BENITEC BIOPHARMA LIMITED Sydney, Australia - 29 January, 2016 - Benitec Biopharma Limited (ASX: BLT; NASDAQ: BNTC; NASDAQ: BNTCW) today lodged its Appendix 4C quarterly cash flow report for the 31 December 2015.
Operating cash outflows for the six months were AU$14.2 million and included scientific spending of AU$7.7 million. The cash outflow included AU$2.0 million for acquisition of the preclinical ddRNAi-based hepatitis B (HBV) therapeutic program from Biomics Biotechnologies. Research and development costs were consistent with forecasts in the SEC F1 disclosures.
The company also incurred NASDAQ IPO costs of AU$2.0million in the half year which together with the Biomics outgoing of AU$2.0million represents $4.0million in non-recurring outgoings. Because of these non-recurring costs, the Company expects cash outflows will decrease in coming quarters and the Company is committed to managing cash outflows and controlling costs. Cash at the end of the December quarter was AU$25million.
During the quarter, the Company announced that it had entered into an agreement with Lonza Group, a global leader in biological, cell and viral gene therapy manufacturing to develop a scalable manufacturing process for Benitec's ddRNAi-based products that use Adeno-Associated Virus (AAV).
In addition, Benitec presented important in vitro clinical data on the Company's hepatitis B program at the HEP DART Conference in December, which demonstrated that BB-HB-331 can effectively suppress multiple aspects of the hepatitis B virus (HBV) in infected human liver cells. Benitec expects to report on in vivo hepatitis B data is CYQ2 2016.
Benitec continues an executive search for a new Chief Executive Officer and the search is progressing well. The Company will report to the market as soon as an appointment is made.
A more comprehensive update on Benitec's operations and financial matters will be provided in the quarterly report to be submitted at the end of February 2016. The Company will provide quarterly reports which will be accompanied by conference calls. These quarterly reports will be lodged with ASX and the NASDAQ within two months after each quarter end.
For further information on Benitec, please contact the persons below:
Company Investor relations United States
Carl Stubbings Chief Business Officer
Tel: +61 (2) 9555 6986
Email: cstubbings@benitec.com
Annabel Murphy
Head of Investor Relations & Corporate Communications Tel: +61 (2) 9555 6986
Email: amurphy@benitec.com
PCG Advisory Group Adam Holdsworth
Managing Director of Investor Relations Tel: + 1 646-862-4607
Email: adamh@pcgadvisory.com
Sean Leous
Managing Director of Public Relations Tel: +1 646-863-8998
Email: sleous@pcgadvisory.com
About Benitec Biopharma Limited:
Benitec Biopharma Limited (ASX: BLT; NASDAQ: BNTC; NASDAQ: BNTCW) is a clinical-stage biotechnology company developing innovative therapeutics based on its patented gene-silencing technology called ddRNAi or 'expressed RNAi'. Based in Sydney, Australia with labs in Hayward, CA (USA) and collaborators and licensees around the world, the company is developing ddRNAi-based therapeutics for chronic and life-threatening human conditions including hepatitis C and B, wet age-related macular degeneration and OPMD. Benitec has also licensed ddRNAi to other biopharmaceutical companies for applications including HIV/AIDS, Huntington's Disease, chronic neuropathic pain and retinitis pigmentosa.
Safe Harbor Statement:
This press release contains "forward-looking statements" within the meaning of section 27A of the US Securities Act of 1933 and section 21E of the US Securities Exchange Act of 1934. Benitec has tried to identify such forward- looking statements by use of such words as "expects," "intends," "hopes," "anticipates," "believes," "could," "may," "evidences" and "estimates," and other similar expressions, but these words are not the exclusive means of identifying such statements. Such statements include, but are not limited to, any statements relating to Benitec's pipeline of ddRNAi-based therapeutics, including the initiation, progress and outcomes of clinical trials and any other statements that are not historical facts. Such forward-looking statements involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to the difficulties or delays in our plans to develop and potentially commercialize our product candidates, the timing of the initiation and completion of preclinical and clinical trials, the timing of patient enrolment and dosing in clinical trials, the timing of expected regulatory filings, the clinical utility and potential attributes and benefits of ddRNAi and our product candidates, potential future out- licenses and collaborations, our intellectual property position and duration of our patent portfolio, the ability to procure additional sources of financing and other risks detailed from time to time in filings that Benitec makes with US Securities and Exchange Commission, including our most recent annual report on Form 20-F and our reports on Form 6-K. Such statements are based on management's current expectations, but actual results may differ materially due to various factors, including those risks and uncertainties mentioned or referred to in this press release. Accordingly, you should not rely on those forward-looking statements as a prediction of actual future results.
Appendix 4C Quarterly report for entities admitted on the basis of commitments
Introduced 31/03/00 Amended 30/09/01, 24/10/05, 17/12/10
Name of entity
Rule 4.7B
BENITEC BIOPHARMA LIMITED
ABN Quarter ended ("current quarter")
64 068 943 662
31 December 2015
Current quarter $A'000 | Year to date (6 months) $A'000 |
6 (2,132) (126) (3,422) - (1,413) - 51 - - - | 235 (3,352) (274) (7,656) - (3,256) - 134 - - - |
(7,036) | (14,169) |
Cash flows related to operating activities
Receipts from customers
Payments for
staff costs
advertising and marketing
research and development
leased assets
other working capital
Dividends received
Interest and other items of a similar nature received
Interest and other costs of finance paid
Income taxes paid
Other (provide details if material)
Net operating cash flows
Appendix 4C
Quarterly report for entities admitted on the basis of commitments
Current quarter $A'000 | Year to date (6 months) $A'000 | ||
1.8 | Net operating cash flows (carried forward) | (7,036) | (14,169) |
Cash flows related to investing activities | - | - | |
1.9 | Payment for acquisition of: | ||
(a) businesses (item 5) | - | - | |
(b) equity investments | - | - | |
(c) intellectual property | - | - | |
(d) physical non-current assets | - | (87) | |
(e) other non-current assets | - | - | |
1.10 | Proceeds from disposal of: | - | - |
(a) businesses (item 5) | |||
(b) equity investments | |||
(c) intellectual property | |||
(d) physical non-current assets | |||
(e) other non-current assets | |||
1.11 | Loans to other entities | - | - |
1.12 | Loans repaid by other entities | - | - |
1.13 | Other (provide details if material) | - | - |
Net investing cash flows | - | (87) | |
1.14 | Total operating and investing cash flows | (7,036) | (14,256) |
Cash flows related to financing activities | - | 19,462 | |
1.15 | Proceeds from issues of shares, options, etc. | ||
1.16 | Proceeds from sale of forfeited shares | - | - |
1.17 | Proceeds from borrowings | - | - |
1.18 | Repayment of borrowings | - | - |
1.19 | Dividends paid | - | - |
1.20 | Other (US listing costs) | - | (1,996) |
Net financing cash flows | - | 17,466 | |
Net increase (decrease) in cash held | (7,036) | 3,210 | |
1.21 | Cash at beginning of quarter/year to date | 32,389 | 21,787 |
1.22 | Exchange rate adjustments to item 1.20 | (596) | (240) |
1.23 | Cash at end of quarter | 24,757 | 24,757 |
Benitec Biopharma Ltd. issued this content on 29 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 30 January 2016 00:37:05 UTC
Original Document: http://blt.live.irmau.com/IRM/PDF/1654/Appendix4Cquarterly
