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Galmed Pharmaceuticals net loss $3.7 million, $0.18 per share

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Staff Writer | Thursday March 14, 2019 7:38AM ET
Galmed Pharmaceuticals
Galmed Pharmaceuticals   This years' revenue included a milestone payment of $1.5 million

Galmed Pharmaceuticals reported financial results for the three and twelve months ended December 31, 2018.


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For the three and twelve months ended December 31, 2018, Galmed Pharmaceuticals recorded a net loss of $3.7 and $9.9 million or $0.18 and $0.54 per share, respectively, compared with a net loss of $3.6 million and $12.3 million, or $0.27 and $0.98 per share, for the three and twelve months ended December 31, 2017.

Galmed Pharmaceuticals recognized $2.0 million of revenue for the twelve months ended December 31, 2018, compared to $1.1 million for the same period in 2017.

This years' revenue included a milestone payment of $1.5 million in connection with Galmed Pharmaceuticals's license agreement with Samil Pharm Co., Ltd.

Research and development expenses were $8.3 million for the twelve months ended December 31, 2018, compared with $9.7 million for the twelve months ended December 31, 2017.

For the three months ended December 31, 2018, research and development expenses totaled $2.7 million, which compares with $2.2 million for the same period in 2017.

Galmed Pharmaceuticals incurred general and administrative expenses of $4.4 million for the twelve months ended December 31, 2018, compared with $3.8 million for the twelve months ended December 31, 2017.

For the three months ended December 31, 2017, general and administrative expenses totaled $1.5 million, which compares with $1.7 million for the same period in 2017.

During the three and twelve months ended December 31, 2018 Galmed Pharmaceuticals recognized a net financial income of $0.5 million and $0.9 million, respectively, compares with $0.01 and $0.1 million during 2017.

Cash and cash equivalents, short-term deposits and marketable debt securities totaled $90.2 million as of December 31, 2018, compared with $19.0 million as of December 31, 2017.

The increase is mainly attributable to the approximately $70.3 million in net proceeds raised in an underwritten public offering that was completed in June 2018, together with $5.9 million in net proceeds raised in a registered direct offering during April 2018.

 

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