BioPharmX (BPMX) Misses Q1 EPS by 13c

BioPharmX (NYSE: BPMX) reported Q1 EPS of ($0.38), $0.13 worse than the analyst estimate of ($0.25).

• Completed the last patient visit in the Phase 2b clinical trial of BPX-041, a novel topical gel formulation of fully solubilized minocycline for the treatment of papulopustular rosacea. The company anticipates announcing topline efficacy and safety data from the study in early July 2019 pending database lock and results validation.
• Raised net proceeds of $3.6 million from the sale of common stock in a registered direct offering.
• Regained compliance with NYSE American continued listing standards related to the company's low stock price by effecting a 1-for-25 reverse stock split.
• Entered into a Capital on Demand Sales Agreement with JonesTrading Institutional Services LLC whereby the company may issue common stock for proceeds up to $8.5 million from time to time through "at the market offerings."
• Further reduced operating costs by reducing its workforce by approximately 20%.

"The company continues to take steps on behalf of its shareholders to advance and to drive value in its topical minocycline programs." said Dr. Tierney, BioPharmX CEO. "As such, we are looking forward to communicating the topline results from our Phase 2b rosacea study."

For earnings history and earnings-related data on BioPharmX (BPMX) click here.

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