohBar expanded its scientific leadership team with the hiring of Kent Grindstaff, Ph.D., as its Vice President of Biology. Dr. Grindstaff, formerly Vice President, Global Operations at Solvo Biotechnology USA and Principal Investigator at Xenoport, Inc. (NASDAQ), brings to CohBar extensive experience in cell biology, biochemistry and assay development.
  • Research Agreement with the University of Cincinnati. CohBar entered into a one-year service agreement with the University of Cincinnati Research Institute for the performance of a series of in vivo studies using the Company’s proprietary MBTs.
  • Scientific Advisory Board Spring 2015 Meeting. The Company held its Spring 2015 SAB Conference in Cambridge, MA focusing on CohBar’s recent scientific activities and plans along with current pharmaceutical industry developments and perspectives. In addition to presentations from CohBar’s founders and scientific team, the conference included perspectives offered by our distinguished SAB members Dr. Frank Calzone, former Scientific Executive Director at Amgen, Dr. Ronald Kahn, Mary K. Iacocca Professor, Harvard Medical School, Dr. Amir Lerman, Professor of Medicine, Cardiovascular Diseases, Mayo Clinic and Dr. Nick Livingston, VP Biology at NovaTarg and former VP, Metabolic Center for Excellence in Drug Discovery at GlaxoSmithKline.

Summary of Financial Results:

  • Cash and Investments. CohBar had cash and investments of $12,139,028 on June 30, 2015, compared to $1,194,492 on December 31, 2014.
  • R&D Expenses. Research and development expenses were $447,287 in the three months ended June 30, 2015, compared to $137,059 in the prior year, a $310,228 increase. The increase in research and development expenses was primarily due to an increase in preclinical studies related to our efforts to develop optimized MBT candidates, an increase in compensation expenses associated with the timing of the hiring of our Chief Scientific Officer and Vice President of Biology and an increase in costs related to hosting our SAB meeting in the current year quarter. This increase was offset by a decrease in research performed under arrangements with the Alzheimer’s Drug Discovery Foundation, which was completed in 2014.
  • G&A Expenses. General and administrative expenses were $418,932 in the three months ended June 30, 2015, compared to $523,869 in the prior year period, a $104,937 decrease. The decrease in general and administrative expenses was primarily due to a decrease in stock based compensation costs due to the timing and associated costs of equity grants and a decrease in recruiting costs as we incurred the fees associated with our CSO search in the prior year quarter. This decrease was offset by an increase in costs associated with being a publicly traded company.
  • Net Loss. For the three months ended June 30, 2015, net loss was $867,530, or $0.03 per share, compared to a net loss of $662,567 or $0.05 per share, for the three months ended June 30, 2014.

About CohBar

CohBar (OTCQX: CWBR and TSX-V: COB.U) is a leader in the research and development of mitochondria-based therapeutics, an emerging class of drugs for the treatment of diseases associated with aging. MBTs originate from the discovery of a novel group of peptides within the genome of mitochondria, the powerhouses of the cell. This groundbreaking discovery was made by our founders, world leaders in the biology of aging, metabolism and mitochondrial genomics. MBTs offer the potential to address a broad range of diseases such as type 2 diabetes, cancer, atherosclerosis and neurodegenerative disorders.

For additional company information, please visit www.cohbar.com.

Forward-looking statements

This news release contains forward-looking statements, including: statements concerning: the company’s plans, prospects, resources and capabilities including its anticipated research and development activities. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by CohBar. These risks and uncertainties include CohBar’s ability to retain key personnel, expand its research operations, and successfully advance its drug discovery and development programs. Additional assumptions, risks and uncertainties are described in detail in our registration statements, reports and other filings with the Securities and Exchange Commission and applicable Canadian securities regulators, which are available on our website, and at www.sec.gov or www.sedar.com. You are cautioned that such statements are not guarantees of future performance and that our actual results may differ materially from those set forth in the forward-looking statements. The forward-looking statements and other information contained in this news release are made as of the date hereof and CohBar does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 
CohBar, Inc.
Condensed Balance Sheets
     

As of

June 30, 2015

December 31, 2014

(unaudited)

ASSETS

Current assets:
Cash and cash equivalents $ 7,393,314 $ 1,194,492
Restricted cash - 4,055
Investments 4,745,714 -
Prepaid expenses and other current assets   106,151     19,517  
Total current assets 12,245,179 1,218,064
Property and equipment, net 209,435 4,631
Deferred offering costs - 749,386
Other assets   17,712     1,100  
Total assets $ 12,472,326   $ 1,973,181  
 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable $ 224,687 $ 290,073
Accrued liabilities 101,295 305,401
Accrued payroll and other compensation   80,588     103,294  
Total current liabilities 406,570 698,768

Note payable, net of debt discount of $353 and $451 as of June 30, 2015
and December 31, 2014, respectively

  204,907     204,809  
Total liabilities   611,477     903,577  
 
Commitments and contingencies
 
Stockholders’equity:

Preferred stock, $0.001 par value, Authorized - 5,000,000 shares;
Issued and outstanding as of June 30, 2015 and December 31, 2014 as follows:

Preferred stock - Series A - issued and outstanding 0 shares
as of June 30, 2015 and December 31, 2014, respectively

- -

Convertible preferred stock - Series B - issued and outstanding
0 shares as of June 30, 2015 and 5,400,000 as of December 31, 2014

- 5,400

Common stock, $0.001 par value, Authorized 75,000,000 shares; Issued and outstanding
32,320,891 shares as of June 30, 2015 and 12,915,343 as of December 31, 2014

32,321 12,915
Additional paid-in capital 17,933,650 5,507,616
Accumulated deficit   (6,105,122 )   (4,456,327 )
Total stockholders’ equity   11,860,849     1,069,604  
Total liabilities and stockholders’ equity $ 12,472,326   $ 1,973,181  
 
 
CohBar, Inc.
Condensed Statements of Operations
(unaudited)
         
For The Three Months Ended June 30, For The Six Months Ended June 30,

2015

2014

2015

2014

 
Revenues $ -   $ -   $ -   $ -  
 
Operating expenses:
Research and development 447,287 137,059 710,047 245,332
General and administrative   418,932     523,869     935,918     668,217  
Total operating expenses   866,219     660,928     1,645,965     913,549  
Operating loss   (866,219 )   (660,928 )   (1,645,965 )   (913,549 )
 
Other income (expense):
Interest income 1,022 216 2,199 247
Interest expense (1,756 ) (1,700 ) (3,512 ) (3,441 )
Other expense (528 ) - (1,419 ) -
Amortization of debt discount   (49 )   (155 )   (98 )   (235 )
Total other income (expense)   (1,311 )   (1,639 )   (2,830 )   (3,429 )
Net loss $ (867,530 ) $ (662,567 ) $ (1,648,795 ) $ (916,978 )
Basic and diluted net loss per share $ (0.03 ) $ (0.05 ) $ (0.05 ) $ (0.07 )

Weighted average common shares outstanding - basic
and diluted

  32,320,891     12,915,343     31,763,073     12,915,343  
 

CohBar, Inc.
Jeff Biunno, 973-841-1233
CFO
jeff.biunno@cohbar.com
or
MacDougall Biomedical Communications
Heather Savelle, 781-235-3060
hsavelle@macbiocom.com

Source: CohBar, Inc.

Released August 11, 2015