TORONTO, Oct. 24, 2017 (GLOBE NEWSWIRE) — 3D Signatures Inc. (TSX-V:DXD) (OTCQB:TDSGF) (FSE:3D0) (the “Company” or “3DS”), a personalized medicine company with a proprietary software platform based on the three-dimensional analysis of chromosomal signatures, today reported operational and financial results for its fiscal year ended June 30, 2017.
The Company recorded a net loss of $9,913,401 ($0.21 per Common Share) in the year ended June 30, 2017 and $1,758,719 ($0.07 per Common Share) in the year ended June 30, 2016. In the three months ended June 30, 2017, the net loss was $2,764,895 ($0.05 per Common Share) as compared to $510,877 ($0.02 per Common Share) in the three months ended June 30, 2016. The increase in the net loss was primarily due to an increased wage expense for both clinical staff and management. Stock based compensation, costs associated with the listing of the Company’s stock on the TSXV and ongoing expenses relating to the Company’s operations as a reporting issuer also contributed to the increased net loss.
“This past year was a transitional one. We stayed on schedule and accomplished a lot, most importantly staying on track with our key clinical trial in Hodgkin’s lymphoma,” stated Jason Flowerday, CEO of 3DS. “That said we have and continue to reorganize our budget significantly, reducing and prioritizing expenditures to ensure sustainable operations going forward. The Company is extremely focused on initiating the commercial launch of its Hodgkin’s lymphoma test as an LDT in Q1 2018,” added Mr. Flowerday.
Fiscal 2017 Corporate Highlights
- On September 8, 2016, 3DS (formerly Plicit Capital Corp. (“Plicit”) announced the completion of its qualifying transaction and reverse takeover, as that term is defined in the policies of the TSX Venture Exchange (“TSXV”), approved by the TSXV. The shareholders of the acquired company, 3D Signatures Inc., received 4.0376 shares of 3DS for each one of Plicit’s shares.
- On September 8, 2016, 3D Signatures Inc. (now 3D Signatures Holdings Inc.) became a wholly owned subsidiary of Plicit and Plicit changed its name to 3D Signatures Inc.
- On September 13, 2016, 3DS started trading on the TSXV under the symbol DXD.V.
- On September 27, 2016, 3DS appointed Jason Flowerday, B.Sc, MBA as the Company’s Chief Executive Officer and concurrent appointment to the Company’s Board of Directors, to lead the Company’s commercialization efforts and capital markets strategy.
- On October 19, 2016, 3DS announced its participation in a major clinical trial for prostate cancer diagnosis and management, known as PRECISE.
- On October 27, 2016, the Company introduced the Company’s Business Advisory Board (“BAB”), consisting of senior biotech industry executives.
- On November 14, 2016, the Company introduced the Company’s Clinical and Scientific Advisory Board (“CSAB”), comprised of physicians and researchers.
- On December 5, 2016, the Company announced the appointment of Mr. Nigel Terrett to the BAB.
- On December 6, 2016, 3DS presented the preliminary results of an important collaborative initiative between the Company and the Institut universitaire de cardiologie et de pneumologie de Quebec, exploring the possibility of identifying a biological marker to distinguish between two forms of lung cancer.
- On December 9, 2016, the Company announced that Helen Stevenson was appointed to the Board of Directors, replacing Dr. Ian Smith, who stepped down from the Board of Directors and joined the Company’s CSAB.
- On December 16, 2016, 3DS announced the closing of a private placement for 5,187,618 units sold at a price per unit of $0.75 for total gross proceeds to the Company of $3,890,714, including the partial exercise of the over-allotment option, granted in connection with the private placement.
- On December 22, 2016, 3DS announced that it had issued an additional 215,300 units pursuant to the second tranche of the private placement, which were sold at $0.75 per unit for gross proceeds to the Company of $161,475 pursuant to the partial exercise of the over-allotment option.
- On December 22, 2016, 3DS also announced that it had retained Kilmer Lucas Inc. to provide Canadian and U.S. investor relations and strategic advisory services.
- On January 4, 2017, 3DS announced that its common shares (the “Common Shares”) had started trading on the OTCQB Venture Market (“OTCQB”) in the United States under the symbol “TDSGF” and on the Frankfurt Stock Exchange in Germany under the symbol “3D0”. As well, the Company announced that it had secured Depository Trust Company (“DTC”) eligibility for its Common Shares listed on the OTCQB, which made the securities eligible to be electronically cleared and settled through the DTC, speeding up the receipt of stock and cash and accelerating the settlement process for investors.
- On January 6, 2017, 3DS announced the issuance of an additional 597,082 units pursuant to the third tranche of the Company’s previously discussed private placement, which were sold at $0.75 per unit for gross proceeds to the Company of $447,812 pursuant to a further partial exercise of the over-allotment option.
- On January 6, 2017, the Company appointed Joost van der Mark, as its Chief Business Officer. Mr. van der Mark brought more than two decades of executive experience to 3DS, having worked with several major international healthcare companies, as well as earlier stage biotechnology and healthcare firms.
- On February 21, 2017, 3DS’ co-founder and principle inventor, Dr. Sabine Mai, presented at the 24th International Molecular Medicine Tri-Conference in San Francisco, CA, on the results of a prospective blood-based prostate cancer pilot study using the Company’s TeloView™ software platform. Based on blinded blood samples, TeloView™ correctly predicted the stability and aggressiveness of disease for each of the study’s 50 intermediate risk prostate cancer patients.
- On February 23, 2017, 3DS announced that the validation program for its Hodgkin’s Lymphoma (“HL”) test (“Telo-HL”), a five-stage program aimed at the development of a commercially marketable LDT within the next twelve months, is underway. On March 29, 2017, the Company announced the successful internal analytical assay validation, referred to as Stage 2 of the validation program.
- On March 14, 2017, 3DS announced that it had made the final payment to CancerCare Manitoba (“CCBM”) for the purchase of intellectual property. CCMB previously assigned this intellectual property to 3DS on June 26, 2014. CCMB retains a 1.5% royalty on all gross revenues derived from the commercialization of these patent rights and related products.
- On March 21, 2017, 3DS announced the clinical study results which confirmed that, based on a swab of a patient’s cheek, the Company’s TeloViewTM software platform has the ability to identify patients with Alzheimer’s disease and distinguish between mild, moderate, and severe forms of the disease. The results of this study have been accepted for publication in the peer-reviewed Journal of Alzheimer’s Disease.
- On April 11, 2017, the Company announced the appointment of Dr. Kevin Little as its Chief Scientific Officer. Dr. Little provides the Company with a successful track record of clinical and executive experience with life sciences firms, including those who are focused on growth.
- On April 18, 2017, the Company announced the relocation of its corporate office to the MaRS Discovery District located in Toronto. Management completed the relocation on April 30, 2017.
- On April 27, 2017, the Company announced that it had received the first batch of blood samples for PRECISE. The samples were received for processing and analysis at the Company’s laboratory.
- On May 5, 2017, the Company announced the resignation of Ferenc Somogyvari from the Board of Directors. Mr. Somogyvari joined the Company’s CSAB.
- On June 8, 2017, the Company announced the commencement of the clinical trial component of the Telo-HL validation program. The process was Stage 3 of the validation program.
The Company’s financial statements and management’s discussion and analysis are available on www.sedar.com.
3DS (TSX-V:DXD) (OTCQB:TDSGF) (FSE:3D0) is a personalized medicine company with a proprietary software platform based on the three-dimensional analysis of chromosomal signatures. The technology is well developed and supported by 22 clinical studies on over 2,000 patients on 13 different cancers and Alzheimer’s disease. Depending on the desired application, this platform technology can measure the stage of disease, rate of progression of disease, drug efficacy, and drug toxicity. The technology is designed to predict the course of disease and to personalize treatment for the individual patient. For more information, visit the Company’s website at: http://www.3dsignatures.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward looking statements which constitute “forward looking information” within the meaning of applicable Canadian securities legislation (“Forward-Looking Statements”). All statements included herein, other than statements of historical fact, are Forward-Looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-Looking Statements. Often, but not always, these Forward-Looking Statements can be identified by the use of words such as “estimates”, “potential”, “open”, “future”, “assumes”, “projects”, “anticipates”, “believes”, “may”, “continues”, “expects”, “plans”, “will”, “to be”, or statements that events “could” or “should” occur or be achieved, and similar expressions, including negative variations.
Such Forward-Looking Statements reflect the Company’s current views with respect to future events are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by 3DS as of the date of such statements, are inherently subject to significant medical, scientific, business, economic, competitive, political and social uncertainties and contingencies. Many risk factors could cause the Company’s actual results, performance, achievements, prospects or opportunities to be materially different from any future results, performance or achievements that may be expressed or implied by such Forward-Looking Statements, including risks related to 3DS’ early stage of development; the risk that 3DS’ tests will not be successfully deployed; risks related to 3DS’ dependence on third parties including collaborative partners, licensors and others; risks related to 3DS’ clinical trial recruitment; uncertainties related to 3DS’ clinical trials and test development; that there is currently no market for 3DS’ products and that such market may be slow to develop if at all; risks related to 3DS’ reliance on key personnel; risks related to the competitive nature of the biotechnology industry; risks related to 3DS’ limited operating history, lack of revenue, history of losses and inability to assure that it will earn profits in the future or that profitability will be sustained; risks related to government regulation; risks related to rapid technological change; risks related to the fact that 3DS’ software may now or in the future contain undetected errors, bugs or vulnerabilities; risks associated with 3DS’ international operations; the risk that 3DS or its directors and officers may be subject to a variety of civil or other legal proceedings, with or without merit, including product liability claims; risks related to the protection of 3DS’ intellectual property rights; risks related to 3DS’ limited sales, marketing and distribution experience; risks related to the possibility that 3DS’ directors and officers may be placed in a conflict of interest as a result of their employment or affiliation with third parties, risks related to 3DS’ use and storage of personal information and compliance with applicable privacy laws, as well as those risks discussed under the heading “Risk Factors” in the Company’s annual information form dated January 31, 2017 and filed on SEDAR. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the Forward-Looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
In making the Forward-Looking Statements, the Company has made various material assumptions obtaining positive results from 3DS’ current and planned clinical trials; obtaining regulatory approvals with respect to 3DS’ clinical trials which are now ongoing or may in the future be commenced; assumptions regarding general business and economic conditions; 3DS’ ability to successfully develop its tests; 3DS’ current positive relationship with third parties will be maintained; the availability of future financing on reasonable terms; 3DS’ ability to attract and retain skilled staff; assumptions regarding market competition and the products and technology offered by 3DS’ competitors; and 3DS’ ability to protect patents and proprietary rights.
3DS believes that the assumptions and expectations reflected in the Forward-Looking Statements in this press release are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-Looking Statements should not be unduly relied upon. This information speaks only as of the date of this press release, and 3DS will not necessarily update this information, unless required to do so by securities laws.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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