Tailwinds’ Take: 3DS accomplished a lot this last quarter, but the bigger catalysts should be coming in the second half of this year as the company advances on several fronts.
TORONTO, May 31, 2017 (GLOBE NEWSWIRE) — 3D Signatures Inc. (TSXV:DXD) (OTCQB:TDSGF) (FSE:3D0) (the “Company” or “3DS”), today reported operational and financial results for its fiscal third quarter ended March 31, 2017.
Third Quarter Highlights
- On January 4, 2017, 3DS announced that its common shares had started trading on the OTCQB Venture Market (“OTCQB”) and on the Frankfurt Stock Exchange under the symbols “TDSGF” and “3D0”, respectively. The Company also announced that it had secured Depository Trust Company eligibility for its common shares listed on the OTCQB.
- On January 6, 2017, the Company announced the appointment of accomplished healthcare industry veteran, Joost van der Mark, as its Chief Business Officer.
- On January 6, 2017, 3DS announced the closing of the third and final tranche of a fully subscribed brokered private placement. The Company issued a total of 597,082 units pursuant to the third tranche of the private placement, which were sold at $0.75 per unit for gross proceeds to 3DS of $148,800, pursuant to the exercise of the Agent’s over-allotment option.
- On January 9, 2017, the Company announced that new data from a study published in Urologic Oncology suggested that the use of its proprietary TeloView™ technology platform may be a promising blood-based treatment-response biomarker in prostate cancer patients who are undergoing combined (hormonal) androgen deprivation therapy and radiation therapy.
- On January 18, 2017, the Company announced that it had awarded 253,125 incentive stock options (the “Options”) to its CEO, Jason Flowerday, at an exercise price of $0.79 per share. The Options are exercisable for a ten-year period from the date of grant (January 17, 2017) and will vest in four tranches of 63,281 each, every six months from October 1, 2017 to April 1, 2019.
- On February 15, 2017, 3DS announced the appointment of medical diagnostics expert, Harry Glorikian, to its Business Advisory Board (“BAB”).
- On February 21, 2017, 3DS announced a presentation at the 24th International Molecular Medicine Tri-Conference in San Francisco, CA, by its co-founder and principle inventor, Dr. Sabine Mai, on the results of a prospective blood-based prostate cancer pilot study using its 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, the Company announced the initiation of the validation program for its Hodgkin’s lymphoma test, “Telo-HL”.
- On March 14, 2017, 3DS announced that it had made the final payment to CancerCare Manitoba (“CCBM”) for the purchase of intellectual property, all of which had been assigned from CCMB to 3DS on June 26, 2014.
- On March 21, 2017, the Company announced clinical study results which confirm that, based on a swab from the inside of a patient’s cheek, its proprietary TeloView™ software platform has the ability to identify patients with Alzheimer’s disease and, furthermore, distinguish between mild, moderate, and severe forms of the disease. The results of this confirmatory study have been accepted for publication in the peer-reviewed Journal of Alzheimer’s Disease.
- On March 29, 2017, 3DS announced that it had successfully completed internal analytical assay validation for its Telo-HL test pursuant to FDA guidelines. This process is referred to as Stage 2 of the validation program as set out in the Company’s news releases dated February 23, 2017.
“The fiscal third quarter was another period of meaningful progress for 3DS, and builds on our accomplishments to both increase awareness of 3D telomere analysis as a disruptive technology and to advance the TeloView™ platform toward commercialization,” said Jason Flowerday, CEO.
Summary Third Quarter Results
For the three months ended March 31, 2017, the Company reported a net loss of $2,171,822, or $0.04 loss per common share, as compared to a net loss of $570,449 or $0.02 loss per common share for the three months ended March 31, 2016. The increase in net loss is primarily due to increases in salaries, wages, benefits and stock-based compensation as a result of the Company’s hiring of additional employees, as well as the appointment of a new BAB member, to support its global growth strategy. Additional increases in professional fees and investor relations costs are the result of 3DS becoming a publicly traded company in September 2016.
As at March 31, 2017, the Company’s cash amounted to $2,552,822.
The Company’s financial statements and management’s discussion and analysis are available on www.sedar.com.
3DS (TSXV: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 new website at http://www.3dsignatures.com.
This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. All statements within, other than statements of historical fact, are to be considered forward looking. Although 3DS believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Risk factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: market demand; technological changes that could impact the Company’s existing products or the Company’s ability to develop and commercialize future products; competition; existing governmental legislation and regulations and changes in, or the failure to comply with, governmental legislation and regulations; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the Company’s ability to successfully maintain and enforce its intellectual property rights and defend third-party claims of infringement of their intellectual property rights; adverse results or unexpected delays in clinical trials; changes in laws, general economic and business conditions; and changes in the regulatory regime. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.
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.
For further information, please contact:
VP Corporate Finance