REDWOOD CITY, Calif., Sept. 15, 2021 (GLOBE NEWSWIRE) -- Rezolute, Inc. (Nasdaq: RZLT), a clinical-stage biopharmaceutical company developing transformative therapies for metabolic diseases associated with chronic glucose imbalance, today announced its financial results for the fourth quarter and fiscal full year ended June 30, 2021.
“We are very pleased with our overall progress, notably advancement of our clinical programs including RZ358 for congenital hyperinsulinism and RZ402 for diabetic macular edema,” said Nevan Elam, Chief Executive Officer and Founder of Rezolute. “We have continued to execute on the milestones we laid out prior to the COVID-19 pandemic, including the initiation of patient dosing in the second cohort of the Phase 2b trial of RZ358, and start of the Phase 1b multiple-ascending dose study of RZ402. In addition to these clinical accomplishments, we have further strengthened our leadership team and Scientific Advisory Board with key opinion leaders who will help us advance our programs.”
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Fourth Quarter and Full Year Fiscal 2021 Financial Results
About Rezolute, Inc.
Rezolute is developing transformative therapies for metabolic diseases related to chronic glucose imbalance. The Company’s lead clinical asset, RZ358, is in Phase 2b development for treatment of congenital hyperinsulinism (HI), a rare pediatric endocrine disorder. The Company is also developing RZ402, an orally available plasma kallikrein inhibitor, for the treatment of diabetic macular edema. For more information, visit www.rezolutebio.com or follow us on Twitter.
This release, like many written and oral communications presented by Rezolute, Inc. and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Except as required by applicable law or regulation, Rezolute undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
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|Condensed Consolidated Financial Statements Data|
|(in thousands, except per share data)|
|Three Months Ended||Twelve Months Ended|
|June 30,||June 30,|
|Condensed Consolidated Statements of Operations Data:|
|Research and development||4,389||2,445||14,987||14,450|
|General and administrative||2,247||1,107||7,907||6,071|
|Total operating expenses||6,636||3,552||22,894||20,521|
|Loss from operations||(6,636||)||(3,552||)||(22,894||)||(20,521||)|
|Non-operating income (expense), net||146||5||1,992||188|
|Basic and diluted net loss per common share||$||(0.78||)||$||(0.60||)||$||(2.72||)||$||(3.54||)|
|Shares used to compute basic and diluted net loss per common share||8,352||5,866||7,671||5,751|
|June 30,||June 30,|
|Condensed Consolidated Balance Sheets Data:|
|Cash and cash equivalents||$||41,047||$||9,955|
|Long term debt, net of discount (1)||13,968||-|
|License fees payable to Xoma (2)||-||1,809|
|Total stockholders’ equity||26,099||7,365|
|(1) In April 2021, we entered into a $30.0 million Loan Agreement with SLR and certain other Lenders. $15.0 million term A loan was funded on April 14, 2021.|
|(2) In October 2020, we completed a private placement of equity securities for gross proceeds of $41.0 million, resulting in acceleration of the entire $1.4 million outstanding obligation shown above and we paid it on October 23, 2020.|